2 2022 | GENERAL ACCIDENT ANNUAL REPORT
2022 | GENERAL ACCIDENT ANNUAL REPORT 3
TABLE OF CONTENTS
GENERAL ACCIDENT AT A GLANCE
Our Purpose, Our Vision
Corporate Structure
Key Financial Highlights
Consistent Shareholders Dividend
Consolidated Loss Ratio Over Five Years
Consolidated Combined Ratios
Consolidated Portfolio Composition
10 - Year Statistical Review
Our Strategic Focus
Our Brand Promise
8
10
11
14
16
17
NOTICE OF ANNUAL GENERAL MEETING
20
Notice of Annual General Meeting
CORPORATE GOVERNANCE
Chairman’s Report
Directors’ Report
Directors’ Profiles
Corporate Governance Report
25
26
28
32
LEADERSHIP AND OPERATIONS
Senior Leadership Team
Management Team
Management Discussion and Analysis
Risk Management
Risk Committee
36
38
42
47
48
DISCLOSURE OF SHAREHOLDINGS
60
61
62
Top 10 Shareholders
Shareholdings of Directors and their Connected Parties
Shareholdings of Management Team
CORPORATE DATA
66
67
Company Profile
Contact Information
• Jamaica
- Kingston
- Montego Bay
• Trinidad
• Barbados
FINANCIAL STATEMENTS
70
72
78
79
80
81
83
84
85
86
88
Actuary’s Report
Independent Auditor’s Report to the Members
Consolidated Statement of Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Company Statement of Comprehensive Income
Company Statement of Financial Position
Company Statement of Changes in Equity
Company Statement of Cash Flows
Notes to the Financial Statements
CORPORATE SOCIAL RESPONSIBILITY
Corporate Social Responsibility
Employee Engagement
52
56
PROXY FORM
4 2022 | GENERAL ACCIDENT ANNUAL REPORT
GENERAL ACCIDENT AT A GLANCE
Our Purpose, Our Vision
Corporate Structure
Key Financial Highlights
Consistent Shareholders Dividend
Consolidated Loss Ratio Over Five Years
Consolidated Combined Ratios
Consolidated Portfolio Composition
10 - Year Statistical Review
Our Strategic Focus
Our Brand Promise
NOTICE OF ANNUAL GENERAL MEETING
Notice of Annual General Meeting
20
CORPORATE GOVERNANCE
Chairman’s Report
Directors’ Report
Directors’ Profiles
Corporate Governance Report
LEADERSHIP AND OPERATIONS
Senior Leadership Team
Management Team
Management Discussion and Analysis
Risk Management
Risk Committee
8
10
11
14
16
17
25
26
28
32
36
38
42
47
48
DISCLOSURE OF SHAREHOLDINGS
60
61
62
Top 10 Shareholders
Shareholdings of Directors and their Connected Parties
Shareholdings of Management Team
CORPORATE DATA
66
67
Company Profile
Contact Information
• Jamaica
- Kingston
- Montego Bay
• Trinidad
• Barbados
FINANCIAL STATEMENTS
70
72
78
79
80
81
83
84
85
86
88
Actuary’s Report
Independent Auditor’s Report to the Members
Consolidated Statement of Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Company Statement of Comprehensive Income
Company Statement of Financial Position
Company Statement of Changes in Equity
Company Statement of Cash Flows
Notes to the Financial Statements
CORPORATE SOCIAL RESPONSIBILITY
Corporate Social Responsibility
Employee Engagement
52
56
PROXY FORM
2022 | GENERAL ACCIDENT ANNUAL REPORT 5
GENERAL ACCIDENT
AT A GLANCE
OUR PURPOSE
General Accident Insurance Company (GenAc) offers a wide range of
innovative, affordable general insurance products to deliver financial
protection and peace of mind to individuals, families and businesses,
while building a trained and well-compensated staff complement and
delivering a fair return on investment to our shareholders.
OUR VISION
General Accident Insurance Company (GenAc) is a regional market
leader in the general insurance sector contributing to Caribbean
development through sound risk transfer mechanisms and excellent
customer service. We build robust and long-term financial health
through profitable, sustainable growth, supported by state-of-the-
art digital technology and innovative corporate social responsibility
programmes.
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2022 | GENERAL ACCIDENT ANNUAL REPORT 9
CORPORATE STRUCTURE
JAMAICA
BARBADOS
TRINIDAD
Revenue
J$ 13.84B
Revenue
J$ 394.77M
Revenue
J$ 948.12M
Growth
Percentage
6.7%
Growth
Percentage
19.4%
Growth
Percentage
44.8%
Net Assets
J$ 2.99B
193
Employees
Net Assets
J$ 60.45M
Net Assets
J$ 634.99M
8
Employees
58
Employees
10 2022 | GENERAL ACCIDENT ANNUAL REPORT
KEY FINANCIAL HIGHLIGHTS
CONSISTENT SHAREHOLDER DIVIDEND
CONSISTENT SHAREHOLDER DIVIDEND
48%
62%
54%
57%
52%
68%
50%
50%
50%
50%
$0.20
$0.17
$0.17
$0.19
$0.15
$0.14
$0.22
$0.24
$0.19
$0.14
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Dividend as percentage of profit
Dividend per Share
100
75
50
0
2022 | GENERAL ACCIDENT ANNUAL REPORT 11
KEY FINANCIAL HIGHLIGHTS
CONSOLIDATED LOSS RATIO OVER FIVE YEARS
CONSOLIDATED COMBINED RATIO
12 2022 | GENERAL ACCIDENT ANNUAL REPORT
CONSOLIDATED PORTFOLIO COMPOSITION
2022 | GENERAL ACCIDENT ANNUAL REPORT 13
10 - YEAR STATISTICAL REVIEW
14 2022 | GENERAL ACCIDENT ANNUAL REPORT
EMPLOYEEGROSS WRITTEN PREMIUMSCLAIMS INCURRED UNDERWRITING PROFIT/(LOSS)PROFIT BEFORE TAXPROFIT AFTER TAXCASH DIVIDENDSSHAREHOLDER’S EQUITYLOSS RATIOINVESTMENT RETURNRETURN ON EQUITYDIVIDEND YIELD ON AVERAGE EQUITYNET WORTH MOVEMENTP/E RATIOCLOSING STOCK PRICEDIVIDEND PAYOUT RATIO 2021202220202019201820172016201520142013$'00012,044,9901,816,926 1,445259,536193,812222,6682,974,86666%6%6%7%-1%25.86.1950%13,959,8071,751,36080,317259,695149,236196,7012,921,96458%5%5%7%-2%23.65.950%15,114,2091,508,337386,614708,167597,230250,5733,170,06045%10%20%8%8%8.34.4150%$'000$'000$'00013220522925910,727,8281,205,328442,136770,154651,558142,6843,003,56554%6%32%6%27%13.17.150%$'0001318,735,7971,023,022174,768352,569285,370150,0472,056,61263%5%15%8%6%12.63.5468%$'000$'0001117,106,2541,087,590-35,532236,077221,236200,0011,937,77182%11%11%10%-1%13.32.852%915,649,097746,07345,609404,243386,879175,0031,964,42066%11%22%9%11%82.9957%$'000906,112,355696,480114,656303,448304,418172,2191,775,29762%8%19%10%12%6.82.0554%$'000785,072,375678,558101,941319,965320,078203,8781,579,38263%10%22%13%8%5.61.7562%$'000834,479,755646,79158,503323,702327,914140,0251,456,94465%14%25%10%13%5.61.848% 2022 | GENERAL ACCIDENT ANNUAL REPORT 15
EMPLOYEEGROSS WRITTEN PREMIUMSCLAIMS INCURRED UNDERWRITING PROFIT/(LOSS)PROFIT BEFORE TAXPROFIT AFTER TAXCASH DIVIDENDSSHAREHOLDER’S EQUITYLOSS RATIOINVESTMENT RETURNRETURN ON EQUITYDIVIDEND YIELD ON AVERAGE EQUITYNET WORTH MOVEMENTP/E RATIOCLOSING STOCK PRICEDIVIDEND PAYOUT RATIO 2021202220202019201820172016201520142013$'00012,044,9901,816,926 1,445259,536193,812222,6682,974,86666%6%6%7%-1%25.86.1950%13,959,8071,751,36080,317259,695149,236196,7012,921,96458%5%5%7%-2%23.65.950%15,114,2091,508,337386,614708,167597,230250,5733,170,06045%10%20%8%8%8.34.4150%$'000$'000$'00013220522925910,727,8281,205,328442,136770,154651,558142,6843,003,56554%6%32%6%27%13.17.150%$'0001318,735,7971,023,022174,768352,569285,370150,0472,056,61263%5%15%8%6%12.63.5468%$'000$'0001117,106,2541,087,590-35,532236,077221,236200,0011,937,77182%11%11%10%-1%13.32.852%915,649,097746,07345,609404,243386,879175,0031,964,42066%11%22%9%11%82.9957%$'000906,112,355696,480114,656303,448304,418172,2191,775,29762%8%19%10%12%6.82.0554%$'000785,072,375678,558101,941319,965320,078203,8781,579,38263%10%22%13%8%5.61.7562%$'000834,479,755646,79158,503323,702327,914140,0251,456,94465%14%25%10%13%5.61.848% OUR STRATEGIC FOCUS
VALUE CREATION AND LONG-TERM SUSTAINABILITY
GenAc provides risk transfer mechanisms to our customers, guided by 41 years of expertise and experience. We
facilitate and support commerce by protecting the assets of people and businesses. Using sound investment decisions
and a strategy of managed growth, we have built a strong balance sheet to ensure financial stability and strength.
We create value for our shareholders, policyholders and employees while meeting all regulatory requirements.
DISTRIBUTION CHANNELS
DEVELOPING THE GENAC TEAM
Our head office is located in Kingston, Jamaica, and we
write business through a network of valued insurance
professionals islandwide. We have also embarked on a
regional expansion programme and now offer our insurance
products in Trinidad & Tobago and Barbados. We continue to
look at other expansion opportunities within the Caribbean.
