CariCRIS reaffirms ‘good creditworthiness’ ratings of General Accident Insurance Company Jamaica Limited

CariCRIS reaffirms 'good creditworthiness' ratings of General Accident Insurance Company Jamaica Limited

Caribbean Information and Credit Rating Services Limited maintains stable outlook on ratings

Jamaica National Scale Foreign Currency

jmA-

Jamaica National Scale Local Currency

jmA

These ratings indicate that the level of creditworthiness of this obligor,
adjudged in relation to other obligors in Jamaica, is good.

Caribbean Information and Credit Rating Services Limited (CariCRIS) has reaffirmed the Issuer/Corporate Credit Ratings assigned to General Accident Insurance Company Jamaica Limited (GENAC or the Company) at jmA- (Foreign Currency Rating) and jmA (Local Currency Rating) on the Jamaica national rating scale. These ratings indicate that the level of creditworthiness of this obligor, adjudged in relation to other obligors in Jamaica, is good.

CariCRIS has also maintained a stable outlook on the ratings. The stable outlook is based on the high likelihood that over the next 12 to 15 months, GENAC’s profitability would continue to grow, driven by higher other income in 2025 and higher insurance revenue in 2026. Moreover, the Company is expected to remain well-capitalized, with a good asset risk profile, and meet its obligations comfortably over the next 12 to 15 months. CariCRIS will continue to closely monitor the evolving impact of Hurricane Melissa on GENAC’s operations and credit profile over the coming months.

Rating Outlook

STABLE

Rating Strengths

The ratings of GENAC continue to reflect its good market position as a long-established player, with a good market share in the Jamaica general insurance industry. Additionally, the Company’s good capital adequacy, supported by low risk retention and a strong network of reinsurers, also supports the ratings. Further, GENAC continues to maintain a moderately diverse investment portfolio, with good returns and liquidity. Moreover, the Company’s continued profitability and strong Enterprise Risk Management (ERM) framework also support the ratings. These rating strengths are tempered by concentration risks associated with the Company’s exposure to Jamaica’s economy.

Rating Sensitivity Factors

Factors that could lead to an improvement in the Ratings and/or Outlook

A reduction in the share of equity holdings to 25% or less of the investment portfolio sustained for 2 years
Yield on invested assets ≥ 15% sustained for 2 years
Return on Earning Assets (ROEA) ≥ 15% sustained for 2 years
Return on Equity (ROE) ≥ 20% sustained for 2 years
Minimum Capital Test (MCT) Ratio ≥ 200% sustained for 6 months
Total Investment Assets/ Policy Liabilities > 1.2 times sustained for 2 financial periods

Factors that could lead to a lowering of the Ratings and/or Outlook

An increase in the share of equity holdings to 50% or more of the investment portfolio sustained for 2 years
Yield on invested assets ≤ 8% sustained for 2 years
ROEA ≤ 3% sustained for 2 years
ROE ≤ 5% sustained for 2 years
A 2-notch deterioration of the credit rating of any of GENAC’s top 5 reinsurers by A.M. Best or S&P Global
Loss of relationship with any of the Company’s major reinsurers and failure to provide viable replacements
A deterioration of the Company’s MCT Ratio below regulatory minimum sustained for 6 months
Total Investment Assets/ Policy Liabilities < 0.3 times sustained for 2 financial periods

About the Company

General Accident, located in Kingston, Jamaica, commenced operations in the 1920s as agents for global insurer, General Accident Fire and Life Assurance Corporation Limited (GAFLAC), headquartered in Perth, Scotland. In 1981, the majority shareholding¹ of GAFLAC’s agency’s operations was acquired by Musson (Jamaica) Limited (the Musson Group)², after which it was renamed and incorporated as General Accident Insurance Company Jamaica Limited (GENAC or the Company) and became a wholly owned subsidiary of the Musson Group. In 2011, 20% of GENAC’s shares were listed on the junior market of the Jamaica Stock Exchange (JSE). With the exception of the Musson Group, the 2 largest shareholders as at September 2025 were Mayberry Jamaican Equities Limited and Pan Jamaica Group (PAM) – Pooled Equity Fund, holding around 3.7% of the aggregate shareholdings of GENAC. In 2023, GENAC graduated to the main market of the JSE. GENAC offers a range of general insurance products including motor, property, travel, engineering, bonds, public liability and marine cargo.

September 2019

GENAC acquired 55% of the share capital of Motor One Insurance Company Limited in Trinidad and Tobago (T&T) (Motor One), subsequently raising its shareholding to 65% in June 2020 and further to 75% in December 2022.

