BCIC applauds passage of Building Act

BRITISH CARIBBEAN Insurance Company (BCIC) has applauded the passage of The Building Act by the Senate on January 25. The act provides regulations for the building industry and facilitates the adoption of a National Building Code to ensure safety in the built environment.

Last year saw several major natural catastrophes around the globe. These disasters, including hurricanes and earthquakes, incurred damage to the tune of $160 billion and claimed the lives of approximately10,400 people worldwide. Germany-based global reinsurer Munich Reinsurance Company (Munich Re) states that this is well above the average annual cost for the last 30 years.

The AA-rated reinsurance firm partnered with, among others, leading insurance provider BCIC, WIHCON, one of the largest developers of mass housing in Jamaica, and the Office of Disaster Preparedness and Emergency Management to conduct a comprehensive survey of Jamaica’s built environment. The aim of this survey was to asses the country’s development and building practices and its vulnerabilities to natural disasters, particularly earthquakes.

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Munich Re is one of the world’s most sought-after risk partners. The company is known for its unrivalled risk-related expertise and the financial protection it provides when faced with exceptional levels of damage – from the 1906 San Francisco earthquake to the active 2017 Atlantic Hurricane Season. As such, the company is well placed to assess current building practices. After the local assessment, Astrid Beck, underwriter at Munich Re, commented, “The passing of the Building Act puts Jamaica on the road towards ensuring that buildings will be much more resilient to disasters and that human lives and property will be protected.”

BCIC Managing Director Peter Levy said: “We are excited to be working with Munich Re and local stakeholders looking at the state of Jamaica’s buildings. The act will put Jamaica in good stead for buildings that will be constructed in the future. However, homeowners today need to protect their assets given Jamaica’s vulnerability to natural disasters such as hurricanes and earthquakes. Having a homeowners insurance policy that fits your home and budget, while making sure protection is adequate, will ensure that you prevent significant financial losses in the case of a natural disaster.”