FAST, FAIR CLAIMS SETTLEMENT
We are committed to fast, fair claims settlement as a key
element of efficient insurance services. We believe that the
importance of insurance cover is tested at the time of a
claim, and we seek to demonstrate to our clients that we are
worthy of their trust and confidence.
Insurance is a technical discipline and GenAc has a long history
of recruiting, training and retaining expertise, providing all our
employees with a culture of excellence and opportunity. We
invest in the development of our staff members at every level by
providing frequent training and mentorship programmes.
MAXIMIZING OPERATIONAL EARNINGS
Our growth and profitability initiatives remain:
• Growth in value-priced and profitable product lines.
• Payment of dividends to shareholders.
• Steady strengthening of our balance sheet, liquidity base and
capital to provide the essential foundation for growth.
• Constant improvements in operational efficiencies to deliver
excellent service to our policyholders.
ROBUST RISK MANAGEMENT
We have developed a comprehensive risk management
framework to ensure risk tolerance limits are assessed and
adhered to, particularly with regard to the acquisition of
critical reinsurance support.
EMBRACING CORPORATE SOCIAL RESPONSIBILITY
GenAc ensures its business model complies with the principles of
good corporate citizenship. We are conscious of our impact on all
aspects of society and we self-regulate our operations to make
certain they benefit the economy, society and the environment.
UTILIZING INFORMATION TECHNOLOGY
We have invested in continuous improvement of information
technology to deliver simple, accessible online processes to
our customers. We understand that ease of doing business
brings a competitive advantage and we seek to ensure our
customers receive the same superior level of service whether
they contact us in person, by telephone or online. We place
high priority on secure systems to handle payments, claims,
new business and renewals.We believe our growing facility
with data analytics allows us to respond quickly to changing
markets for the benefit of our customers.
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With the consistent guidance and expertise of our Board of
Directors, we seek to:
• Provide a productive, well-compensated and incentive-
driven work environment for our employees.
• Involve our staff in outreach efforts to support
education, under-served children and the natural
environment.
• Ensure all we do is grounded in high standards of
integrity and ethical conduct.
OUR BRAND PROMISE
SO LI D F OUNDA
TI
O
N
We maintain
financial strength to
ensure consistent
profitable growth.
ER F
P
O R MANC
E
We strive for
service that
exceeds customer
expectations.
I N N OVATIO
N
We are creative,
willing to make
bold decisions and
challenge the
status quo.
I N T EGRIT
Y
We are honest
and fair in all
our actions.
R A N D PROMIS
E
B
Our values are at the heart
of how we do business. They
guide us in everything we
do - from performing our
regular daily responsibilities
to making important
decisions.
S P O NSIBILIT
Y
E
R
We have a strong sense
of responsibility towards
our customers, society, the
environment and
each other.
2022 | GENERAL ACCIDENT ANNUAL REPORT 17
ANNUAL GENERAL MEETING
NOTICE OF
18 2022 | GENERAL ACCIDENT ANNUAL REPORT
NOTICE OF
ANNUAL GENERAL MEETING
2022 | GENERAL ACCIDENT ANNUAL REPORT 19
NOTICE OF
ANNUAL GENERAL MEETING
GENERAL ACCIDENT INSURANCE COMPANY (JAMAICA) LIMITED
NOTICE IS HEREBY GIVEN THAT the annual General Meeting of General Accident Insurance Company
(Jamaica) Limited (the “Company”) will be held at 9:00 am on September 15, 2023 at 58 Half Way Tree
Road, Kingston 10, for shareholders to consider and, if thought fit, to pass the following resolutions:
ORDINARY RESOLUTIONS
1.
2.
3.
To receive the report of the Board of Directors and the Audited Accounts of the Company
for the financial year ended December 31, 2022.
To authorize the Board of Directors to reappoint PricewaterhouseCoopers as the auditors
of the Company and to fix their remuneration.
To re-appoint the following Directors of the Board who have resigned by rotation in accordance
with the Article of Incorporation of the Company and, being eligible, have consented to act
on reappointment:
(a) To reappoint Jennifer Scott as a Director of the Board of the Company.
(b) To reappoint Nicholas Scott as a Director of the Board of the Company.
(c) To reappoint Brian Jardim as a Director of the Board of the Company.
4.
To authorize the Board of Directors to fix the remuneration of the Directors.
5.
To approve the aggregate amount of interim dividends declared by the Board during the
financial year ended December 31, 2022 being $250,573,125.12 or 24.298 cents per ordinary
share, as the final dividend for that year.
Dated this the 30th day of April, 2023 by Order of the Board
Lesley Miller
CORPORATE SECRETARY
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CORPORATE GOVERNANCE
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CORPORATE GOVERNANCE
2022 | GENERAL ACCIDENT ANNUAL REPORT 23
CHAIRMAN’S REPORT
24 2022 | GENERAL ACCIDENT ANNUAL REPORT
In 2022, General Accident continued to execute our strategy of building a leading regional
general insurance company. Our brand, our people, our relationships and our technology
allowed General Accident to deliver a record financial performance while executing on our
long-term strategy.
General Accident achieved a record financial performance in 2022, recording the highest gross
written premiums in our history.
We achieved gross written premiums of $15.1 billion, an
to report that in 2022 we achieved profitability in
increase of $1.2 billion or 8% over 2021. We achieved
Trinidad. The fact that we were able to achieve
profit before tax of $708.2 million, representing
profitability within our first 3 years of operation in
an increase of $448.5 million or 173% over 2021.
Trinidad, is a testament to our team and our strategy.
Further, General Accident produced a 22% return on
equity and distributed $250.6 million of dividends
to our shareholders.
General Accident continued to build a leading regional
general insurance company, and in 2022, we made
noteworthy progress. In Jamaica, we solidified
our position as the largest underwriter of general
insurance risks, with gross written premiums of
Our growing presence in all three
of the Caribbean’s largest insurance
markets diversifies our underwriting
risk and creates economies of scale.
This scale allows General Accident to
efficiently invest, develop and deploy
digital insurance solutions.
$13.8 billion, an increase of $0.9 billion over 2021.
The year ahead will be categorized by tightening
In Trinidad, we grew gross written premiums to
conditions in insurance markets globally. The Caribbean
$948.1 million, an increase of $293.3 million or 45%
markets in which we operate will be no exception.
over 2021, while in Barbados, we grew gross written
General Accident has fostered deep relationships with
premiums to $394.8 million, an increase of $64.1
our reinsurers over decades and has consistently
million or 19% over 2021.
delivered on our promises to these key partners.
This commitment differentiates General Accident
In 2022, General Accident’s Jamaican property and
in tough market conditions. We’re pleased to report
motor insurance operations had another year of
that General Accident not only continued to receive
strong premium growth and profitability. This is a
support from its reinsurers but has been one of the
testament to our prudent underwriting policies and
few regional insurers to increase its capacity. This is
strong reinsurance program.
a validation of our strategy and is very positive for
our shareholders. However, it is also important for
General Accident’s consolidated profits in 2022
our clients and the countries in which we operate
reflect our investments in our emerging subsidiaries
since in many instances General Accident will be
in Trinidad and Barbados. While these investments
critical to ensuring that adequate insurance coverage
have had a short-term impact on our financial results,
is available in Jamaica, Trinidad and Barbados.
over the long run they will create considerable value
for General Accident. Consequently, we are pleased
Sincerely,
Paul B. Scott
CHAIRMAN
2022 | GENERAL ACCIDENT ANNUAL REPORT 25
DIRECTORS’ REPORT
The Directors are pleased to present their report for
General Accident Insurance Company (Jamaica) Limited
for the financial year ended December 31, 2022.
FINANCIAL RESULTS
The Statement of Comprehensive Income for the Group
shows pre-tax profits for the year of $708.2 million,
taxation of $110.9 million and a net profit after tax of
$597.2 million. Details of these results, along with
a comparison with the previous year’s performance
and the state of affairs of the Group, are set out in the
Management Discussion and Analysis and the Financial
Statements, which are included as part of this Annual
Report.
DIRECTORS
The Directors of the Company as at December 31, 2022,
are: P.B. Scott, Melanie Subratie, Sharon Donaldson,
Gregory Foster, Lesley Miller, Christopher Nakash,
Jennifer Scott, Nicholas Scott, Duncan Stewart,
Matthew Lyn and Brian Jardim.
The Directors to retire by rotation in accordance with the
Articles of Incorporation are: Jennifer Scott, Nicholas
Scott and Brian Jardim but being eligible, will offer
themselves for re-election.
AUDITORS
The auditors of the company, PricewaterhouseCoopers
of Scotiabank Centre, Duke Street, Kingston, Jamaica,
have expressed their willingness to continue in office.
The Directors recommend their re-appointment.
DIVIDEND
A dividend of 24.298 cents per share paid on December
15, 2022, is proposed to be the final dividend in respect
of the financial year ended December 31, 2022.
26 2022 | GENERAL ACCIDENT ANNUAL REPORT
DIRECTORS’ PROFILES
CHAIRMAN
MANAGING DIRECTOR
Paul B. Scott
(appointed November 1998)
Sharon Donaldson
(appointed March 2008)
PB Scott is the Chairman, CEO and
principal shareholder of the Musson
Group.
He joined the group in 1994, became
CEO in 2004, and in 2009 was appointed
Chairman of the Board. He is responsible
for the strategic direction, performance
and overall operations of the Musson
Group and all of its subsidiaries, including
the Facey Group, PBS Group, Seprod,
T. Geddes Grant Distributors Ltd. and
General Accident Insurance Company
Ltd. among others.
In addition to his responsibilities at
Musson he serves on many public
boards and commissions. He is a trustee
of the American International School
of Jamaica and currently is Chairman
of the Development Bank of Jamaica.
He is a past President of the Private
Sector Organization of Jamaica.