October 2020

Motor One was formally renamed General Accident Insurance Company (Trinidad) Limited (GENACTT).

2019

The Company also incorporated General Accident Insurance Company (Barbados) Limited (GENACBB), a subsidiary of GENAC which commenced operations in May 2020.

Collectively, the GENAC Group (the Group) comprises GENAC (the Company), General Accident Insurance Company (Trinidad) Limited (GENACTT) and General Accident Insurance Company (Barbados) Limited (GENACBB). Each entity is led by its own Board of Directors. While no GENAC holding company currently exists, there is a Group Executive Management and Group Shared Services, which includes a business intelligence function. In line with regulatory requirements related to the twin peaks model of the Bank of Jamaica (BoJ) and the Jamaica Financial Services Commission (FSC), a financial holding company is expected to be formed in 2026.

Effective October 31, 2025, the Musson Group² purchased 100% of Beacon Insurance Company Limited (Beacon)³. Beacon will become a subsidiary of the GENAC Group, subject to additional regulatory approvals. Beacon will continue to operate as an independent subsidiary of the GENAC Group and the combined company intends to maintain both the Beacon and GENAC brands in Trinidad and Barbados.

² The Musson Group is a manufacturing and merchandising group incorporated and domiciled in Jamaica.

³ Beacon Insurance Company Limited (Beacon) is domiciled in Trinidad and Tobago (T&T) with a presence in other Caribbean territories including Barbados, Grenada, Saint Lucia and agency operations located in Dominica, Saint Kitts and Nevis, and Saint Vincent and the Grenadines. While Beacon specializes in general insurance, it also has a composite insurance license that has enabled its expansion into the life insurance industry.

For More Information

Please visit www.caricris.com or contact:

Dr. Kathryn Budhooram

Head, Rating Operations

Mobile: 1-868-706-6510

Email: kbudhooram@caricris.com

Mr. Keith Hamlet

Manager, Ratings

Mobile: 1-868-487-8356

Email: khamlet@caricris.com

Note:

This rating release is transmitted to you for the sole purpose of dissemination through your agency/newspaper/magazine. You may use this rating release in full or in part without changing the meaning or context thereof, but with due credit to CariCRIS. CariCRIS has the sole right of distribution of its rating releases, for consideration or otherwise, through any media, including websites, portals, etc.

GENERAL ACCIDENT TO ACQUIRE BEACON

Combination will create a leading Caribbean insurance company.

PORT OF SPAIN, Trinidad – November 5, 2025. General Accident Insurance Company (Jamaica) Limited (JSE:GENAC) (“General Accident”) and Beacon Insurance Company Limited (“Beacon”) today announced their intention to complete a transaction which will create a leading Caribbean insurer.

General Accident’s parent company Musson (Jamaica) Limited (“Musson”) has purchased 100% of Beacon effective October 31, 2025. Beacon will subsequently become a subsidiary of General Accident subject to additional regulatory approvals.

Strategic Expansion

The acquisition will greatly expand General Accident’s presence in Trinidad and Barbados and allow it to enter new markets in Dominica, Grenada, St. Kitts, St. Lucia and St. Vincent. General Accident’s gross written premiums are now projected to be in excess of J$32 billion annually.

Transaction Highlights

Musson (Jamaica) Limited purchased 100% of Beacon effective October 31, 2025
Beacon will become a subsidiary of General Accident subject to regulatory approvals
Greatly expands General Accident’s presence in Trinidad and Barbados
Entry into new markets: Dominica, Grenada, St. Kitts, St. Lucia, and St. Vincent
Projected gross written premiums exceed J$32 billion annually

Operational Structure

Beacon will continue to operate as an independent subsidiary of General Accident and the combined company intends to maintain both the Beacon and General Accident brands in Trinidad and Barbados.

Additionally, Beacon will continue to be managed by its existing executive team led by Chief Executive Officer, Christopher Woodhams. Mr. Woodhams will report directly to Sharon Donaldson, Group Chief Executive Officer of General Accident and oversee Beacon and General Accident’s combined business in Trinidad. Finally, both Christopher Woodhams and Beacon director Christian Hadeed will join the board of General Accident.

Commitment to Values

The Hadeed family are expected to become minority shareholders in General Accident demonstrating their commitment to upholding the core values that have guided Beacon’s success and their confidence in the future of the larger combined regional business.

Speaking on the transaction, founder of Beacon, Gerald Hadeed said,

General Accident shares many of Beacon’s insurance principles the most important of which is keeping our promises. I’m confident that General Accident will continue our proud history of investing in people and technology and providing outstanding service to our clients when it matters most. I’m pleased to be associated with the creation of this leading regional insurance company.

