6 months ago
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General Accident Insurance Company is reporting a fall in profit for the financial year ended December 2024.
The 59 per cent fall-off saw earnings dropping to $221.3 million at year ending December 2024, compared to $524.44 million in 2023.
Managing Director Sharon Donaldson said the drubbing resulted from “a big increase in claims frequency and costs”.
General Accident operates in three markets – Jamaica, Trinidad & Tobago and Barbados – and provides general insurance coverage under six operating segments, namely, engineering, fire and allied perils, accident, liability, marine, and motor.
Donaldson said the increases in motor claims mostly affected the Jamaica and Barbados markets.
“Not only did the motor claims go up in Barbados, but they had a significant Beryl claim,” she said.
Hurricane Beryl hit Barbados in late June 2024. The island’s fishing fleet was devastated in a matter of hours, according to reports, and the storm also affected many homes and some commercial entities.
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