Sharon Donaldson has been the Managing
Director of the Company since 2008. She
holds a Bachelor of Laws (LLB) from the
University of London and an MBA from
the University of Wales. She is a Chartered
Accountant; a fellow member of the Institute
of Charted Accountants of Jamaica and
an Attorney-at-Law.
Ms. Donaldson is a member of the board
of the Jamaica Environment Trust (JET).
She is the treasurer for the Council of
the Institute of Chartered Accountants
of Jamaica and heads the committee of
Professional Accountants in Business and
Ms. Donaldson serves as director on several
boards including Musson (Jamaica) Limited,
the parent company to General Accident.
She is the current chairman of the Forestry
Department Advisory Board, a director on
the boards of Eppley Limited, 138 Student
Living Limited, Paramount Trading Jamaica
Limited, Canopy Insurance among others.
Ms. Donaldson was a nominee for the
Jamaica Observer Business Leader of the
Year award in 2016.
28 2022 | GENERAL ACCIDENT ANNUAL REPORT
EXECUTIVE DIRECTOR
DEPUTY CHAIRMAN
INDEPENDENT
NON EXECUTIVE DIRECTOR
Gregory St. Hugh Foster
(appointed April 2018)
Melanie Subratie
(appointed March 2002)
Brian Jardim
(appointed August 2017)
Gregory Foster is an executive Director
of the Company and a member of the
Audit Committee of the Board. He serves
as the Group’s Chief Operating Officer.
He obtained his Association of Chartered
Certified Accountant (Glasgow, UK)
professional qualification in 2006,
and is also a member of Institute of
Chartered Accountants of Jamaica.
Melanie Subratie is a non-executive
Director of the Company and holds a
B.Sc. (Hons) from the London School of
Economics. She is Chairperson of the
Investment Committee of the Board.
Mrs. Subratie is Chairperson and CEO of
Stanley Motta Ltd. and Vice Chairman
of Musson (Ja.) Ltd. She is also the Vice
Chair of Eppley Ltd. and sits on the
Executive Board of the Seprod Group
of Companies and all its subsidiary
boards. She chairs the Audit Committee
for both Productive Business Solutions
Ltd and Seprod Ltd.
She is Chairperson of Seprod Foundation,
Musson Foundation, Jamaica Girls
Coding and RISE Life Management. Mrs.
Subratie is an Angel investor and sits on
the Boards of LoanCirrus, Bookfusion,
and First Angels. She is fourth Vice
President of the Jamaica Chamber
of Commerce.
Brian Jardim is an independent
non-executive Director of the Company.
He is the founder and CEO of Rainforest
Seafoods Ltd., the leading seafood
harvester, processor and distributor
in the Caribbean.
Mr. Jardim currently serves as a director
on the Board of the Jamaica Observer,
We Care for Cornwall Regional Hospital,
and Industrial Chemical Company
among others.
He is a Certified Public Accountant
(CPA), a graduate of the University
of Florida where he obtained a MSc.
in Financial Accounting and a BSc. in
Business Administration. He also holds
a Diploma in Business Administration
from Ryerson University.
2022 | GENERAL ACCIDENT ANNUAL REPORT 29
DIRECTORS’ PROFILES
DIRECTORS’ PROFILES
NON EXECUTIVE DIRECTOR
EXECUTIVE DIRECTOR &
COMPANY SECRETARY
INDEPENDENT
NON EXECUTIVE DIRECTOR
Nicholas A. Scott
(appointed July 2011)
Lesley Miller
(appointed April 2022)
Christopher Nakash
(appointed December 2006)
Nicholas Scott is a non-executive Director
of the Company and the Chief Investment
Officer for the Musson Group. He also
serves as the Managing Director of
Eppley Ltd. and as a Director of many of
the Musson subsidiaries and affiliates
including Seprod.
He returned to Jamaica in 2009 after
working as a private equity investor and
investment banker at the Blackstone
Group in New York and Brazil.
Mr. Scott holds a BSc. in Economics
(Magna Cum Laude) from the Wharton
School at the University of Pennsylvania,
an MBA (Beta Gamma Sigma) from
Columbia Business School and a MPA
from the Harvard Kennedy School
of Government.
Lesley Miller is the Company Secretary
and an Executive Director of the Company.
Mrs. Miller is the Group Chief Information
Officer of General Accident Insurance.
Prior to that Mrs. Miller was the Head of
Business Operations at Digicel Jamaica
where she spent several years in various
senior roles.
Mrs. Miller holds a B.Sc. in Computing &
Information Technology (Hons.) from
the University of Technology Jamaica
and an M.B.A in Banking & Finance
(with distinction) from the University
of the West Indies. Lesley is certified
by the Project Management Institute
as a Project Management Professional
(PMP®).
Christopher Nakash is an independent
non-executive Director of the Company.
Mr. Nakash brings to the Board his
management experience, gained as Chief
Executive Officer of Nakash Construction
& Equipment Limited.
In the past, Mr. Nakash also served as
General Manager of Netstream Global
(2003 to 2008), and he was also a
founding member and Director of the
Riverton Improvement Association
and Intelligent Multimedia Limited. Mr.
Nakash holds a BBA from University
of New Brunswick, Canada.
30 2022 | GENERAL ACCIDENT ANNUAL REPORT
INDEPENDENT
NON EXECUTIVE DIRECTOR
NON EXECUTIVE DIRECTOR
INDEPENDENT
NON EXECUTIVE DIRECTOR
Duncan Stewart
(appointed August 2011)
Jennifer Scott
(appointed December 2009)
Matthew Lyn
(appointed July 2015)
Duncan Stewart is an independent,
non-executive Director of the Company. He
is one of the family leaders of Stewart’s
Auto Sales Ltd. and its affiliated companies,
Stewart’s Auto Paints Ltd., Tropic Island
Trading Co. Ltd. and Silver Star Motors Ltd.
He joined his family’s business as a
3rd generation member in 1985 after
graduating with a B. Eng (Mech) degree
from McGill University. He learned the
business by working his way through
the ranks, learning and following the
family’s culture of service.
Jennifer Scott is a non-executive Director
of the Company. Mrs. Scott holds a B.Sc.
(Hons) in Psychology from Newcastle
University, United Kingdom, a Graduate
Diploma in Legal Studies from Keele
University, UK, and Certificate of Legal
Practice from the College of Law, London.
She was admitted as a Solicitor of
Supreme Court of England and Wales.
She attended Norman Manley Law School,
and was admitted as an Attorney-at-Law
of the Supreme Court of Jamaica in
2014. She is a consultant at Clinton Hart
& Co., Attorneys-at-Law, specialising in
financial securities and corporate law.
Matthew Lyn is an independent
non-executive Director of the Company.
Mr. Lyn is the Chief Operating Officer of
the CB Group and its related companies,
including CB Foods Ltd., Newport Mills
Ltd. and Imagination Farms Ltd.
He holds a B.B.A from the Goizuetta
Business School at Emory University.
2022 | GENERAL ACCIDENT ANNUAL REPORT 31
CORPORATE GOVERNANCE REPORT
CORPORATE GOVERNANCE
Our Corporate Governance framework is designed to
support the transparency and accountability of the
people and processes in the Group as it expands its reach
in the Caribbean region. The framework is documented
in our Corporate Governance Policy, wherein prescribed
practices conform with global best practices, the Private
Sector Organization of Jamaica’s Code on Corporate
Governance and the Jamaica Stock Exchange’s Corporate
Governance Guidelines.
CORPORATE GOVERNANCE FRAMEWORK
The Group’s corporate governance standards reflect
the key tenets of responsibility, integrity, prudence,
transparency and fair and equitable decision-making. It
is the collective responsibility of the Board to supervise
and direct the company’s affairs in the interest of the
growth and profitability of the business while providing
an equitable return to the shareholders.
General Meeting of
Shareholders
Board of Directors
Compensation
Committee
Conduct Review
Committee
Audit
Committee
Managing
Director
External
Audit
Senior
Management
32 2022 | GENERAL ACCIDENT ANNUAL REPORT
Our Directors and Committees are aligned with our
strategic and corporate objectives and are tasked with
monitoring progress and ensuring that the efforts of all
stakeholders support those objectives.
of interest and the disclosures around any such conflicts.
The Conduct Review Committee is comprised of five (5)
non-executive directors and one (1) executive director.
The Committee meets at least three (3) times a year.
BOARD OF DIRECTORS
The members of the Board of Directors and those entrusted
with administering our Corporate Governance Framework
embody diversity, experience, and proven excellence in
their fields.
Comprised of eleven (11) members, a non-executive
Chairman, seven (7) non-executive directors and three
(3) executive directors, Board members provide balanced
decision-making and independence.
THE COMPENSATION COMMITTEE
The Compensation Committee is responsible for oversight
of executive remuneration packages. These packages are
designed to reward performance and incentivise growth
and are driven by the organisation’s core objectives and
in alignment with necessary risk considerations.
The Committee meets at least four (4) times a year.
CONDUCT REVIEW COMMITTEE
The Conduct Review Committee has the responsibility
for oversight of the Company’s policies and procedures
to ensure that it conducts its affairs responsibly and in
keeping with our values and the broad requirements
of the Regulators. This committee is tasked with the
prevention, identification and management of conflicts
AUDIT COMMITTEE
The Audit Committee is responsible for providing oversight
and advice to the Board on all matters relating to financial
reporting, internal controls, and approval of financial
reports to be circulated to all regulatory bodies.
The Audit Committee is comprised of four (4) non-executive
directors and one (1) executive director. The Committee
meets at least five (5) times during the year.
INVESTMENT AND LOAN COMMITTEE
The Investment and Loan Committee is responsible for
driving the Group’s investment strategy and ensuring
that it meets all compliance requirements, inter alia,
liquidity, quality, and term of investments. The Committee
also ensures that any material financial arrangement
meets regulatory standards and aligns with the credit
risk appetite of the Company.