Gerald Hadeed, Founder of Beacon

General Accident Chairman, P.B. Scott, commented,

We have long admired Beacon as an outstanding, well managed insurance company. We are privileged to now have the opportunity to work with its talented leadership team, combine Beacon with our own business and create a powerful platform across the Caribbean. I’m excited about our ability to join forces with Beacon team to better serve our people and our clients at both General Accident and Beacon.

P.B. Scott, General Accident Chairman

General Accident grows insurance revenue as it eyes regional scale

Chairman signals strategic expansion, improved business mix and cautious optimism for 2025 performance

Kingston, Jamaica — Regional insurance provider General Accident Insurance Company (GENAC) has recorded the highest insurance revenue in the company’s history, achieving earnings of $11.4 billion in 2024, an increase of $2.9 billion or 33% over the prior year.

At the company’s annual general meeting (AGM) on Friday, September 12, Paul B. Scott outlined GENAC’s long-term strategy to build a scalable, regionally diversified insurance platform, while pointing to further improvements expected in 2025.

Looking at the Group’s performance, General Accident Jamaica maintained its position as one of the largest underwriters of general insurance risks, with insurance revenue of $8.7 billion for the year ending December 31, 2024, an increase of $2 billion or 29% over 2023.

Operations in Trinidad and Tobago achieved profitability for the second consecutive year, while Barbados reached profitability for the first time.

Trinidad & Tobago

In Trinidad insurance revenue increased by 48 per cent over 2023, buoyed by strong customer retention, enhanced technology, and solid partnerships and net profit totalling $27.7 million in the year ended December 31, 2024.

Barbados

Meanwhile, in Barbados, revenue increased by 33% to $755.5 million, driven by the expansion of the company’s property and motor portfolio.

Achieving profitability in these new markets within the first few years of operation, despite a challenging environment, is a testament to both our team and our strategy.

Paul B. Scott

Motor Insurance Portfolio Strong

Speaking at Friday’s AGM, Scott also reaffirmed GENAC’s ambition to become the premier general insurance platform in the Caribbean, noting that scale is essential for long-term competitiveness — particularly in reinsurance negotiations.

Scott noted that while certain regulatory processes have influenced the pace of expansion, the company remains confident that these initiatives will advance in the near term. “Once approvals are in place, we expect to begin realizing benefits later this year,” he said.

He also highlighted the company’s evolving business mix, with motor insurance now representing more than half of segment revenues, up significantly from a predominantly property-heavy portfolio a decade ago. “Motor is now a core component of our business and will continue to grow,” Scott told shareholders at the AGM convened at the company’s offices on 58 Half Way Tree Road in Kingston.

He added: “We’ve seen consistent year-on-year growth in motor, and we believe it will play an even greater role in the years ahead.”

Market Share

GENAC currently holds a 23% share of the local property insurance market and a 14% share in motor. It sees greater short-term opportunity to expand its position in motor, which Scott said is likely to outpace property growth over the coming years.

Property insurance Market

23%

Motor insurance Market

14%

Scott reasoned there’s greater short-term potential in expanding its motor insurance portfolio compared to further gains in the property segment.

We intend to grow by being best-in-class in service, not by taking value out of the market.

Paul B. Scott

Scott noted that GENAC’s experienced management team remains focused on data-driven underwriting.

Positive Outlook

General Accident achieved a group-wide net profit of $248.3 million, reversing a loss from 2023, in a performance impacted by elevated reinsurance. Scott said the company was tracking toward a strong 2025 — potentially its most profitable year yet, barring any major catastrophe events.

Insurance is an unpredictable business in the short term, but it balances out over time. With disciplined underwriting, sound management, and strong customer relationships, we are well-positioned for a good year.

Paul B. Scott

He emphasised that GENAC’s core promise remains unchanged: “Our commitment to clients is simple — if something happens to them, we will put them back in a better position. That’s what we do.”

The Group remains well capitalised with an equity book value of $4.2 billion, providing stability to weather any potential economic challenges of 2025. Total assets increased by 24% to $12.2 billion, up from $9.8 billion in 2023.

General Accident Trinidad Statement on Digital Motor Certificates

At General Accident Trinidad, we are proud to align with the national transition to digital motor insurance certificates, which officially took effect on January 1st, 2025. This milestone, introduced by the Association of Trinidad and Tobago Insurance Companies (ATTIC) and the Insurance Brokers Association of Trinidad and Tobago (IBATT), represents a major step in modernising the insurance industry in Trinidad and Tobago.

To mark this transformation, the industry officially launched the initiative at a press conference held on August 11th, 2025 at the Hyatt Regency Hotel. General Accident welcomes this development and is committed to ensuring our customers and stakeholders benefit fully from the change.

