Key Insurance Reports $136m Q4 2016 Loss

Key Insurance Company is reporting a net loss of $136-million for the quarter ended December 2016.

This is almost triple the $45-million loss reported for the same period under review in 2015.

It comes despite record sales performance of over a billion Jamaican dollars in 2016, up from $961-million in 2015.

Company Chairman, Natalia Gobin-Gunter, says Key Insurance’s motor portfolio performed well in 2016, showing nearly 40-percent growth.

However, claims and administrative costs also grew in response.

She says Key Insurance remains committed to reducing operating costs, and as such, has already implemented strategies to decrease both administrative and claims expenses.