The Investment and Loan Committee is comprised of (4)
non-executive directors and two (2) executive directors.
The Committee meets at least four (4) times for the year.
The Corporate Governance Guidelines (CGG) for General
Accident Insurance Company Jamaica Limited are available
on our website at https://www.genac.com
2022 | GENERAL ACCIDENT ANNUAL REPORT 33
LEADERSHIP & OPERATIONS
34 2022 | GENERAL ACCIDENT ANNUAL REPORT
LEADERSHIP & OPERATIONS
2022 | GENERAL ACCIDENT ANNUAL REPORT 35
SENIOR LEADERSHIP TEAM
CEO & MANAGING DIRECTOR
SHARON DONALDSON
Sharon Donaldson has been with the company for over 30 years, first joining as the
Financial Controller in 1989 before becoming the Managing Director and CEO in 2008.
Sharon’s primary responsibilities include making major corporate decisions, managing
the overall operations and resources of the Group and acting as the main point of
communication between the Board of Directors and corporate operations.
CHIEF OPERATING OFFICER
GREGORY FOSTER
Gregory Foster is GenAc’s Chief Operating Officer with responsibility for the underwriting,
claims and AutoSmart divisions. Mr. Foster joined GenAc in 2014 with a strong background
as an audit manager and has held his current position since January 2019.
He has accumulated over seven years of experience in providing audit services to a
wide spectrum of clients, including government/public sector, financial services, and
manufacturing and distribution.
CEO - TRINIDAD & TOBAGO
NATASHA PETTIER
Natasha Pettier is the Chief Executive Officer of General Accident Insurance Company Trinidad
and Tobago Limited. She joined the Company in October 2019 as head of underwriting
and insurance operations.
She holds a Bachelor of Laws (LL.B.), an MBA from the Heriot-Watt University, UK, is
a Fellow of the Chartered Insurance Institute of London, a qualified Member of the
Institute of Risk Management and a Health Insurance Associate. She has over 20 years’
experience in the insurance industry and is involved with various committees of both
the Association of the Trinidad and Tobago Insurance Companies and the Trinidad and
Tobago Insurance Institute.
GENERAL MANAGER - BARBADOS
WANDA MAYERS
Wanda Mayers is the General Manager of General Accident Insurance Company (Barbados)
Limited. Her experience in general insurance includes customer service, marketing,
reinsurance underwriting and claims. After becoming an Associate of the Chartered
Insurance Institute (ACII) in the United Kingdom, she rose in the ranks at the Insurance
Corporation of Barbados Limited, from Supervisor of the Reinsurance Department in
1993 to Assistant Vice President of Direct Underwriting and Customer Experience in 2015.
Her managerial experience was strengthened at Sagicor General Insurance Inc., as
Vice-President for Underwriting in Barbados, ending in 2018. Mayers has tutored various
subjects at the Insurance Institute of Barbados and has served as Director of several
companies in the public and private sector.
36 2022 | GENERAL ACCIDENT ANNUAL REPORT
CHIEF INFORMATION OFFICER
LESLEY MILLER
Lesley Miller joined GenAc as Chief Information Officer in January 2018 with responsibility
for technology, business intelligence and digital marketing, bringing over 15 years’
experience in the insurance and telecommunications industries to the Company.
Mrs. Miller holds a Bachelor of Science degree in Computing & Information Technology
from the University of Technology (Jamaica) and an MBA in Banking and Finance from
the University of the West Indies. She is a certified Project Management Professional
and is a member of the Doctor Bird Chapter of the Project Management Institute.
CHIEF INSURANCE OFFICER
MICHELLE ROBINSON
Michelle Robinson joined General Accident in October 1990. From 1990 to 2011, Michelle
served in various roles, including Management Trainee, Claims Manager and Marketing
Manager. Michelle’s varied experience developed her expertise in underwriting and claims
for all lines of business. Michelle left General Accident in 2011, returning in 2021, after
gaining invaluable experience in branch network management and regional oversight.
In her current role, Michelle oversees the operations of the Underwriting and Claims
Departments and provides technical advice to our regional operations.
Michelle holds the ACII designation as a Chartered Insurer with the Chartered Insurance
Institute, London.
BUSINESS DEVELOPMENT OFFICER
JAMALDA STANFORD-BROWN
Jamalda Stanford-Brown joined GenAc as Business Development Officer in January
2018. She has a wealth of experience in auditing, risk assessment and reinsurance.
Mrs. Stanford-Brown holds a Bachelor of Science degree in Economics and Accounting
from the University of the West Indies. She is a Certified Public Accountant, a Chartered
Property and Casualty Underwriter and holds an Associate Degree in Reinsurance.
GENERAL MANAGER – AUTOSMART
JANILLE JARRETT
Janille Jarrett joined General Accident in May 2005, and has worked in the Customer
Service, Underwriting and Broker Services departments. She advanced through the ranks
and held the position of Management Trainee up to August 2015, when she migrated.
She re-joined us in July 2016 and was appointed Underwriting Manager - AutoSMART,
which is a specialized insurance business unit within General Accident. Janille went on
to spend four (4) years as the Motor Underwriting Manager for General Accident, and,
under her management we saw a significant growth in our motor portfolio.
In January 2021, Janille was promoted to General Manager with responsibility for the
Autosmart Business Unit. Janille holds Chartered Insurance Professional (CIP) Designation
with the Insurance Institute of Canada.
2022 | GENERAL ACCIDENT ANNUAL REPORT 37
MANAGEMENT TEAM
CAREEN NOLAN
Head of Property & Casualty Division
Jamaica
ANGELLA REYNOLDS
Senior Risk & Reinsurance Manager
Jamaica
TANYA OAKLEY
Business Intelligence Manager
Jamaica
CAROL BARNETT
Claims Manager
Jamaica
PETAGAYE MCCOOK
Legal Services Manager
Jamaica
JANETTE COLE-SMITH
Finance & Compliance Manager
Jamaica
JOAN MCLEGGON
Chief Human Resources Officer
Jamaica
DOUGLAS HAYDEN
Information Technology Manager
Jamaica
CHERYLL HENRY
Operations & Facilities Manager
Jamaica
38 2022 | GENERAL ACCIDENT ANNUAL REPORT
MANAGEMENT TEAM
NATASHA PETTIER
CEO
Trinidad & Tobago
JESEANIA GLASGOW-BURNETT
Manager, Underwriting and Business
Development - Trinidad & Tobago
DUNSTAN LODGE
Head of Customer Support
Trinidad & Tobago
SHIVANNE RAMADHAR
Accountant
Trinidad & Tobago
RAJIN MATADEEN
Claims Manager
Trinidad & Tobago
WANDA MAYERS
General Manager
Barbados
GAIL GRIFFITH
Underwriter
Barbados
2022 | GENERAL ACCIDENT ANNUAL REPORT 39
40 2022 | GENERAL ACCIDENT ANNUAL REPORT
MANAGEMENT DISCUSSION
& ANALYSIS
2022 | GENERAL ACCIDENT ANNUAL REPORT 41
MANAGEMENT DISCUSSION & ANALYSIS
attributable to our increased broker
penetration and the expansion of
our agent network. Although group
business supported our portfolio,
personal lines insurance products,
particularly motor insurance products,
exceeded our budgeted expectations,
with $234.9 million in gross written
premiums. The company performed
better than anticipated through careful
cost management. As a result, our
2022 net loss was $18.7 million, down
significantly from our 2021 net loss
of $99.9 million. General Accident
Barbados continues to prudently
increase its staff complement and
improve its operating efficiency by
digitising its processes.
PROFITABILITY
In 2022, General Accident continued
to execute its strategy of building a
leading regional general insurance
company. Our exceptional team,
relationships, technology and brand
allowed General Accident to deliver a
record financial performance.
The General Accident Group produced
record financial performance in 2022,
achieving the highest gross written
premiums in our history. We achieved
gross written premiums of $15.1
billion, an increase of $1.2 billion or
8% over 2021, and profit before tax
of $708.2 million, representing an
increase of 173% over 2021. Further,
General Accident produced a 22%
return on equity and distributed
$250.6 million of dividends to our
shareholders.
General Accident Jamaica maintained
its position as the largest underwriter
of general insurance risks, with gross
written premiums of $13.8 billion, an
increase of $0.9 billion over 2021,
underwriting profit of $165.1 million,
and net profit of $405.1 million.
General Accident Trinidad achieved
profitability for the first time. Given
that we only began operations in
Trinidad less than three years ago,
in 2019, it is truly a testament to our
team and our execution that we were
able to achieve this feat so soon. This
was a direct result of our dedicated
and committed staff, our improved
technology, our strong relationships
with supportive business partners,
and our strong corporate governance.
General Accident Trinidad produced
gross written premiums of $948.1
million, an increase of $293.3 million
or 45% over 2021. We are poised for
continued growth, as we build upon
the relationships we have forged,
expand our agency and sales network,
and leverage our investments in
technology.
General Accident Barbados continued
to grow in 2022. We achieved gross
written premiums of $394.8 million,
an increase of $64.1 million or 19%
over 2021. This growth is largely
42 2022 | GENERAL ACCIDENT ANNUAL REPORT
MANAGEMENT DISCUSSION & ANALYSIS
CONT’D
GROUP GROSS PREMIUM COMPOSITION
2022 | GENERAL ACCIDENT ANNUAL REPORT 43
MANAGEMENT DISCUSSION & ANALYSIS
CONT’D
FINANCIAL HIGHLIGHTS
GENERAL ACCIDENT GROUP
Consistent premium growth
Gross written premiums of $15.1 billion
Profit for the year of $597.2 million
Book value of $3.2 billion
Total assets of $12.7 billion
Earnings per share of $0.53
Profit attributable to shareholders was $543.8 Million in 2022. We paid dividends amounting to $250.6 million in
the year under review. We are delighted to report an increased return on equity (ROE) of 20% for the year 2022,
an improved performance over 2021 and 2022 when the company experienced increased expenses related to the
acquisition of two regional entities, as well as implementing safety measures, maintaining business continuity,
and adopting remote work setups made necessary by the Covid-19 pandemic. Following the first full year of full
integration of the regional companies, we are back to achieving double-digit ROE.
