1920
Operating in Jamaica
General Accident started operations in Jamaica in the 1920’s as
agents for the worldwide insurance company of General Accident
Fire & Life Assurance Corporation, GAFLAC, located in Perth
Scotland, an 1885 entity with significant presence in 45 countries.
2011
Listed on Stock Exchange
In 2011, General Accident listed 20% of its ordinary shares on the
Junior Market of the Jamaica Stock Exchange and became the only
publicly-traded general insurance company in Jamaica.
2
1981
Founder
Desmond Blades, the Barbados-born
businessman made Jamaica his home
in 1981 and began to etch his name in the
annals of local private sector history.
1981
Joint Partnership
General Accident Fire & Life Assurance Corporation
"GAFLAC" - A Scotland-based global insurance company
and Musson Group of Companies formed a Joint Partnership.
1998
Wholly-Owned
Musson (Jamaica) Limited became
the sole parent of General Accident.
1998
Brand Retained
General Accident retained its brand, underwriting and management philosophies it was
known for in the insurance and reinsurance industries, which have served the Company
and its policyholders well for 30 years.
2023
Stock Exchange Main Market
General Accident graduated to the main Market
of the Jamaica Stock Exchange..
2020
Barbados Acquisition
In May 2020, General Accident acquired a licence
in Barbados and operations began.
2016
AutoSMART Launched
AutoSmart Insurance, a cutting-edge product developed by
General Accident, addresses the unmet requirements of a neglected
segment within the general insurance sector. With its innovative interface,
AutoSmart revolutionises the Jamaican insurance landscape by providing
a wide array of protection options.
2019
Trinidad Acquisition
General Accident acquired a majority stake in Motor One
Insurance Company Limited (“Motor One”), a Trinidadian
motor insurance company headquartered in Port of Spain
with a large branch network throughout Trinidad.
ANNUAL REPORT 2023 1920
Operating in Jamaica
General Accident started operations in Jamaica in the 1920’s as
agents for the worldwide insurance company of General Accident
Fire & Life Assurance Corporation, GAFLAC, located in Perth
Scotland, an 1885 entity with significant presence in 45 countries.
2011
Listed on Stock Exchange
In 2011, General Accident listed 20% of its ordinary shares on the
Junior Market of the Jamaica Stock Exchange and became the only
publicly-traded general insurance company in Jamaica.
3
2016
AutoSMART Launched
AutoSmart Insurance, a cutting-edge product developed by
General Accident, addresses the unmet requirements of a neglected
segment within the general insurance sector. With its innovative interface,
AutoSmart revolutionises the Jamaican insurance landscape by providing
a wide array of protection options.
2019
Trinidad Acquisition
General Accident acquired a majority stake in Motor One
Insurance Company Limited (“Motor One”), a Trinidadian
motor insurance company headquartered in Port of Spain
with a large branch network throughout Trinidad.
1998
Brand Retained
General Accident retained its brand, underwriting and management philosophies it was
known for in the insurance and reinsurance industries, which have served the Company
and its policyholders well for 30 years.
2023
Stock Exchange Main Market
General Accident graduated to the main Market
of the Jamaica Stock Exchange..
2020
Barbados Acquisition
In May 2020, General Accident acquired a licence
in Barbados and operations began.
Desmond Blades, the Barbados-born
businessman made Jamaica his home
in 1981 and began to etch his name in the
annals of local private sector history.
1981
Founder
1981
Joint Partnership
General Accident Fire & Life Assurance Corporation
"GAFLAC" - A Scotland-based global insurance company
and Musson Group of Companies formed a Joint Partnership.
1998
Wholly-Owned
Musson (Jamaica) Limited became
the sole parent of General Accident.