As a digital-forward company, we embrace this shift because it delivers:

Instant access – Customers can receive certificates by email and store them on smartphones or digital devices.
Enhanced convenience – No risk of lost or damaged paper certificates.
Greater security – Advanced protections to help reduce fraud.
Sustainability – Cutting down on paper supports a greener environment.

Importantly, these digital certificates are backed by the Electronic Transactions Act and hold the same legal validity as traditional paper “jacketed” certificates. Courts have confirmed their enforceability, so our customers can drive with confidence knowing they are fully protected.

We encourage all policyholders to print a copy of their certificate to keep in their vehicles for inspection. For customers without access to a printer, General Accident will happily provide printed copies.

Looking ahead, we are excited to support the launch of Cover Vault, a real-time verification system that will allow law enforcement to instantly confirm the authenticity of certificates, as well as the future introduction of QR codes for even easier validation.

This change reflects our unwavering commitment to innovation, efficiency, and customer-first service. At General Accident Trinidad, we remain dedicated to making insurance simpler, smarter, and more secure for our customers and partners.

General Accident triples Q1 profit, appoints new J’ca CEO

General Accident Insurance Company Jamaica Limited (General Accident) tripled its net profit for the March 2025 quarter, posting $150 million, up from $55.5 million a year earlier. The company credited robust investment returns and steady insurance revenue growth for the sharp rise in earnings, even as it faced higher reinsurance and operating costs.

Concurrently, the company appointed Gregory St Hugh Foster as CEO and Country Manager for Jamaica. He succeeds long-serving executive Sharon Donaldson, who now assumes the full-time role of Group CEO, overseeing operations in Jamaica, Trinidad and Tobago, and Barbados.

“Investment income benefited from enhanced receivable collection initiatives across the group, which improved liquidity and enabled the strategic deployment of liquid funds into income-generating assets,” General Accident stated in its quarterly report. Improved investment strategies were central to the earnings boost, with management also reaffirming its focus on aligning investment decisions with the company’s risk appetite.

For the quarter ending March 31, insurance revenue rose 18 per cent year-over-year to $3 billion, up from $2.6 billion in the prior year. Total assets expanded to $14.4 billion, compared to $12.0 billion a year ago, driven by increased holdings in investment securities and reinsurance assets. Shareholders’ equity rose to $4.35 billion, up from $4.17 billion, reflecting strong retained earnings and capital reserves.

Despite the upward pressure on reinsurance premiums and other expenses, the company successfully renewed reinsurance contracts across all operating territories, a move it says reinforces financial stability and positions it for further growth.

“We are anticipating that as the year progresses, the initiatives that are being pursued will result in a positive impact on our subsequent results,” management stated.

Commenting on the leadership transition, Chairman PB Scott said: “Sharon and Gregory have demonstrated the leadership required to execute our strategy and position General Accident for continued success.”

Foster, a Chartered Accountant and a member of the Institute of Chartered Accountants of Jamaica, previously served as the company’s Chief Financial Officer and was promoted to Chief Operating Officer in 2019. Before joining General Accident, he was an Audit Manager at PricewaterhouseCoopers, with oversight of clients in the insurance, petroleum, and manufacturing sectors.

Donaldson, who has helmed General Accident for more than two decades, was instrumental in leading the company’s regional expansion and financial strengthening, including improvements in underwriting capacity and governance.

General Accident Maintains CariCRIS Ratings

Demonstrating Sustained Strength in Local and Regional Markets

KINGSTON, JAMAICA; Friday, January 10, 2025: General Accident Insurance Company Jamaica Limited (GenAc) has for the fourth year retained its ratings with the Caribbean Information and Credit Rating Services Limited (CariCRIS). GenAc received notice of its retention of jmA- (Foreign Currency Rating) and jmA (Local Currency Rating) on the Jamaica national rating scale, underscoring its good creditworthiness relative to other obligors in Jamaica.

Sharon Donaldson, Managing Director of GenAc, remarked, “This reaffirmation underscores our commitment to maintaining strong business fundamentals and expanding our regional footprint. It reflects our ability to innovate, adapt, and thrive amid local and global challenges.

CariCRIS also verified a stable outlook, highlighting GenAc’s robust strategies to sustain profitability, strong capital adequacy, and prudent risk management. These ratings reflect GenAc’s resilience and capacity to meet financial obligations despite evolving market conditions.

The agency acknowledged GenAc’s strategic focus on selective underwriting and mitigating claims inflation, predicting a turnaround in profitability for 2025. The reaffirmed ratings further cement GenAc’s position as a leading regional insurer committed to delivering value to clients and stakeholders.