GROUP UNDERWRITING PROFIT $’000
44 2022 | GENERAL ACCIDENT ANNUAL REPORT
MANAGEMENT DISCUSSION & ANALYSIS
CONT’D
MANAGEMENT DISCUSSION & ANALYSIS
CONT’D
GROUP NET PROFIT $’000
INVESTMENT INCOME
Investment income increased by 93% to $436.4 million,
up from $226.5 million in 2021. This increase was driven
by taking advantage of a high-return investment coupled
with increased investment yields during the year.
adjusted returns, as we seek to maintain a balance
between higher returns and the security of a prudent
capital position.
We are pleased to report that we met the regulatory
capital and liquidity requirements for all entities for 2022.
FINANCIAL STRENGTH
LOOKING AHEAD
General Accident Group is well capitalized with an
equity book value of $3.2 billion. This provides stability
to weather any potential economic challenges of 2023.
Total assets increased by 1% to $12.7 billion, up from
$12.5 billion in 2021.
CAPITAL MANAGEMENT
General Accident Group allocates its capital to maximize
long term shareholder value while maintaining financial
strength. We consistently meet required regulatory
and solvency ratios. Our policy is to allocate capital
to investment opportunities earning the highest risk
General Accident’s presence in all three of the Caribbean’s
largest insurance markets creates economies of scale
that enable us to invest in, develop and deploy digital
insurance solutions. Consequently, as a new entrant in
Trinidad and Barbados, we derive a competitive advantage
from our streamlined business processes resulting from
our investment in digitization made in 2020, 2021 and
2022. This positions us well for increased operating
efficiency in 2023.
For 2023, General Accident remains focused on solidifying
our market leadership in Jamaica, growing our business
in Trinidad and Barbados, and completing our digital
2022 | GENERAL ACCIDENT ANNUAL REPORT 45
MANAGEMENT DISCUSSION & ANALYSIS
CONT’D
transformation. We will continue to leverage our market
reach, digital capabilities, and financial strength to
capitalize on opportunities to provide a full suite of
insurance products to the Caribbean.
General Accident remains committed to delivering our
strategic objectives. We look ahead with confidence and
enthusiasm as we believe we have the right approach,
culture, and products to compete in a new digitized,
customer-focused marketplace. We are well positioned
to achieve robust financial performance and satisfied
policyholders.
I would like to extend sincere thanks to the Board of
Directors for providing insight, guidance and support
to General Accident’s management and staff. To the
hardworking staff members in Jamaica, Trinidad and
Barbados, my heartfelt gratitude and appreciation to
you for your continued commitment to the success of
the company. To our brokers and insureds, thank you
for the confidence you have placed in us. We take our
brand promise of excellence seriously and will continue
to deliver value to our customers, employees, business
partners and shareholders.
Sharon Donaldson
CEO & Managing Director
46 2022 | GENERAL ACCIDENT ANNUAL REPORT
RISK MANAGEMENT
The Group’s business practices inherently expose General
Accident to the risks associated with insurance contracts.
Beyond that exposure, the Group faces regulatory, market
and operational risks.
For each class of risk, the Risk Management Framework
identifies the Group’s risk appetite and the potential
outcomes that pose a threat to the achievement of the
Group’s strategic objectives. Risk governance is supported
by an internal Risk Committee.
The Group is guided by its Risk Management Policy. Within
this framework the Board has established committees to
monitor the mitigation and management of these risks.
The Board has overall responsibility for the oversight of
the Group’s risk management framework.
The risk categories subject to Board oversight are set
out below:
TYPE OF RISK
RISK DETAIL
APPROACH
� UNDERWRITING RISK
Adverse claims development.
Inadequate premiums.
• The Company adopts prudent reserve practices as we
maintain reserves equal to our estimated ultimate
liability losses and loss adjustment expenses.
• We ensure risks are priced appropriately by regular
review of underwriting results.
• We practice effective diversification of risks.
� LIQUIDITY RISK
The risk of insufficient cash flows to meet
settlement obligations as they fall due.
• We use cash flow forecasting.
• We maintain sufficient liquid assets at required levels
to meet our obligations at all times.
� OPERATIONAL RISK
The risk of failure of internal processes and
systems and loss of or inadequate human
resources.
• We carry out frequent review of internal processes to
identify vulnerabilities.
• We have in place a structured programme for building
our staff members capacity.
� REGULATORY CAPITAL
The risk of not meeting regulatory
benchmarks.
• We carry out frequent modelling of the company’s
capital components to ensure transaction decisions
are made in such a way to avoid a drag on capital ratio.
� MARKET RISK
The risk of economic losses on our
investment portfolio resulting from price
changes in capital markets.
• A diversified portfolio lies at the heart of our strategy.
Investment duration and currency are managed
to avoid any mismatch of assets and liabilities, whilst
earning the maximum return at an acceptable level
of risk.
• We use appropriate limits and early warning ratios in
our asset liability management to manage market risk.
� CREDIT RISK
The risk arising from the likely default as a
result of changes in the financial position of
a counterparty.
• We manage credit risk by reviewing the balance sheet
of counter parties in addition to using available market
data to determine default probabilities.
2022 | GENERAL ACCIDENT ANNUAL REPORT 47
RISK COMMITTEE
The Risk Committee is responsible for examining major
risks faced by the Company for both assets and liabilities,
reviewing tools for monitoring and controlling such risks by
using outside risk experts when necessary. The Committee
examines the main technical and financial underwriting
commitments, claims reserving, risk concentration,
counterparty limits, liquidity and operational risks, as
well as relevant changes in the regulatory environment.
The Risk Committee is comprised of seven members
and is chaired by a member of the senior management
team. It meets at least four times a year.
48 2022 | GENERAL ACCIDENT ANNUAL REPORT
2022 | GENERAL ACCIDENT ANNUAL REPORT 49
50 2022 | GENERAL ACCIDENT ANNUAL REPORT
CORPORATE SOCIAL
RESPONSIBILITY
2022 | GENERAL ACCIDENT ANNUAL REPORT 51
CORPORATE SOCIAL
RESPONSIBILITY
As we began to emerge from the
Covid-19 pandemic in Jamaica, 2022
saw a return to in-person interactions
and the resumption of many of
our long-standing commitments to
education, health and wellness, and
the natural environment.
WORLD DOWN SYNDROME DAY
In recognition of World Down Syndrome Day (March 21, 2022)
and the hard work of the members of the Jamaica Down’s
Syndrome Foundation, General Accident Jamaica donated
$100,000 to support the outreach services provided by the
organisation. Founder & chairperson Dr. Chairmaine Scott was
elated to receive the much-needed funding.
This donation highlights the Company’s continued commitment
to promoting health and wellness among staff members and
the wider community.
The General Accident team embraced
increased opportunities for community
involvement and made special
contributions to the youth of Jamaica.
Here are the highlights:
52 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident’s Chief Information Officer (left) Lesley Miller and Marketing Associate Sha
Vaughn Rattigan (right) make the $100,000 donation to Jamaica Down’s Syndrome Foundation
members, In-house Counsellor Jennifer Anglin (second left) and Founder & Chairperson Dr.
Chairmaine Scott (second right) in recognition of World Down Syndrome Day.
BLOOD DRIVE
The annual GenAc Blood Drive, held each year in June, recognises the life-saving gifts of blood on World Blood
Donor Day (celebrated on June 14).
The initiative, done in partnership with the National Blood Transfusion Service (Blood Bank) and Musson Foundation,
aims to help replenish the Blood Bank’s resources. Blood Bank technicians were stationed at the General Accident
offices at 58 Half-Way-Tree Road. At the end of the drive, 95 registered persons donated 62 units of blood. This
year’s blood drive saw not only an uptick in participants but also an increased number of young participants.
From the 62 units collected at the GenAc Blood Drive, the Blood Bank can save up to 186 lives.
National Blood Transfusion Service Representative,
Tanika Dewar- Taffe (standing left) explains the blood
donation process to Musson Foundation Chairperson
Melanie Subratie (standing middle) and General Accident
Insurance Company (Jamaica) (GenAc) CEO Sharon
Donaldson (right) while GenAc Motor Underwriting
Supervisor Wendy Clarke-Gayle gives blood.
National Blood Transfusion Service Blood Donor Organizer,
Keishawna Pinnock (left) Chairman and CEO of the Musson
Group, Paul B Scott (middle) and General Accident Chief
Information Officer, Lesley Miller check in on first-time
donor and Senior Property & Casualty Supervisor, Julette
Fuller during the General Accident Blood Drive held on June
15 at the Company’s head office.
General Accident staff member Kyle Lawrence,
proudly displays his gift of life at the General Accident
Blood Drive hosted at the Company’s head office in
Kingston on June 15.
2022 | GENERAL ACCIDENT ANNUAL REPORT 53
CORPORATE SOCIAL RESPONSIBILITY
CONT’D
MAISIE GREEN LEARNING CENTRE
The Company continued its support of the Maisie
Green Learning Centre in 2022. For Labour Day, GenAc
donated painting materials, which volunteers used to
beautify the school environment for young learners.
During the Christmas season, the newly formed GenAc
choir lent their voices for the school’s first annual
Carolling Service held in December. Students, parents,
teachers and faculty members thoroughly enjoyed
the lively performance.
CUSTOMER APPRECIATION DAY
To celebrate our customers’ continued patronage
throughout the year, GenAc hosted a customer appreciation
day on December 9, 2022, with an exciting day of
activities and giveaways for customers.
Customers visiting the Company’s Kingston office
were met with musical entertainment, a photo booth,
discounted insurance premiums and a chance to spin
a wheel for other prizes. To complete the celebratory
mood, Genac enlisted vibes master, Jenny Jenny, as
host and staff members wore Christmas hats.
