Regional insurance company, General Accident Insurance Limited is reporting historic gross written premiums and profits for 2019.
For the financial year the company amassed gross written premiums of J$10.6 billion and net profits of J$421.7 million for the period January to December 2019, representing the largest earnings and profits in the company’s history. Its financial statements for 2019 General Accident ended the year with a book value of J$2.41 billion and annualised return on average equity for shareholders at 19 per cent.
In addition, the company improved on the customer service through offering competitive rates through its easy-to-use online platforms, early opening and convenient business hours. Investments in General Accident’s agent network, broker relationships and technology also helped fuel earnings.
“We realise that in this modern age time is of critical importance, hence our product had to cater to the pace and lifestyle of our valued clients.”– Managing Director of General Accident, Sharon Donaldson
General Accident saw significant improvement in its technical results, with underwriting profit for the year-end December 2019 at J$363.9 million, more than double the earnings of the previous year. Already General Accident’s investment in Trinidad and Tobago motor insurer, Motor One Insurance Company Limited is already paying dividend.
General Accidents in September 2019 acquired 55 per cent of Motor One, which has over 20,000 direct motor insurance policies and large branch network in the twin-island republic. Managing Director of General Accident, Sharon Donaldson says, “The Caribbean conglomerate is pleased to have a presence in the Trinidad market looking forward to continued growth in this area. We look forward to working with our partners and executive team to grow Motor One and instill General Accident’s underwriting philosophy, culture and best practices to the market.”
General Accident says it will continue to work on its strategic objective — to selectively expand General Accident’s business to other markets in the English-speaking Caribbean. “In 2020, we expect to continue to grow and improve the quality of General Accident’s earnings for the benefit of all our stakeholders,” Donaldson explains.
Regarding its easy-to-use online platforms, General Accident reports that its website, GenAc.com was completely redesigned as part of the push to improve efficiency and accuracy. The website’s systems are linked to an insurance database for other relevant sources and the Tax Administration of Jamaica, resulted in improved benefits for customers.
According to Donaldson, “Ease and efficiency were of critical importance once we decided to overhaul the website. We realise that in this modern age time is of critical importance, hence our product had to cater to the pace and lifestyle of our valued clients. It was also of utmost importance that we could provide valuable, accurate information, in record time to suit our clients’ needs.”
Two of the most client-requested features the ability to renew policies and pay premiums on the platform were incorporated into the website. General Accident’s upgraded website boasts the ability to provide quick quotes — in less than five minutes on queries; incident reporting to fast-track the claims process; and mobile responsiveness to make it easy to access on smartphones.