British Caribbean Insurance Company Limited, BCIC and its affiliate, JN General Insurance Company Limited JNGI, have paid out over $22 billion to settle Hurricane Melissa claims.
The payments were made to homeowners, businesses and motorists.
In a statement on Tuesday, the insurer says it has settled nine in 10 claims, with interim payments of over $14 billion being made to clients awaiting final settlement.
BCIC says as at September 30, both companies had received a combined 3,797 Melissa claims. It says roughly 88 per cent, or 3,326 have been closed.
BCIC closed 90 per cent of its claims, while JNGI closed some 82 per cent. The insurer says a further 471 claims remain open.
Tuesday’s statement follows a report from the Insurance Association of Jamaica that its members have paid out over $54 billion to settle Melissa claims.
That came amid criticism from Prime Minister Andrew Holness that the pace of payouts was too slow.
BCIC says the companies are seeking to resolve 95 per cent of all Melissa claims by October 28.
The Financial Services Commission directed insurers to settle 90 per cent of all claims by September 30.