The celebratory affair was well received by customers
and culminated in the ultimate discount for one lucky
customer.
READ ACROSS JAMAICA DAY
For National Read Across Jamaica Day 2022, GenAc
welcomed the return of in-person sessions with the
students of Dunrobin Primary School.
The animated storytelling of the participating staff
members was a joy for the students as each staff
member took turns reading to the students. National
Read Across Jamaica Day forms part of activities
54 2022 | GENERAL ACCIDENT ANNUAL REPORT
Jamalda
General Accident’s Business Development
Officer
Stanford-Brown(left)
handed over paint and painting materials
to the Principal of Maisie Green Learning
Centre Charmaine Bennett on May 20, 2022
to aid with their Labour Day project on
May 23, 2022.
General Accident Choir performed a
medley at the Maisie Green Learning
Centre for the children at their Christmas
party on December 14, 2022.
Management trainee, Lashane Sinclair (left)
presents a gift to a customer during GenAc’s
customer appreciation day activity held at
the Company’s head office in Kingston on
December 9.
Spin and win! Customer appreciation day
host, Jenny Jenny explains the prizes to
be won during the spin wheel giveaway
to a customer.
Support
Technical
General Accident
Processor
engages
Trevaughn Davis
students with questions during Genac’s
National Read Across Jamaica Day session
on May 3, 2022, at Dunrobin Primary School.
General Accident Marketing Associate
Sha Vaughn Rattigan reads SO WHO’S
DR. RABBIT? by Patricia C McKissack to
the students of Dunrobin Primary School
during National Read Across Jamaica
Day on May 3, 2022.
CORPORATE SOCIAL RESPONSIBILITY
CONT’D
to mark Education Week. Under the 2022 theme ‘Revisiting the Foundation’, nine General Accident and Auto
Smart staff members volunteered to fulfil the Read Across Jamaica Day mandate to promote the significance
of reading and literacy locally.
HOUR OF CODE
In partnership with the Musson Foundation, GenAc
representatives explored the basics of computer
programming with 4th to 6th-grade students of Drews
Avenue Primary School through the global Hour of
Code initiative on December 10, part of the worldwide
Hour of Code movement, which introduced tens of
millions of students across the globe to Computer
Science. The Hour of Code initiative is an annual
learning event that takes place during Computer
Science Education Week – December 5-11, 2022.
General Accident Help Desk Technician Omaro Taylor coaches students of Drews Avenue
Primary School in Kingston through an Hour of Code session on December 8, 2022. The
Hour of Code is now an annual global learning event that takes place during Computer
Science Education Week – December 5th-11th 2022.
JAMAICA ENVIRONMENT TRUST (JET)
GenAc continued its longstanding partnership with Jamaica Environment Trust (JET) in 2022. The Company
donated $250,000 towards the operations of the local environment trust. GenAc stands in solidarity with JETt’s
mandate to protect Jamaica’s natural resources using education, advocacy and the law to influence individual
and organisational behaviour and public policy and practice. Each year the donation received facilitates the
Trust’s projects and administrative functions.
HONOURABLE MENTIONS
During the year, General Accident also supported the following organisations and activities:
• Jamaica Cancer Society (JCS)
• UWI
• Rusea’s Sports Department
• Tornadoes Swim Club
• Apostolic Church of Jamaica
• Every Mikkle Foundation
• Salvation Army
CONCLUSION
GenAc celebrates a successful year of commitment to national development. The Company’s efforts in promoting
health and wellness, supporting education, sound environmental stewardship and giving back to the community
through various partnerships and donations have positively impacted Jamaica.
As the world continues to recover from the pandemic, GenAc is committed to continuing these and other
initiatives to make a meaningful difference in the lives of Jamaicans.
2022 | GENERAL ACCIDENT ANNUAL REPORT 55
EMPLOYEE ENGAGEMENT
Staff engagement is crucial for any successful organization, directly impacting employee
motivation, job satisfaction, and ultimately, the success of the business. At GenAc, we
regard staff engagement as fundamental.
The advent of relaxed Covid 19 protocols in 2022 brought a resurgence of face-to-face
interactions, allowing increased opportunities to foster a positive work environment
and culture.
INTERNATIONAL WOMEN’S DAY
In honour of International Women’s Day (IWD),
celebrated on March 8, under the theme, Break
the bias GenAc executed a themed photo booth for
staff to showcase their solidarity with the global
initiative. With the same excitement of years past,
staff members across all departments posed for
photos using the year’s IWD pose (forming an X
across the chest with both arms). Like a traditional
photo booth, employees walked away with physical
copies of their photos to mark the celebration.
STAFF APPRECIATION EVENT
Celebrating a year of hard work and progress, GenAc staff were treated to an exciting evening of festivities at
the annual holiday staff party. To commence the celebrations, long-serving employees were acknowledged with
an award ceremony which was later followed by a rousing sound-clash performance between the Claims and
Registry department. In traditional holiday party fashion, the evening concluded with a dance party.
DOMINO TOURNAMENT
For the Jamaica Insurance Broker Association (JIBA) domino competition,
the best General Accident domino players registered to challenge other
insurance company representatives to a friendly domino tournament
at Kingston Cricket Club on November 4, 2022. Two teams successfully
represented GenAc, placing 2nd and 3rd in the overall competition.
56 2022 | GENERAL ACCIDENT ANNUAL REPORT
EMPLOYEE ENGAGEMENT CONT’D
MR & MS GENERAL ACCIDENT COMPETITION
In August, GenAc hosted the inaugural Mr & Ms General
Accident pageant. The competition, which saw staff
members vie for prizes and the coveted title, was a
welcomed activity that brought staff members across
departments together.
The victors were Kadeem Henry – Broker Services
Associate (Mr General Accident) and Chanelle Messam
– Junior Underwriting Associate (Ms General Accident).
The two walked away with various prizes from the
competition sponsors, Admark and Digicel.
Prizes were also awarded to the competition’s first
and second runners up. The Mr & Ms General Accident
competition was the final event of a week of celebratory
activities executed to honour staff for their hard work
and commitment. Throughout the week, staff were
treated to a smoothie morning, GenAc quiz competition
(fun while learning) and giveaways.
CONCLUSION
GenAc is proud to celebrate the efforts of our employees. It
continues to be our goal to pay attention to the well-being
of our employees and create a work environment that
encourages respect, trust and empathy.
2022 | GENERAL ACCIDENT ANNUAL REPORT 57
58 2022 | GENERAL ACCIDENT ANNUAL REPORT
DISCLOSURE OF
SHAREHOLDINGS
2022 | GENERAL ACCIDENT ANNUAL REPORT 59
General Accident Insurance Company Jamaica Limited
Top Ten Shareholders
As at 31 December 2022
SHAREHOLDER
NO. OF UNITS
PERCENTAGE
DIRECTORS
COMBINED HOLDING
PERCENTAGE
Musson Jamaica Ltd.
824,999,989
80.00
Musson Jamaica Ltd.
824,999,989
80.00
Mayberry Jamaican Equities Ltd.
QWI Investments Ltd.
21,642,677
15,032,119
JCSD Trustee Services – Barita Unit Trust
14,384,371
Apex Pharmacy
PAM – Pooled Equity Fund
Lancedale Farquharson
Mayberry Managed Clients Account
Sagicor Select Funds Ltd
Sharon Donaldson et al
10,000,000
9,343,293
7,632,582
6,340,154
5,066,798
4,424,011
2.10
1.46
1.39
0.97
0.91
0.74
0.61
0.49
0.43
Paul B. Scott
Melanie Subratie
Sharon Donaldson
Junior Levine
Gregory Foster
Duncan Stewart
Deborah Stewart
Diana Stewart
Christopher Nakash
Nicholas Scott
Matthew Lyn
Jodi Lyn
Lesley Miller
Martin Miller et al
4,424,011
0.429
350,000
2,475,190
1,698,020
1,980,198
96,500
0.0340
0.2400
0.1647
0.1920
0.0094
360,746
0.0351
60 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica Limited
Shareholdings of Directors and their Connected Parties
As at 31 December 2022
DIRECTORS
COMBINED HOLDING
PERCENTAGE
Musson Jamaica Ltd.
824,999,989
80.00
Paul B. Scott
Melanie Subratie
Sharon Donaldson
Junior Levine
Gregory Foster
Duncan Stewart
Deborah Stewart
Diana Stewart
Christopher Nakash
Nicholas Scott
Matthew Lyn
Jodi Lyn
Lesley Miller
Martin Miller et al
4,424,011
0.429
350,000
2,475,190
1,698,020
1,980,198
96,500
0.0340
0.2400
0.1647
0.1920
0.0094
360,746
0.0351
2022 | GENERAL ACCIDENT ANNUAL REPORT 61
General Accident Insurance Company Jamaica Limited
Shareholdings of Management Team
As at 31 December 2022
MANAGER
COMBINED HOLDING
PERCENTAGE
Michelle Robinson
Cheryll Henry
Jamalda Stanford
Janille Jarrett
780,000
159,445
92,857
25,000
0.0758
0.0155
0.0090
0.0024
62 2022 | GENERAL ACCIDENT ANNUAL REPORT
64 2022 | GENERAL ACCIDENT ANNUAL REPORT
CORPORATE DATA
2022 | GENERAL ACCIDENT ANNUAL REPORT 65
COMPANY PROFILE
DIRECTORS:
• P.B. Scott, Chairman
• Melanie Subratie, Deputy Chairman
• Sharon Donaldson, Managing Director
• Lesley Miller
• Jennifer Scott
• Nicholas Scott
• Duncan Stewart
• Christopher Nakash
• Matthew Lyn
• Brian Jardim
• Gregory Foster
CORPORATE SECRETARY:
• Lesley Miller
APPOINTED ACTUARY:
• Josh Worsham, FRAS, MAAA
AUDITORS:
• PricewaterhouseCoopers
BANKERS:
• CIBC First Caribbean International Bank
• First Global Bank
• Bank of Nova Scotia Jamaica Ltd.