ANNUAL REPORT 2023 TABLE OF
CONTENTS
4
07
GENERAL ACCIDENT AT
A GLANCE
Purpose & Vision
Corporate Structure
Key Performance Highlights
Consistent Shareholders Dividend
Consolidated Loss Ratio Over Five Years
Consolidated Combined Ratios
Consolidated Portfolio Composition
10 - Year Statistical Review
Our Strategic Priorities
Our Brand Promise
Notice of Annual General Meeting
Chairman’s Report
Directors’ Report
Directors’ Profiles
Corporate Governance Report
Senior Leadership Team
Management Team
Management Discussion and Analysis
Risk Management
Risk Committee
20
24
NOTICE OF ANNUAL
GENERAL MEETING
CORPORATE GOVERNANCE
36 LEADERSHIP AND
OPERATIONS
ANNUAL REPORT 2023 CORPORATE SOCIAL
RESPONSIBILITY
Corporate Social Responsibility
Employee Engagement
5
DISCLOSURE OF
SHAREHOLDERS
Top 10 Shareholders
Shareholdings of Directors and their
Connected Parties
Shareholdings of Management Team
CORPORATE DATA
FINANCIAL STATEMENTS
PROXY FORM
Company Profile
Contact Information
Jamaica
• Kingston
• Montego Bay
Trinidad
Barbados
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
ANNUAL REPORT 202356647078 GENERAL ACCIDENT
AT A GLANCE
I
I
N
O
S
V
&
E
S
O
P
R
U
P
8
ANNUAL REPORT 2023
ANNUAL REPORT 2023
9
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.
CORPORATE
STRUCTURE
10
JAMAICA
$ ’000
BARBADOS
$ ’000
TRINIDAD
$ ’000
Revenue
J$ 6,752,418
Revenue
J$518,178
Revenue
J$1,305,112
201
Employees
8
Employees
65
Employees
Net Assets
J$3,569,414
Net Assets
J$77,379
Net Assets
J$881,118
ANNUAL REPORT 2023 ANNUAL REPORT 2023
KEY PERFORMANCE
HIGHLIGHTS
CONSISTENT SHAREHOLDERS DIVIDEND
11
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
62% 54% 57% 52% 68% 50% 50% 50% 50%
50%
$0.22
$0.24
$0.19
$0.19
$0.20
$0.20
$0.17
$0.17
$0.15
$0.14
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Dividend as percentage of profit
Dividend per Share
ANNUAL REPORT 2023
KEY PERFORMANCE
HIGHLIGHTS
12
CONSOLIDATED LOSS RATIOS OVER FIVE YEARS
70%
60%
50%
40%
30%
20%
10%
0%
105%
100%
95%
90%
85%
80%
75%
2019
2020
2021
2022
2023
CONSOLIDATED COMBINED RATIO
2014
2015
2016
2017
2018
ANNUAL REPORT 2023
KEY PERFORMANCE
HIGHLIGHTS
CONSOLIDATED PORTFOLIO COMPOSITION
13
10 - YEAR
STATISTICAL REVIEW
14
2023
RESTATED
2022
2022
2021
2020
(J$’000)
(J$’000)
(J$’000)
(J$’000)
(J$’000)
EMPLOYEES
274
259
259
229
205
GROSS WRITTEN PREMIUMS (IFRS 4)
18,967,162
15,114,209
15,114,209
13,959,807
12,044,990
INSURANCE REVENUE (IFRS 17)
8,575,708
6,666,555
-
-
-
CLAIMS INCURRED (IFRS 4)
2,123,319
1,508,337
1,508,337
1,751,360
1,816,926
INSURANCE SERVICE EXPENSES (IFRS 17)
5,637,217
4,151,051
-
-
-
UNDERWRITING PROFIT/(LOSS)
300,204
386,614
386,614
80,317
1,445
INSURANCE SERVICE RESULTS (IFRS 17)
696,106
619,226
-
-
-
PROFIT BEFORE TAX
740,495
891,331
708,167
259,695
259,536
PROFIT AFTER TAX
CASH DIVIDENDS
LOSS RATIO
RETURN ON EQUITY
DIVIDEND PAYOUT RATIO
548,268
780,394
597,230
149,236
193,812
202,526
250,573
250,573
196,701
222,668
47%
14%
50%
45%
23%
50%
45%
20%
50%
58%
66%
5%
50%
6%
50%
ANNUAL REPORT 2023 10 - YEAR
STATISTICAL REVIEW
15
2019
2018
2017
2016
2015
2014
(J$’000)
(J$’000)
(J$’000)
(J$’000)
(J$’000)
(J$’000)
EMPLOYEES
132
131
111
91
90
78
GROSS WRITTEN PREMIUMS (IFRS 4)
10,727,828
8,735,797
7,106,254
5,649,097
6,112,355
5,072,375
INSURANCE REVENUE (IFRS 17)
-
-
-
-
-
-
CLAIMS INCURRED (IFRS 4)
1,205,328
1,023,022
1,087,590
746,073
696,480
678,558
INSURANCE SERVICE EXPENSES (IFRS 17)
-
-
-
-
-
-
UNDERWRITING PROFIT/(LOSS)
442,136
174,768
(35,532)
45,609
114,656
101,941
INSURANCE SERVICE RESULTS (IFRS 17)
-
-
-
-
-
-
PROFIT BEFORE TAX
PROFIT AFTER TAX
CASH DIVIDENDS
LOSS RATIO
RETURN ON EQUITY
DIVIDEND PAYOUT RATIO
770,154
352,569
236,077
404,243
303,448
319,965
651,558
285,370
221,236
386,879
304,418
320,078
142,684
150,047
200,001
175,003
172,219
203,878
54%
32%
50%
63%
15%
68%
82%
11%
52%
66%
22%
57%
62%
19%
54%
63%
22%
62%
ANNUAL REPORT 2023 16
OUR STRATEGIC
PRIORITIES
VALUE CREATION AND LONG-TERM SUSTAINABILITY
