The economic losses incurred by St. Vincent and the Grenadines (SVG) due to the collapse of CLICO and BAICO insurance companies amount to several hundred million dollars.
Minister of Finance Camillo Gonsalves provided this information last week in parliament.
The finance minister stated that the total loss incurred by St. Vincent and the Grenadines due to the collapse was $290.12 million.
“This encompasses losses incurred by individuals, corporations, and various financial entities, including banks and credit unions.
He says the catastrophic repercussions of the 2009 CLICO collapse persist, and he provided a detailed account of the losses incurred due to the insurance crisis.
“The positive development is that all policyholders with claims of $30,000 or less have been completely settled. The CLICO/BAICO collapse represents the most severe financial shock encountered by the region”.