• National Commercial Bank
• Sagicor Bank
ATTORNEYS:
• Nunes Scholefield & DeLeon & Co:
6A Holborn Road
Kingston
• DunnCox
48 Duke Street,
Kingston
REGISTERED OFFICE:
• 58 Half Way Tree Road, Kingston 10
Telephone No: (876) 929-8451
Fax No: (876) 929-1074
Email: info@genac.com
Website: www.genac.com
66 2022 | GENERAL ACCIDENT ANNUAL REPORT
CONTACT INFORMATION
JAMAICA
General Accident Insurance Company Jamaica Limited
Kingston & St. Andrew
58 Half Way Tree Road, Kingston 10
Telephone: (876) 929-9643
(876) 929-8451/4
Email: info@genac.com
AutoSmart Insurance
Kingston & St. Andrew
58 Half Way Tree Road, Kingston 10
Telephone: (876) 632-8260-2
Email: info@autosmartja.com
TRINIDAD
General Accident Insurance Company Trinidad & Tobago Limited
Cor. French Street & Ariapita Avenue,
Woodbrook, Port of Spain
Trinidad, W.I.
Telephone: (868) 622-7292
(868) 622 -5614
(868) 622-8500
Email: infott@genac.com
BARBADOS
General Accident Insurance Company Barbados Limited
Suite 8, Dome Mall,
Warrens,
St. Michael BB22026
Telephone: (246) 257-3392
Email: infobb@genac.com
2022 | GENERAL ACCIDENT ANNUAL REPORT 67
68 2022 | GENERAL ACCIDENT ANNUAL REPORT
GENERAL ACCIDENT INSURANCE COMPANY JAMAICA LIMITED
31 December 2022
FINANCIAL STATEMENTS
70
72
78
79
80
Actuary’s Report
Independent Auditor’s Report to the Members
Consolidated statement of comprehensive income
Consolidated statement of financial position
Consolidated statement of changes in equity
81 - 82
Consolidated statement of cash flows
83
84
85
Company statement of comprehensive income
Company statement of financial position
Company statement of changes in equity
86 - 87
Company statement of cash flows
88 - 168
Notes to the financial statements
2022 | GENERAL ACCIDENT ANNUAL REPORT 69
70 2022 | GENERAL ACCIDENT ANNUAL REPORT
2022 | GENERAL ACCIDENT ANNUAL REPORT 71
72 2022 | GENERAL ACCIDENT ANNUAL REPORT
2022 | GENERAL ACCIDENT ANNUAL REPORT 73
74 2022 | GENERAL ACCIDENT ANNUAL REPORT
2022 | GENERAL ACCIDENT ANNUAL REPORT 75
76 2022 | GENERAL ACCIDENT ANNUAL REPORT
2022 | GENERAL ACCIDENT ANNUAL REPORT 77
78 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedConsolidated Statement of Comprehensive IncomeYear ended 31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 79
General Accident Insurance Company Jamaica LimitedConsolidated Statement of Financial Position31 December 2022(expressed in Jamaican dollars unless otherwise indicated) General Accident Insurance Company Jamaica Limited
Consolidated Statement of Changes in Equity
Year ended 31 December 2022
(expressed in Jamaican dollars unless otherwise indicated)
80 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica Limited
Consolidated Statement of Cash Flows
Year ended 31 December 2022
(expressed in Jamaican dollars unless otherwise indicated)
2022 | GENERAL ACCIDENT ANNUAL REPORT 81
General Accident Insurance Company Jamaica Limited
Consolidated Statement of Cash Flows
Year ended 31 December 2022
(expressed in Jamaican dollars unless otherwise indicated)
82 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica Limited
Company Statement of Comprehensive Income
Year ended 31 December 2022
(expressed in Jamaican dollars unless otherwise indicated)
2022 | GENERAL ACCIDENT ANNUAL REPORT 83
84 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedCompany Statement of Financial Position31 December 2022(expressed in Jamaican dollars unless otherwise indicated) General Accident Insurance Company Jamaica Limited
Company Statement of Changes in Equity
Year ended 31 December 2022
(expressed in Jamaican dollars unless otherwise indicated)
2022 | GENERAL ACCIDENT ANNUAL REPORT 85
General Accident Insurance Company Jamaica LimitedCompany Statement of Changes in EquityYear ended 31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 86 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedCompany Statement of Cash FlowsYear ended 31 December 2022(expressed in Jamaican dollars unless otherwise indicated) General Accident Insurance Company Jamaica Limited
Company Statement of Cash Flows
Year ended 31 December 2022
(expressed in Jamaican dollars unless otherwise indicated)
2022 | GENERAL ACCIDENT ANNUAL REPORT 87
88 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 89
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 90 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 91
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 92 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 93
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 94 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 95
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 96 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 97
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 98 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 99
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 100 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 101
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 102 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 103
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 104 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 105
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 106 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 107
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) Development Claim Liabilities
In addition to sensitivity analysis, the development of insurance liabilities provides a measure of the Group’s
claims liability for accident years 2015 - 2022 has changed at successive year-ends, up to 2022. Updated
date are used to derive the revised amounts for the ultimate claims liability for each accident year, used in
108 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) ability to estimate the ultimate value of claims. The table below illustrates how the Group’s estimate of the ultimate
unpaid claims and adjustment expenses (UCAE) and IBNR estimates in each successive year, as well as amounts paid to
the development calculations.
2022 | GENERAL ACCIDENT ANNUAL REPORT 109
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) Development Claim Liabilities
In addition to sensitivity analysis, the development of insurance liabilities provides a measure of the Company’s ability
ultimate claims liability for accident years 2015 - 2022 has changed at successive year-ends, up to 2022. Updated
amounts paid to date are used to derive the revised amounts for the ultimate claims liability for each accident year,
110 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) to estimate the ultimate value of claims. The table below illustrates how the Company’s estimate of the
unpaid claims and adjustment expenses (UCAE) and IBNR estimates in each successive year, as well as
used in the development calculations.
2022 | GENERAL ACCIDENT ANNUAL REPORT 111
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 112 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 113
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 114 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 115
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 116 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 117
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 118 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 119
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 120 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated)Page 42 General Accident Insurance Company Jamaica Limited Notes to the Financial Statements 31 December 2022 (expressed in Jamaican dollars unless otherwise indicated) 4. Insurance and Financial Risk Management (Continued) (c) Financial risk (continued)` (ii) Liquidity risk (continued) The matching and controlled mismatching of the maturities and interest rates of assets and liabilities is fundamental to the management of the Group. It is unusual for companies ever to be completely matched since business transacted is often of uncertain term and of different types. An unmatched position potentially enhances profitability, but can also increase the risk of loss. The maturities of assets and liabilities and the ability to replace, at an acceptable cost, interest-bearing liabilities as they mature, are important factors in assessing the liquidity of the Group and its exposure to changes in interest rates and exchange rates. Financial assets and financial liabilities cash flows The tables below present the undiscounted cash flows of the Group’s financial assets and liabilities based on contractual repayment obligations: Group Within 1 Month Within 3 Months 3 to 12 Months 1 to 5 Years Over 5 Years No Specific Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 At 31 December 2022: Cash and short-term investments 778,81913,897 - - - - 792,716Due from policyholders, brokers and agents 702,652 1,064,276 - - - - 1,766,928 Due from reinsurers and i926,601 1,123,649 1,291,082 - 3,341,332 Deferred policy acquisition cost - - - - - 626,397 626,397 Other receivables 14,18113,47546,669- - 786,068 860,393 Due from related parties - - - - - 8,049 8,049 Loan receivable 1,858 3,71516,71589,14966,861- 178,298Lease receivable 2,7834,48720,19172,8526,969- 107,282 Real estate investment - - - 189,912 - - 189,912 Investment securities 466,001486,1651,118,738625,68147,921709,189 3,453,695 Total financial assets 2,892,895 2,709,664 2,493,395 977,594 121,751 2,129,703 11,325,002 Due to reinsurers and coinsurers 837,141 565,462 - - - - 1,402,603 Other liabilities 241,776 19,968 130,847 392,591 Due to related parties - - - - - 29,914 29,914 Lease liabilities 6,302 6,755 36,3877,153- - 56,597 Claims liabilities 1,871,532 1,267,095 1,569,313 2,778,188 - - 7,486,128 Total financial liabilities 2,956,751 1,859,280 1,736,547 2,785,341 - 29,914 9,367,833 Net Liquidity Gap (63,856) 850,384756,848(1,997,659)121,751 2,289,701 1,957,169 Cumulative gap (63,856) 786,528 1,543,376(454,283) (332,532) 1,957,169 2022 | GENERAL ACCIDENT ANNUAL REPORT 121
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated)Page 42 General Accident Insurance Company Jamaica Limited Notes to the Financial Statements 31 December 2022 (expressed in Jamaican dollars unless otherwise indicated) 4. Insurance and Financial Risk Management (Continued) (c) Financial risk (continued)` (ii) Liquidity risk (continued) The matching and controlled mismatching of the maturities and interest rates of assets and liabilities is fundamental to the management of the Group. It is unusual for companies ever to be completely matched since business transacted is often of uncertain term and of different types. An unmatched position potentially enhances profitability, but can also increase the risk of loss. The maturities of assets and liabilities and the ability to replace, at an acceptable cost, interest-bearing liabilities as they mature, are important factors in assessing the liquidity of the Group and its exposure to changes in interest rates and exchange rates. Financial assets and financial liabilities cash flows The tables below present the undiscounted cash flows of the Group’s financial assets and liabilities based on contractual repayment obligations: Group Within 1 Month Within 3 Months 3 to 12 Months 1 to 5 Years Over 5 Years No Specific Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 At 31 December 2022: Cash and short-term investments 778,81913,897 - - - - 792,716Due from policyholders, brokers and agents 702,652 1,064,276 - - - - 1,766,928 Due from reinsurers and i926,601 1,123,649 1,291,082 - 3,341,332 Deferred policy acquisition cost - - - - - 626,397 626,397 Other receivables 14,18113,47546,669- - 786,068 860,393 Due from related parties - - - - - 8,049 8,049 Loan receivable 1,858 3,71516,71589,14966,861- 178,298Lease receivable 2,7834,48720,19172,8526,969- 107,282 Real estate investment - - - 189,912 - - 189,912 Investment securities 466,001486,1651,118,738625,68147,921709,189 3,453,695 Total financial assets 2,892,895 2,709,664 2,493,395 977,594 121,751 2,129,703 11,325,002 Due to reinsurers and coinsurers 837,141 565,462 - - - - 1,402,603 Other liabilities 241,776 19,968 130,847 392,591 Due to related parties - - - - - 29,914 29,914 Lease liabilities 6,302 6,755 36,3877,153- - 56,597 Claims liabilities 1,871,532 1,267,095 1,569,313 2,778,188 - - 7,486,128 Total financial liabilities 2,956,751 1,859,280 1,736,547 2,785,341 - 29,914 9,367,833 Net Liquidity Gap (63,856) 850,384756,848(1,997,659)121,751 2,289,701 1,957,169 Cumulative gap (63,856) 786,528 1,543,376(454,283) (332,532) 1,957,169 122 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 123
