Hurricane Ivan revealed that a large percentage of Cayman properties were either underinsured or not insured at all (Living conditions report released, 30 December, Caymanian Compass).
As a result many persons were forced to seek the mercy of the banks to get, in some cases, big loans to set up some kind of shelter again. These loans are at a high interest rate.
Did the people carrying out the study of the standard of living in the Cayman Islands take note that a large percentage of people are so ill paid and that most of what they work for must be used to pay off hefty loans and rentals?
There is a struggle to use what is left to pay off living expenses. The interest on savings with the banks can be as low as a fraction of a per cent.
I believe there is a false assumption that most Caymanians are enjoying a high standard of life. Some of the nitty gritty facts needs to be told. I have stood by the graveside of some who I am sure did not live to pay off bank loans but banks must get their money back.
What different can be said about our brothers and sisters in Cayman Brac and Little Cayman. I hope the insurance companies are treating them good