General Accident uses over 40 years of experience to create value for our shareholders,
policyholders and employees while meeting all regulatory and due diligence requirements. We
provide a suite of modern risk transfer mechanisms to facilitate commerce and protect the
assets of companies and people by reducing risk and uncertainty. We safeguard national economic
health with our knowledge of risk assessment and management, and solid insurance underwriting
techniques. Using sound investment decisions and a strategy of managed growth, we have built a
solid balance sheet to ensure long term financial stability.
SOUND INVESTMENT DECISIONS
Our investment policy is geared towards
building a strong, growing balance sheet,
by stringent asset/liability management
and ensuring capital adequacy. Our
investment decisions are
influenced by
cash flow imperatives, potential currency
volatility and the inflation sensitivity of
our underwriting liabilities. We target the
optimal mix of
investments to provide
adequate returns for shareholders, while
meeting all regulatory requirements.
islandwide network of
DISTRIBUTION CHANNELS
Our head office is located in Kingston,
Jamaica and we write business through
insurance
an
professionals. We have embarked on a
regional expansion programme, and now
offer insurance products in Trinidad and
Tobago and Barbados. Our distribution
partners are essential to our business model
and we regard our producers as strategic
drivers of our success. We continue to look
for other expansion opportunities within the
Caribbean.
FAST, FAIR CLAIMS SETTLEMENT
We believe the true test of an insurance
policy is when a claim is made. We endeavour
to meet our customers’ expectations
for fair, flexible, and accessible claims
service through simple processes and fast
turnaround times. We see claims handling
as an opportunity to reinforce the trust of
our clients and build customer loyalty.
ROBUST RISK MANAGEMENT
Insurance coverage reduces risk and
uncertainty. We rely on a comprehensive
risk management framework to ensure risk
tolerance limits are adhered to, particularly
regarding critical reinsurance support.
Regulatory capital adequacy is central to
our continuity, and our risk strategies are
designed to ensure that legal requirements
are met or exceeded.
DEVELOPING THE GENAC TEAM
Our staff complement is one of our most
important resources. We are committed to
recruiting, training, and keeping the right people,
ANNUAL REPORT 2023 that exceeds our clients’ and our business
partners’ expectations
MAINTAIN CORPORATE SOCIAL
RESPONSIBILITY
17
We regard our good reputation as a critical
long-term asset, and we are committed to the
principles of corporate social responsibility. We
ensure our operations benefit the economy,
the society and the environment. 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 members 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
providing them with a culture of excellence
and opportunity. We create value for our
employees by investing in their capabilities and
potential through training and development
programmes.
UTLISING INFORMATION TECHNOLOGY
A digital transformation is well underway
at GenAc. We now deliver a range of online
services to our customers, with improvements
being added all the time. We seek to ensure our
customers receive superior service, whether
they contact us by telephone, e-mail, or via
our website. Our growing expertise in data
analytics allows us to respond quickly and
appropriately to changing market conditions.
MAXIMISING EARNINGS
Our growth 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
• Consistent improvements in operational
efficiencies, as we aim to deliver service
ANNUAL REPORT 2023
OUR BRAND
PROMISE
18
SOLID
FOUNDATION
We maintain
financial
strength to ensure
consistent profitable
growth.
INNOVATION
We are
creative,
willing to
make bold decisions
and challenge the
status quo.
BRAND
PROMISE
PERFORMANCE
We strive for
service that
exceeds customer
expectations.
