The entire Insurance Industry needs to suck this Covid -19 situation up and take their losses like every body else. Over the years they have cause many claimants much pain, and sorrow with sub standard payments and inflated deductible payments and they always find some find print in their contracts to justify paying less. Take this covert-19 body blow like every one It will not last forever. No industry is immune from this situation
NIB now needs to liquidate one quarter of the worthless **B**ahamas **G**vernment **R**egistered **S**tock that they have been mandated to buy from the various governments over the decades. The chickens have come home to roost. The BGRS was always worthless when they bought it and its worthless today. The government cant even afford to buy back its own stock. Hundreds of millons of dollars will be needed to satisfy the payments to the over 17,000 claimants caused by the covert-19 crisis in addition to its present monthly obligations to pensioners, maternity, sickness, death benefits and other short term claims.
This is indeed a worse case scenario, for NIB and this is a result of what happens when politicians get power and play piggy bank with quasi government corporations.and tie up two thirds of its once liquid cash in worthless paper.
A whole letter bashing the Government actions but nothing said about what the World Health Organization is recommending for this crisis...wake up Mr disbarred
I blame the local banking institutions for this situation. They have collectively refused to support the young Bahamian principles of this company. The fact that they are a new startup and has created a institution that's is a land mark in this country, along with the new innovative offerings that they brought to the local Bahamian entertainment scene and have to rely on external sources for funding shows that local Banks do not care about young entreprenueur's with ideas that has great potential to succeed.
This is what stifles the diversifications of this economy when young Bahamians come home with first world plans and The local Banks turn them away because they will not entertain their plans because it is not in the consumer loan category (car, furniture, trip to Miami, house mortgage etc )
Best of luck to the partners in this company, Your future success will serve as an example of what can be done when the established banking oligarchy in this country is shown the middle finger and young Bahamian ingenuity is allowed to change the status quo and shine. You will be an example for many to return home and develop this country.
The model that they ran was based on the the loss of all cruise ship passengers and 80 percent of stopover tourists and resulted in the loss of $1B ...No dought the developments have since resulted in the need to run an updated model which will include the total shutdown and will see an increase in the $1bn economic blow figure. This situation is fluid. There will be no 20 percent stopover figure.
This move by Minnis and his administration will pay big dividends for the Bahamas in the coming months. The Bahamas will double its 2019 tourist arrival figures because this country will be considered a healthy destination. Pent up demand for travel well see the return of the tourist. By that time a vaccine will have been discovered to fight the bad boy coronavirus. I don't think it was a coincidence that a doctor was elected as PM for this country at this time. it was a part of god's devine plan. **What is the economy without life.** ????
This is a minor curfew compared to the other curfews being implemented in cities and countries around the world. On March 31st after an evaluation by the medical professionals, If more clusters of the virus are found, an even more severe Curfew may be required. Critics of Minnis, no need to worry. He is only following the advise of the professional to give the Bahamas a chance at the best case scenario to flatten the curve before it peeks.
realitycheck242 says...
The entire Insurance Industry needs to suck this Covid -19 situation up and take their losses like every body else. Over the years they have cause many claimants much pain, and sorrow with sub standard payments and inflated deductible payments and they always find some find print in their contracts to justify paying less. Take this covert-19 body blow like every one It will not last forever. No industry is immune from this situation
On Insurers’ anger at premiums ‘holiday’
Posted 1 April 2020, 9:52 a.m. Suggest removal
realitycheck242 says...
NIB now needs to liquidate one quarter of the worthless **B**ahamas **G**vernment **R**egistered **S**tock that they have been mandated to buy from the various governments over the decades. The chickens have come home to roost. The BGRS was always worthless when they bought it and its worthless today. The government cant even afford to buy back its own stock. Hundreds of millons of dollars will be needed to satisfy the payments to the over 17,000 claimants caused by the covert-19 crisis in addition to its present monthly obligations to pensioners, maternity, sickness, death benefits and other short term claims.
This is indeed a worse case scenario, for NIB and this is a result of what happens when politicians get power and play piggy bank with quasi government corporations.and tie up two thirds of its once liquid cash in worthless paper.
On 17,000: HELP US . . . And that doesn’t include NIB claims from hotel workers
Posted 1 April 2020, 9:12 a.m. Suggest removal
realitycheck242 says...
A whole letter bashing the Government actions but nothing said about what the World Health Organization is recommending for this crisis...wake up Mr disbarred
On More meat needed on the bone
Posted 28 March 2020, 4:56 p.m. Suggest removal
realitycheck242 says...
**Moon shine liquor will be big business in no time.** I gat to call my friends down in acklins for some cascarilla bark …...I making my own compari
On Home delivery alcohol - out of order
Posted 27 March 2020, 5:38 p.m. Suggest removal
realitycheck242 says...
Web Shops close also, I would bet he paying the web shops staff.
On Fusion: We can’t pay our staff
Posted 27 March 2020, 4:58 p.m. Suggest removal
realitycheck242 says...
I blame the local banking institutions for this situation. They have collectively refused to support the young Bahamian principles of this company. The fact that they are a new startup and has created a institution that's is a land mark in this country, along with the new innovative offerings that they brought to the local Bahamian entertainment scene and have to rely on external sources for funding shows that local Banks do not care about young entreprenueur's with ideas that has great potential to succeed.
This is what stifles the diversifications of this economy when young Bahamians come home with first world plans and The local Banks turn them away because they will not entertain their plans because it is not in the consumer loan category (car, furniture, trip to Miami, house mortgage etc )
Best of luck to the partners in this company, Your future success will serve as an example of what can be done when the established banking oligarchy in this country is shown the middle finger and young Bahamian ingenuity is allowed to change the status quo and shine. You will be an example for many to return home and develop this country.
On Fusion: We can’t pay our staff
Posted 27 March 2020, 3:03 p.m. Suggest removal
realitycheck242 says...
KPT sold his Shares in Sky Bahamas. The owner said so himself.
On Airlines - we’ll need a bailout
Posted 26 March 2020, 3:42 p.m. Suggest removal
realitycheck242 says...
The model that they ran was based on the the loss of all cruise ship passengers and 80 percent of stopover tourists and resulted in the loss of $1B ...No dought the developments have since resulted in the need to run an updated model which will include the total shutdown and will see an increase in the $1bn economic blow figure. This situation is fluid. There will be no 20 percent stopover figure.
On DPM: Bahamas faces 'deep, stark' recession
Posted 25 March 2020, 4:28 p.m. Suggest removal
realitycheck242 says...
This move by Minnis and his administration will pay big dividends for the Bahamas in the coming months. The Bahamas will double its 2019 tourist arrival figures because this country will be considered a healthy destination. Pent up demand for travel well see the return of the tourist. By that time a vaccine will have been discovered to fight the bad boy coronavirus. I don't think it was a coincidence that a doctor was elected as PM for this country at this time. it was a part of god's devine plan. **What is the economy without life.** ????
On It’s 24 hours: Minnis ramps up curfew to tighten grip in virus war
Posted 24 March 2020, 11:36 a.m. Suggest removal
realitycheck242 says...
This is a minor curfew compared to the other curfews being implemented in cities and countries around the world. On March 31st after an evaluation by the medical professionals, If more clusters of the virus are found, an even more severe Curfew may be required. Critics of Minnis, no need to worry. He is only following the advise of the professional to give the Bahamas a chance at the best case scenario to flatten the curve before it peeks.
On UPDATED: PM puts nation in lockdown, confirmed COVID-19 cases now stand at four
Posted 20 March 2020, 7:25 a.m. Suggest removal