Looking Ahead

For 2025, GenAc seeks to strengthen its market position across the Caribbean and enhance service offerings to a broader client base. Donaldson shared: “Our focus on operational efficiencies, digital transformation, and selective underwriting remains central to our strategy as we serve clients across Jamaica, Barbados, and Trinidad and Tobago.”

GenAc’s achievements, including streamlined claims processing and enhanced customer experience through digital platforms, reinforce its reputation as a leader in the regional insurance market. The company expects to further solidify its market presence and provide diversified insurance solutions to meet the evolving needs of clients.

Operating since the 1920s, GenAc has built a legacy of trust and reliability. A subsidiary of the Musson Group, GenAc provides comprehensive general insurance solutions and has a presence in Jamaica, Barbados, and Trinidad and Tobago. The company maintains strong partnerships with top-tier reinsurers and is listed on the Jamaica Stock Exchange, reflecting its robust governance and performance standards.

General Accident Retains CARICRIS Rating Three Years Running

Kingston, Jamaica: General Accident Insurance Company Jamaica Limited (GenAc) has maintained the jmA- (Foreign Currency Rating) issuer/corporate credit rating and jmA (Local Currency Rating) on its Jamaica national rating scale assigned by Caribbean Information and Credit Rating Services Limited (CariCRIS) for the third consecutive year in 2023..

CariCRIS first issued these ratings on December 16, 2021. CariCRIS also maintains a stable outlook on the ratings.

The regional credit rating agency reaffirmed the ratings, noting that they speak to the level of creditworthiness of GenAc while taking into consideration the good creditworthiness of other obligors in Jamaica.

Managing director of GenAc Sharon Donaldson notes that the ratings “reflects our commitment to sound financial management in an evolving economy. We are proud of our company’s strong business fundamentals as we maintain strong capital adequacy and drive profitability in the face of local and global risks,” she adds.

Donaldson asserts that the company continues to benefit from operational efficiencies derived from the digital transformation which facilitate online quotes, payments and policy distributions to clients via the website and other secure platforms.

According to CariCRIS, The ratings of GENAC reflect its good market position as a long-established player, with strong brand equity in the Jamaica general insurance industry. Additionally, the Company’s good capital adequacy, supported by low-risk retention and strong network of reinsurers also supports the ratings. GENAC continues to maintain a moderately diverse investment portfolio, with good returns and liquidity.”

Headquartered in Kingston, Jamaica, GenAc began operating in the 1920s as an agent of Scotland-based insurer General Accident Fire and Life Assurance Corporation Limited (GAFLAC). In 1981 Musson (Jamaica) Limited acquired a majority shareholding in the company and after renaming it, incorporated the company as General Accident Insurance Company Jamaica Limited — a wholly owned subsidiary of the Musson Group. In 2011, Musson Group listed 20 per cent of GenAc’s shares on the Jamaica Stock Exchange.

The company also operates in the Barbados and Trinidad and Tobago markets. In Barbados, GenAC was incorporated in 2019 and began operations in May 2020.

General Accident retains CariCRIS ratings

CariCRIS first issued these ratings on December 16, 2021.

According to CariCRIS, “The ratings of GenAc reflect its good market position as a long-established player with strong brand equity in the Jamaica general insurance industry. The company’s good capital adequacy, supported by low-risk retention and strong network of reinsurers also support the ratings.”

Moreover, the ratings indicate that GenAc possesses a moderately diverse investment portfolio with good returns and liquidity, while its history of profitability and strong enterprise risk management also support the ratings. Notwithstanding, CariCRIS has measured these strengths against concentration risks associated with the company’s exposure to the Jamaican economy.

Commenting on its outlook on the company, CariCRIS explains, “The stable outlook is based on our expectation that GenAc will continue to be profitable over the next 12 to 15 months and maintain its key credit drivers. While our outlook is predicated on Jamaica’s anticipated continued economic improvement, inflation and rising interest rates are expected to continue to exert downward pressure on GenAc’s investment portfolio and inflate claims expenses.”

Additionally, CariCRIS expects GenAc will maintain good capitalisation and good liquidity metrics that exceed the regulatory minimum, even though the implementation of the IFRS 17 accounting standard in 2023 can potentially lower the company’s capitalisation level.

IFRS 17 requires a company to measure insurance contracts using updated estimates and assumptions that reflect the timing of cash flows and any uncertainty relating to insurance contracts.

Managing director of GenAc Sharon Donaldson notes that the ratings “are a testament to our company’s strong business fundamentals despite downside risks such as higher reinsurance rates, inflationary pressures that have driven up the cost of claims, and rising interest rates.

