General Accident, which specialises in motor insurance, continues to earn higher profits for its June quarter with hints of higher premiums going forward.

“We are anticipating that as the year progresses, the increase in premium will produce an even higher return for our shareholders as we remain focused on executing our key strategic objectives,” said General Accident in its financial report released this month.

Profit totalled $193 million in the 2023 June quarter compared to $44.5 million in the corresponding period in 2022. The bulk of the profit rise can be attributed to the increase in revenue, which totalled $2.4 billion in the quarter from $1.8 billion in the previous year.

The rise in revenue allowed the company to offset “claims inflation” due to rising costs.

“All territories saw increased insurance contract revenues. We continue to receive positive results from our Barbados and Trinidad markets, resulting in increased insurance revenues by 57 per cent and 37 per cent respectively,” said the company in the financial results.

The outlook continues to be positive despite the contraction in the supply of reinsurance capacity, said General Accident. The company also recently renewed its reinsurance contracts across all its markets.

Concurrently, General Accident remains in compliance with the capital adequacy and liquidity metrics prescribed by the Financial Services Commission in Jamaica, Barbados and Trinidad as at June 2023.

General Accident said it remains focused on cementing its market leadership in Jamaica, growing its operations in Trinidad and Barbados, and placing technology at the core of its operations.

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