The Directors of General Accident Insurance Company are disappointed with their December 2017 year-end underwriting loss.
Reporting to Stockholders in their unaudited financial statements, Managing Director Sharon Donaldson indicated that while 2017 represented their 19th consecutive year of premium growth, net profit of $238-million, was a reduction of 38-percent on the over $380-million achieved in 2016.
Commenting further she reported that in relation to their Underwriting Performance, General Accident delivered a fair performance during 2017, as Gross written premiums grew by 26-percent to just over $7-billion despite the many challenges.
In 2017, the Company’s claims expense increased by 42-percent to just over $1-billion. The industry suffered from steep decline in property rates which significantly impacted the underwriting performance.
High claims cost, along with declining premium rates resulted in the company suffering an underwriting loss for the first time in 10 years.