“GenAc is committed to maintaining strong capital adequacy and driving profitability while managing local and global risks,” she adds.

The company has a 21 per cent market share in the general insurance industry and in 2022 generated $15.11 billion in gross written premiums. Net profit after tax rose by 300 per cent to $597.23 million.

Donaldson believes that the company’s digital transformation over the last year has enabled GenAc to realise operational efficiencies, and therefore an increase in market share.

The company also operates in the Barbados and Trinidad and Tobago markets. In Barbados, GenAC was incorporated in 2019 and began operations in May 2020.

Beware Of an Increase in Insurance Fraudsters

ATTIC is advising the general public of an increase in the number of reported incidents of fraudulent motor vehicle insurance certificates. Insurance should only be obtained from and payments made to companies and/or representatives approved by the Central Bank of Trinidad and Tobago (CBTT). When seeking to purchase motor insurance from a prospective representative i.e., an Agent or Sales representative, please verify that he/she is registered with CBTT as an intermediary. You can easily check CBTT’s website for all authorised agencies/sales representatives using the following link: https://www.central-bank.org.tt/core-functions/supervision/insurance-sector.

You can also:

Request proof of registration from the agent or sales representative. It is a mandatory requirement that authorized CBTT representatives clearly display the certificate within their office at a location that is visible to the public and/or produce it upon request by a prospective consumer.
Contact the insurance company to verify that the person is contracted to sell motor insurance on their behalf.

WHEN PAYING PREMIUMS

If paying for the premium by cheque – consider paying to the order of the insurance company.
Ensure that you receive an official receipt at all times.
Ensure that you have accurate contact details of the person handling your transactions.
Ensure that you receive valid insurance policy documents

DO NOT ASSUME

That a person wearing clothing with an insurance company’s logo means that he/she is an agent/sales representative of that company.
A document such as a motor certificate with the company’s logo is authentic as these can be easily reproduced.
A person with a calling card bearing the company’s name and logo to mean that he/she is an agent or sales representative as these can also be easily created.

IMPORTANT
If you purchase insurance from an unauthorised person, the insurance certificate will be fraudulent and you would be uninsured. Therefore, any claim will not be honoured and you may be liable for any damages to properties or injuries incurred, if you are found to be at fault. Additionally, you may be charged by the police for driving without a valid insurance certificate.

Lesley Miller Appointed to the Board of General Accident Insurance Company

General Accident Insurance Company Limited (GenAc) has announced the appointment of Mrs Lesley Miller to the Board as Director and Corporate Secretary effective April 20, 2022.

As GenAc’s Chief Information Officer since 2018, Mrs Miller has led the complete digital transformation of the customer service experience resulting in outstanding customer satisfaction, increased efficiency, and greater revenues.

She holds a B.Sc (Hons) in Computing and Information with a major in Data Communications from the University of Technology Jamaica and an MBA in Banking and Finance (Distinction) from the University of the West Indies.

Her expertise as a certified Project Management Professional and member of the Doctor Bird Chapter of the Project Management Institute (PMI) will ably support her new role on the Board. Mrs Miller brings considerable commercial and leadership experience having held a range of senior leadership positions at a leading telecommunications provider.

GenAc Board Chairman Paul B Scott welcomed Mrs Miller to the Board noting, “Lesley has demonstrated herself to be an asset to the General Accident team. She is well suited to expand her contribution to our firm. As a digital native, transformational leader, and certified project manager, we expect Lesley to strengthen our commitment to good corporate governance.”

He added, “Lesley’s addition to the Board further supports our efforts to build and maintain diversity across all levels of the Company.”

Mrs Miller expressed her pride in taking on her new role. “I am delighted to expand my service to GenAc in a new capacity. I look forward to the challenge and manifesting rewards for our stakeholders.”

GenAc is a member of the Musson Group with 40 years of experience providing general insurance to customers across the Caribbean. The Jamaica-based regional insurer is committed to providing innovative home, motor and travel insurance products, excellent customer service, fair staff remuneration and favourable returns to shareholders.

Digital transformation well underway in the insurance industry

lesley-miller The days where insurance policies were printed documents, signed manually and sent out via the post office are fast becoming history. Worldwide, the insurance industry is embracing digital innovation to develop new products, improve the responsiveness of customer service, facilitate flexibility and carry out a range of business functions such as marketing, quotations, accounting, claims handling and data analysis. This digital transformation is well underway in Jamaica as well.