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.
INTEGRITY
We are
honest
and fair in all our
actions.
RESPONSIBILITY
We have a
strong sense of
responsibility
towards our customers,
society, the environment
and each other.
ANNUAL REPORT 2023 19
ANNUAL REPORT 2023 I
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NOTICE OF
ANNUAL GENERAL MEETING
GENERAL ACCIDENT INSURANCE COMPANY (JAMAICA) LIMITED
22
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 13, 2024, at 58 Half Way
Tree Road for shareholders to consider and, if thought fit, to pass the following resolutions:
Ordinary Resolutions
1.
To receive the report of the Board of Directors and the Audited Accounts of the Company
for the financial year ended December 31, 2023.
2.
3.
To authorise 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 re-appoint Gregory Foster as a Director of the Board of the Company.
(b) To re-appoint Matthew Lyn as a Director of the Board of the Company.
(c) To re-appoint Duncan Stewart 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 31st December 2023, being $202,527,188 or 19.639 cents per ordinary
share, as the final dividend for that year.
Signed this 2nd day of May, 2024 by Order of the Board
Lesley Miller
CORPORATE SECRETARY
ANNUAL REPORT 2023
24
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ANNUAL REPORT 2023
25
ANNUAL REPORT 2023 PAUL B. SCOTT
Chairman
CHAIRMAN’S
REPORT
In 2023, General Accident continued to execute
have had a short-term impact on our financial results,
our strategy of building a leading regional general
they will create considerable value for General Accident
insurance company. Our brand, people, relationships
over the long run. In 2022, we were pleased to achieve
27
and technology allowed General Accident to deliver
profitability in Trinidad within our first 3 years of
a record financial performance while steadfastly
operations. In 2023, our Barbados operation was close
adhering to our long-term strategy. This consistent
to break even, and we expect to achieve profitability this
focus on our strategic goals inspires confidence and
year. The fact that we will achieve profitability within
optimism in our stakeholders.
the first few years of operation despite a challenging
operating environment in these new markets is a
For the financial year ended December 2023, General
testament to our team and our strategy.
Accident recorded the highest insurance revenue in our
history. We achieved insurance revenue of $8.6 billion,
Our growing presence in all three of the Caribbean’s
an increase of $1.9 billion or 29% over 2022, and profit
largest insurance markets diversifies our underwriting
before tax of $740.5 million. Further, General Accident
risk and creates economies of scale. This scale allows
produced a 14% return on equity and distributed $202.5
General Accident to invest, develop and deploy digital
million of dividends to our shareholders.
insurance solutions efficiently.
General Accident continues to make noteworthy
The year ahead will likely continue to be categorized
progress towards our goal of building a leading regional
by tightening conditions in insurance markets globally.
general insurance company. In Jamaica, we cemented
The Caribbean markets in which we operate will be
our position as the largest underwriter of general
no exception. General Accident has developed deep
insurance risks, with gross written premiums of $17.0
relationships with our reinsurers over decades and
billion, an increase of $3.1 billion or 22% over 2022.
has consistently delivered on our promises to these
key partners. This commitment differentiates General
In Trinidad, we grew gross written premiums by 57%
Accident in tough market conditions. We are pleased
over 2022, while in Barbados, we grew gross written
to report that General Accident not only continued to
premiums by 52% over 2022. This significant growth is
receive support from its reinsurers but has been one
a direct result of our team’s unwavering dedication and
of the few regional insurers to increase its capacity.
commitment, our investments in technology, our strong
This is a validation of our strategy and is very positive
relationships with supportive business partners, and our
for our shareholders, clients, and the countries in which
robust corporate governance framework. Additionally,
we operate. In many instances, General Accident will be
our property and motor business segments in Jamaica
critical to ensuring that adequate insurance coverage is
enjoyed another year of strong premium growth and
available in Jamaica, Trinidad and Barbados, providing a
profitability. Despite expansion in all three markets, our
sense of security to all stakeholders.
continued top-line growth has not come at a sacrifice to
our commitment to strict underwriting discipline.
I would like to take this opportunity to thank all of the
directors, employees and, of course, customers for
General Accident’s consolidated profits in 2023 reflect
supporting General Accident in 2023.
our continued investment in our growing subsidiaries
in Trinidad and Barbados. While these investments
Sincerely,
ANNUAL REPORT 2023 DIRECTORS’
REPORT
AS AT DECEMBER 31, 2023
28
The Directors are pleased to present their report for General Accident Insurance Company
Jamaica Limited for the financial year ended December 31, 2023.
