General Accident Insurance Company Jamaica Limited (General Accident) posted on Saturday, November 14 an unaudited net profit of $147.18 million for the nine-month period ended September 30, 2020. This represents a 24 per cent decline over the previous corresponding period.
For the period under review, the company wrote gross written premium of $9.32 billion, compared to $8.94 billion for the corresponding period in 2019.
Net earned premium improved by 32 per cent to $2.02 billion while net claims charges grew by 38 per cent to $1.36 billion. Administrative expenses also increased by 37 per cent when compared to the previous corresponding period.
The Jamaican segment of the group wrote premiums amounting to $9.01 billion and contributed profit before tax of $340.6 million, while the Trinidad counterpart wrote premiums of $282 million which was eliminated by the claims and operating expenses. In addition, General Accident Barbados — a new