An increasing number of routine insurance transactions can now be handled via multifunctional company websites, without the need for an in person visit to company, agent or broker. Clients can complete proposal forms, get quotations, make queries via online chat capabilities, register and track claims, review their portfolio of business and pay premiums online either via computer or smart phone access. Communication is increasingly done via electronic mail and customers can even print their own documents, such as digital Certificates of Insurance.

Online systems interface with other databases, such as motor vehicle registration, prior ownership, accident, insurance and driving history. Electronic processing and access to these databases reduces costs and premiums for insurers and drives better pricing. Many companies offer direct discounts for use of digital functionalities. Data analysis can identify fraudulent claims, uncover emerging trends in consumer behaviour and needs and thus guide new product development.

Using online services inevitably ushers in the need for data protection and security. Jamaican insurers use a range encryption tools to deliver strong security for policyholders, most often involving password-protected individual log-ins and a payment gateway for credit card transactions.

Other types of technological innovations are ahead. Installation of devices in motor vehicles that track driver behaviour and reward careful driving with premium reductions have already been rolled out in other jurisdictions. The same type of technology can record the sequence of events in an accident, with 360 degree, real time views recorded, helping investigators to assess liability. Dashcams are already being used to support or refute driver accounts of losses. Photographs of motor vehicles may soon be captured with video footage at inspection centres and instantly uploaded into shared databases or straight to individual policies with specific insurance companies.

For property insurance, drones are already being used to map risks according to prevailing hazards or accumulation of risk in certain areas. Drones can carry out site inspections, Drone footage can also be used to settle claims much more quickly after natural disasters such as fires, floods, earthquakes or hurricanes.

These technologies are just the tip of the iceberg for the insurance industry. Digital Transformation of Insurance the is not just about technology but most importantly providing customers with faster service, better pricing, and innovative and secure products.

Read other articles from the Insurance Association of Jamaica Year Book (Eleventh Edition) here.

General Accident Receives “Good Creditworthiness” CariCRIS Credit Ratings

General Accident Insurance Company Jamaica Limited (GENAC or the Company) has been assigned initial issuer/corporate credit ratings by Caribbean Information and Credit Rating Services Limited (CariCRIS), effective December 16, 2021.

The ratings of jmA- (Foreign Currency Rating) and jmA (Local Currency Rating), on the CariCRIS Jamaica national rating scale, reflect GENAC’s good market position as a long-established player with strong brand equity in Jamaica’s general insurance industry.

GENAC is the first standalone general insurance company in Jamaica that has been rated by CariCRIS. These credit ratings are reflected in GENAC’s investment portfolio, which continues to display good returns and good liquidity, despite the impact of COVID-19. Furthermore, GENAC’s history of profitable operations and its strong Enterprise Risk Management (ERM) framework both support the good ratings. Additionally, CariCRIS has assigned a stable outlook on GENAC with the expectation that the Company will continue to be profitable and maintain all its key credit drivers including good capitalisation and liquidity.

As at September 2021, the Company reported total assets of J$9.1 billion and over the last 5 years (2016-2020), its revenue and net profit have averaged J$8.7 billion and J$346.4 million, respectively.

Sharon Donaldson, Managing Director of General Accident Insurance Company Jamaica Limited, is pleased with the rating. “General Accident has successfully gone through the process of being rated by CariCRIS. Collectively, we remain committed to ensuring that General Accident continues on its growth path for the year ahead.”

Pettier presses for Motor One

General Accident expands into T&T market

Effective March 1, Pettier took over the operations of the legacy company, which is a subsidiary of the General Accident Insurance (Jamaica) Limited and member of the Musson Group. She was also appointed as a director on the management board.

Natasha Pettier
Chief Executive Officer for Motor One Insurance Company Limited

Before her appointment as CEO, Pettier joined the Motor One team as Head of Underwriting and Insurance Operations in October 2019.

“We are happy to utilise Ms Pettier’s vast experience leading our operations in Trinidad and Tobago,” said Sharon Donaldson, managing director of General Accident Insurance Limited at her appointment. “As we expand our Caribbean footprint, I know she will see to the best plans as we future-proof our clients’ lives.” With over 20 years of experience in the industry Pettier, brings a wealth of knowledge from all levels of the business.

She started as an underwriter, in 1997, after getting her Bachelor of Law at the University of London the year before.

Pettier shared that her “accidental career” of insurance chose her. Building on her first degree, the “job” also offered formal qualifications in general insurance.

Spurred by the birth of two children in two years, she jumped into the world of insurance and the incredible opportunities it afforded.

Between 1997 and 1999, Pettier became the team coordinator for customer service at Maritime General Insurance Company Limited, then developed her underwriting skills from 1999 to 2008 at Colonial Fire and General Insurance Company Limited.