FINANCIAL RESULTS
The Statement of Comprehensive Income for the Group shows pre-tax profits for the year of
$740.5 million, taxation of $192.2 million and a net profit after tax of $548.3 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, 2023, 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:
Gregory Foster, Matthew Lyn and Duncan Stewart 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 19.639 cents per share paid on December 18, 2023, is proposed to be the final
dividend in respect of the financial year ended December 31, 2023.
ANNUAL REPORT 2023
DIRECTORS’
PROFILE
AS AT DECEMBER 31, 2023
30
PAUL B. SCOTT
CHAIRMAN
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
MANAGING DIRECTOR
Sharon Donaldson has been the Managing Director of the Company since 2008. She holds a Bachelor of
Laws (LL.B.) 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 Chartered Accountants of Jamaica and an Attorney-at-
Law.
Ms. Donaldson represents the local general insurance industry in discussions with the Financial Services
Commission, is treasurer for the Council of the Institute of Chartered Accountants of Jamaica and heads
the committee of Professional Accountants in Business.
Ms. Donaldson is also a Director of Musson (Jamaica) Limited, the parent company to General Accident and Eppley Limited. She serves
as a Director and mentor of 138 Student Living Limited and Paramount Trading Jamaica Limited. She is also a member of the Jamaica
Anti-Doping Commission.
GREGORY ST. HUGH FOSTER
EXECUTIVE DIRECTOR
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.
ANNUAL REPORT 2023 DIRECTORS’
PROFILE
AS AT DECEMBER 31, 2023
31
MELANIE SUBRATIE
DEPUTY CHAIRMAN
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
INDEPENDENT NON EXECUTIVE DIRECTOR
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.
NICHOLAS A. SCOTT
NON EXECUTIVE DIRECTOR
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.
ANNUAL REPORT 2023 DIRECTORS’
PROFILE
AS AT DECEMBER 31, 2023
32
LESLEY MILLER
EXECUTIVE DIRECTOR & COMPANY SECRETARY
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
INDEPENDENT NON EXECUTIVE DIRECTOR
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.
DUNCAN STEWART
NON EXECUTIVE DIRECTOR
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.
ANNUAL REPORT 2023
DIRECTORS’
PROFILE
AS AT DECEMBER 31, 2023
33
JENNIFER SCOTT
NON EXECUTIVE DIRECTOR
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
NON EXECUTIVE DIRECTOR
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.
ANNUAL REPORT 2023 CORPORATE
GOVERNANCE REPORT
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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 Organisation of Jamaica’s Code on Corporate Governance and the Jamaica
Stock Exchange’s Corporate Governance Guidelines.
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.
CORPORATE GOVERNANCE FRAMEWORK
General Meeting of
Shareholders
Board of
Directors
Compensation
Committee
Conduct Review
Committee
Audit
Committee
Managing
Director
External
Audit
Senior
Management
ANNUAL REPORT 2023 ANNUAL REPORT 2023
INVESTMENT AND LOAN COMMITTEE
The Committee is responsible for driving the
Group’s investment strategy and ensuring that the
strategy 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 fits
the credit risk appetite of the Company.
The Investment and Loan Committee comprises
of five (5) non-executive directors and one (1)
executive director. The committee meets at least
four (4) times for the year.
The Corporate Governance Guidelines (CGG) for
Insurance Company Jamaica
General Accident
Limited are available on our website at
https://www.genac.com
35
Our Directors and Committees are aligned with our
strategic and corporate objectives and are tasked
with monitoring and ensuring that the efforts of all
stakeholders support those objectives.
BOARD OF DIRECTORS
The members of the Board and those entrusted
with administering our Corporate Governance
embody diversity, experience, and proven excellence
in their fields. The Board is composed to promote
balanced decision making and independence. The
Board is comprised of eleven (11) members, a non-
executive Chairman, seven (7) non-executive directors
and three (3) executive directors.
THE COMPENSATION COMMITTEE
The Compensation Committee is responsible for
oversight of executive remuneration packages.
