General Accident increases written premiums
Regional insurance company General Accident for the six months ended June achieved gross written premiums of $9.8 billion, an increase of 11 per cent when compared to the previous year.
The company, which operates subsidiaries in Barbados and Trinidad, said these entities increased contributions, accounting for approximately $199.5 million and $399.4 million of the gross written premiums over the period respectively. The local operation which continues to lead the bulk of transactions wrote premiums valued at $9.2 billion.
“Net earned premiums increased by 11 per cent while net claims incurred and administrative expenses increased by 25 per cent and 21 per cent respectively. Consequently, General Accident produced underwriting profit of $7.2 million,” the directors said in a recent report to shareholders.
Profits, which fell to $17.2 million, was significantly less than the $174 million earned for the six-month period in 2021 but was still better than the $8-million loss incurred over the three months ended June. Gross premiums written over the same quarter totalled $6.2 billion.
Initially affected by some teething pains across its regional operation which was further worsened by an outbreak of the novel coronavirus pandemic, the company said it was now eyeing growth for its subsidiaries this year as it pushes to gain market acceptance for its start-up operation in Barbados and in its rebranded Motor One Trinidadian business, which it acquired in 2019. The company, in pushing growth, said it will continue to embed greater use of technology to deliver its suite of products to clients across the region.
“We continue to enjoy excellent growth in premium income across the region, primarily due to increase penetration of the broker markets in Barbados and Trinidad. Although we have not achieved the profitability targets in all regions, we remain committed to earnings to growth plans and are confident that we will meet our strategic objectives,” a signed report by Chairman P B Scott and Managing Director Sharon Donaldson stated.