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 124 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 125
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 126 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 127
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 128 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 129
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 130 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 131
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 132 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 133
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 134 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 135
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 136 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 137
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 138 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated)Page 59 General Accident Insurance Company Jamaica Limited Notes to the Financial Statements 31 December 2022 (expressed in Jamaican dollars unless otherwise indicated) 7. Critical Accounting Estimates and Judgements in Applying Accounting Policies (Continued) (a) Liabilities arising from claims made under insurance contracts (continued) Claims are analysed separately between those arising from damage to insured property and consequential losses. Claims arising from damage to insured property can be estimated with greater reliability, and the Group’s estimation processes reflect all the factors that influence the amount and timing of cash flows from these contracts. The shorter settlement period for these claims, allows the Group to achieve a higher degree of certainty about the estimated cost of claims, and relatively little IBNR is held at year-end. However, the longer time needed to assess the emergence of claims arising from consequential losses makes the estimation process more uncertain for these claims. (b) Income taxesThere are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. (c) Fair value of financial assets determined using valuation techniques As described in Note 6, where the fair values of financial assets recorded on the statement of financial position cannot be derived from active markets, they are determined using a variety of valuation techniques that include the use of discounted cash flows model and/or mathematical models. The inputs to these models are derived from observable market data where possible, but where observable market data are not available, judgment is required to establish fair values. For discounted cash flow analysis, estimated future cash flows and discount rates are based on current market information and rates applicable to financial instruments with similar yields, credit quality and maturity characteristics. Estimated future cash flows are influenced by factors such as economic conditions, types of instruments or currencies, market liquidity and financial conditions of counterparties. Discount rates are influenced by risk free interest rates and credit risk. Changes in assumptions about these factors could affect the reported fair value of financial instruments. (d) Measurement of expected credit loss allowance The measurement of the expected credit loss allowance for financial assets measured at amortised cost and FVOCI requires that use of complex models and significant assumptions about future economic conditions and credit behaviour such as the likelihood of customers defaulting and the resulting losses. A number of significant judgements are also required in applying the accounting requirements for measuring ECL, such as i) Determining criteria for significant increase in credit risk ii) Choosing appropriate models and assumptions for the measurement of ECL iii) Establishing the number and relative weightings of forward-looking scenarios Further details about judgements and estimates by the Group are set out in 4 (c) 2022 | GENERAL ACCIDENT ANNUAL REPORT 139
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 140 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated)Page 61 General Accident Insurance Company Jamaica Limited Notes to the Financial Statements 31 December 2022 (expressed in Jamaican dollars unless otherwise indicated) 8. Segment Information (Continued) The segment information provided to the board of directors for the reportable segments for the year ended 31 December 2022 is as follows: Group Fire Motor Marine Liability Homeowners & Burglary Engineering & Accident Total 2022 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Gross Premiums Written 8,665,491 4,037,965 154,150 1,127,403 285,931 843,269 15,114,209 Reinsurance ceded (8,561,693) (733,290) (135,418) (939,783) (255,693) (717,941) (11,343,818) Excess of loss reinsurance cost (85,428) (171,072) - (4,695) (55,859) - (317,054) Net premiums written 18,370 3,133,603 18,732 182,925 (25,621) 125,328 3,453,337 Changes in unearned premiums, net (20,096) (88,926) 386 (11,157) (820) (5,242) (125,855) Net Premiums Earned (1,726) 3,044,677 19,118 171,768 (26,441) 120,086 3,327,482 Commission income 487,177 323,570 22,865 51,355 65,255 115,196 1,065,418 Commission expense (131,236) (385,799) (4,190) (27,649) (33,596) (49,517) (631,987) Claims expense 5,518 (1,480,151) 3,564 (20,848) (299) (16,121) (1,508,337) Management expenses (39,707) (1,664,855) (1,155) (91,961) (15,304) (52,980) (1,865,962) Segment results 320,026 (162,558) 40,202 82,665 (10,385) 116,664 386,614 Unallocated income - Investment income 436,410 Finance charge (2,503) Other income 39,381 859,902 Depreciation and amortisation (151,735) Profit before tax 708,167 Taxation (110,937) Net profit 597,230 2022 | GENERAL ACCIDENT ANNUAL REPORT 141
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated)Page 62 General Accident Insurance Company Jamaica Limited Notes to the Financial Statements 31 December 2022 (expressed in Jamaican dollars unless otherwise indicated) 8. Segment Information (Continued) Group Fire Motor Marine Liability Homeowners & Burglary Engineering & Miscellaneous Accident Total 2021 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Gross Premiums Written 8,276,049 3,680,643 179,350 993,732 292,897 537,136 13,959,807 Reinsurance ceded (8,198,043) (604,441) (165,276) (824,582) (254,074) (442,435) (10,488,851) Excess of loss reinsurance cost (98,653) (92,797) - (5,184) (20,358) - (216,992) Net premiums written (20,647) 2,983,405 14,074 163,966 18,465 94,701 3,253,964 Changes in unearned premiums, net (4,817) (220,196) 198 3,087 (2,338) 2,861 (221,205) Net Premiums Earned (25,464) 2,763,209 14,272 167,053 16,127 97,562 3,032,759 Commission income 396,940 309,450 19,566 43,208 35,214 88,479 892,857 Commission expense (110,792) (307,770) (2,597) (21,975) (33,802) (34,090) (511,026) Claims expense (74,450) (1,661,828) (160) (2) (1,299) (13,621) (1,751,360) Management expenses (20,207) (1,461,699) (546) (71,743) (10,591) (18,127) (1,582,913) Segment results 166,027 (358,638) 30,535 116,541 5,649 120,203 80,317 Unallocated income - Investment income 226,526 Finance charge (7,076) Other Income 124,591 424,358 Depreciation and amortisation (164,663) Profit before tax 259,695 Taxation (110,459) Net profit 149,236 Total capital expenditure was as follows: 2022 $’000 2021 $’000 Property, plant and equipment 174,540 127,134 Intangible assets 720 536 175,260 127,670 Assets, liabilities and capital expenditure are not reported by segment to the Board of Directors. 142 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 143
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 144 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 145
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 146 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 147
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 148 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 149
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 150 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 151
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 152 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 153
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 154 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 155
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 156 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 157
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 158 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 159
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 160 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 161
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 162 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 163
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 164 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 2022 | GENERAL ACCIDENT ANNUAL REPORT 165
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) 166 2022 | GENERAL ACCIDENT ANNUAL REPORT
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) FORM OF PROXY
2022 | GENERAL ACCIDENT ANNUAL REPORT 167
General Accident Insurance Company Jamaica LimitedNotes to the Financial Statements31 December 2022(expressed in Jamaican dollars unless otherwise indicated) General Accident Insurance Company Jamaica Limited
Notes to the Financial Statements
31 December 2022
(expressed in Jamaican dollars unless otherwise indicated)
168 2022 | GENERAL ACCIDENT ANNUAL REPORT
168 2022 | GENERAL ACCIDENT ANNUAL REPORT
PROXY FORM
I/We
of
being a shareholder(s) of the above-named Company, hereby appoint:
of
or failing him
of
as my/our proxy to vote for me/us on my/our behalf at the Annual General Meeting of the Company to be held
at 9 am on September 15, 2023, at 58 Half Way Tree Road and at any adjournment thereof. I desire this form to
be used for/against the resolutions as follows (unless directed the proxy will vote as he sees fit):
No. Resolution details Vote for or against
(tick as appropriate)
ORDINARY RESOLUTIONS
1. To receive the report of the Board of Directors and the audited accounts of the
Company for the year ended December 31, 2022.
For Against
2. To authorize the Board of Directors to re-appoint PwC as the Auditors of the Company For Against
and to fix their remuneration.
To re-appoint the following Directors of the Board, who have resigned by rotation in accordance with the
Articles of Incorporation of the Company and, being eligible, have consented to act on re-appointment.
3. (a) To re-appoint Jennifer Scott as a Director of the Board of the Company. For Against
3. (b) To re-appoint Nicholas Scott as a Director of the Board of the Company.
For Against
3. (c) To re-appoint Brian Jardim as a Director of the Board of the company.
For Against
4. (a) To Authorise the Board of Directors to fix the remuneration of the Directors.
For Against
5. To approve the amount of interim dividends declared by the Board during the
financial year ended 31st December 2022, being $250,573,125.12 or 24.298 cent
per ordinary share, as the final dividend for the year.
For
Against
Signed this
Signed:
Signed:
Name:
Name:
day of
2023:
(signature of primary shareholder)
(signature of joint shareholder, if any)
(print name of primary shareholder)
(print name of joint shareholder, if any)
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