For the next two years, her risk analysis and management skillset grew at Phoenix Park Gas Processors Limited as the project manager for the company’s enterprise risk management system, a pioneering effort for the entity. At Telecommunications Services of Trinidad and Tobago, she was actively involved in developing the company’s Disaster Preparedness and Business Continuity plans and was one of the representatives on the Ministry of Public Utilities’ Disaster Preparedness Committee.

Pettier started at Beacon Insurance Company Limited in 2011 as assistant manager of Broker Services Unit and rose to vice-president of insurance operations when she left in 2017. While at Beacon, she pursued postgraduate studies with a Masters of Business Administration with a Specialism in Strategic Planning from Heriot-Watt University in 2013, then a health insurance associate designation in America’s Health Insurance Plans in 2014.

She transitioned to MASSY United Insurance Limited as Head of Underwriting and Insurance Operations prior to joining Motor One. Locally, Pettier is actively involved in many committees of both the Association of the Trinidad and Tobago Insurance Companies (ATTIC) and the Trinidad and Tobago Insurance Institute (TTII).

Future-Proof

Like insurance, Pettier said that her life and career risks paid off.

“Many people have taken a risk with me. Even as a high-potential individual, some would have seen a young mother of four, as a liability. My mentors always believed in me and saw great things,” Pettier says.

“Becoming CEO was not something I envisaged. All I wanted was to be a financially independent woman who could take care of her children if anything untoward ever happened in life. What most saw as great ambition, I saw as common sense and it drove me to study and work hard,” she shares.

Insurance, she believes, is a cornerstone of industry and the development of society.

“Very few people will take risks if their entire life’s savings was in jeopardy,” Pettier explains. “Insurance gives people comfort to take those chances, for themselves and the wider society. We allow people and businesses to recover from setbacks. I believe in it and what it means for us all.”

As CEO, the training and development of team members will be a priority.

“Opportunities to work with and train alongside international players made me aware of the importance of my work and career, it has reinforced my commitment to participate in enriching the lives of our staff,” she said.

The industry she feels, has avenues for working together with other companies, all for the benefit of the greater society.

“Our industry is filled with ethical, responsible, caring people who see that we serve a greater purpose, one beyond our individual companies. Motor One, though, will always shine by how we treat people — our employees, our customers, and everyone who has an encounter with us.

“Motor One, and General Accident, are building a reputation for a “new” company. A lot of our time is going to be spent on establishing ourselves in the minds of our customers and stakeholders. The cornerstones of all that we do are trust and ease of doing business. Our work will all be worth it as we make a substantial and significant difference. All valid claims must be paid, people trust us with their money, their prized possessions, the sweat of their brows and we must never betray that trust,” Pettier declares.

General Accident acquires Trinidadian Insurer

General Accident Insurance Company Jamaica Limited (“General Accident”) today announced the acquisition of a majority stake in Motor One Insurance Company Limited (“Motor One”) a Trinidadian motor insurance company headquartered in Port of Spain with a large branch network throughout Trinidad.

Under the terms of the agreement General Accident will acquire a 55% stake in Motor One with the remaining 45% of the shares acquired by Micon Marketing Limited. The transaction has received the approval of the Financial Services Commission in Jamaica and a letter of no objection from the Central Bank of Trinidad and Tobago. Robert Mowser, an experienced Trinidadian insurance executive, has been appointed as Motor One’s Chief Executive Officer.

General Accident is considered a market leader in general insurance in Jamaica. In addition to being a major property insurer, General Accident has recently increased its presence in the Jamaican motor insurance market through the General Accident brand and Autosmart, a sub-brand dedicated exclusively to motor insurance.

The acquisition of Motor One will allow General Accident to continue the growth of its motor insurance business and to enter the Trinidadian market, its first market outside of Jamaica. According to statistics provided by the Insurance Association of Jamaica (IAJ) and the Association of Trinidad and Tobago Insurance Companies (ATTIC), the Trinidadian insurance market is over 40% larger than the general insurance market in Jamaica.

According to General Accident’s Chairman P.B. Scott, “This acquisition is an important first step in our wider regional growth strategy which we believe will increase our economics of scale, spread our risk and significantly enhance shareholder value. Entering the Trinidad market has long been an objective for General Accident. We look forward to working with our executive team and the local brokerage community to give Trinidadian consumers exceptional service and coverage.”

Sharon Donaldson, General Accident’s Managing Director commented, “General Accident has strong brands, an outstanding team of professionals and the support of the world’s leading reinsurers. We are excited to work with our talented local management team to operate in the Trinidadian market.”