These packages are designed
reward
performance and incentivize growth and are driven
by the core organisation objectives and in alignment
with necessary risk considerations.
to
CONDUCT REVIEW COMMITTEE
The committee has responsibility for oversight
of the policies and procedures to ensure that the
company conducts its affairs responsibly and in
keeping with our values and the broad requirements
of the Regulators. The committee is tasked with
the prevention, identification and management of
conflicts of interest and the disclosures around
any such conflicts. The Conduct Review Committee
comprises of six (6) directors. The committee
meets at least three (3) times a year.
AUDIT COMMITTEE
The 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 Comprises of four (4) non-
executive directors and one (1) executive director.
The Audit Committee meets at least five (5) times
for the year
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ANNUAL REPORT 2023 SENIOR
LEADERSHIP TEAM
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SHARON DONALDSON
CEO & MANAGING DIRECTOR
GREGORY FOSTER
CHIEF OPERATING OFFICER
Sharon Donaldson has been with the company
Gregory Foster is GenAc’s Chief Operating
for over 30 years, first joining as the Financial
Officer with responsibility for the underwriting,
Controller in 1989 before becoming the Managing
claims and AutoSmart divisions. Mr. Foster
Director and CEO in 2008.
joined GenAc in 2014 with a strong background
as an Audit Manager and has held his current
Sharon’s primary responsibilities include
position since January 2019.
making major corporate decisions, managing
the overall operations and resources of the
He has accumulated over seven years of
Group and acting as the main point.
experience in providing audit services to a wide
spectrum of clients, including government/public
sector, financial services, and manufacturing
and distribution.
ANNUAL REPORT 2023 SENIOR
LEADERSHIP TEAM
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NATASHA PETTIER
CEO (GATT)
WANDA MAYERS
GENERAL MANAGER (GAB)
Natasha Pettier is the Chief Executive Officer of
Wanda Mayers is the General Manager of General
General Accident Insurance Company Trinidad
Accident Insurance Company (Barbados) Limited.
and Tobago Limited. She joined the Company
Her experience in general insurance includes
in October 2019 as head of underwriting and
customer service, marketing, reinsurance
insurance operations.
underwriting and claims. After becoming
an Associate of the Chartered Insurance
She holds a Bachelor of Laws (LL.B.), an
Institute (ACII) in the United Kingdom, she rose
MBA from the Heriot-Watt University, UK, is
in the ranks at the Insurance Corporation of
a Fellow of the Chartered Insurance Institute
Barbados Limited, from Supervisor of the
of London, a qualified Member of the Institute
Reinsurance Department in 1993 to Assistant
of Risk Management and a Health Insurance
Vice President of Direct Underwriting and
Associate. She has over 20 years’ experience
Customer Experience in 2015.
in the insurance industry and is involved with
various committees of both the Association of
Her managerial experience was strengthened at
the Trinidad and Tobago Insurance Companies
Sagicor General Insurance Inc., as Vice-President
and the Trinidad and Tobago Insurance Institute.
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.
ANNUAL REPORT 2023 SENIOR
LEADERSHIP TEAM
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LESLEY MILLER
CHIEF INFORMATION OFFICER
STUART ANDRADE
CHIEF FINANCIAL OFFICER
Lesley Miller joined GenAc as Chief Information
Stuart is a Chartered Accountant and a member
Officer in January 2018 with responsibility for
of the Institute of Chartered Accountants
technology, business intelligence and digital
of Jamaica. He has over two decades of
marketing, bringing over 15 years’ experience
experience in Finance and Accounting. On
in the insurance and telecommunications
October 2, 2023, Stuart was appointed as
industries to the Company.
the Chief Financial Officer (CFO).
Mrs. Miller holds a Bachelor of Science degree
Stuart has worked in various capacities
in Computing & Information Technology from
within the GraceKennedy Financial Group,
the University of Technology (Jamaica) and an
PricewaterhouseCoopers, and Chamber Henry
MBA in Banking and Finance from the University
and Partners. His experience has exposed him
of the West Indies. She is a certified Project
to several industries, including manufacturing,
Management Professional and is a member
banking, finance, and insurance. Apart from his
of the Doctor Bird Chapter of the Project
work experience, Stuart is also a Commissioner/
Management Institute.
Director of the Fair Trading Commission and
Consumer Affairs Commission.
ANNUAL REPORT 2023 SENIOR
LEADERSHIP TEAM
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ARNOLD GERALD
CHIEF FINANCIAL OFFICER (GATT)
MICHELLE ROBINSON
CHIEF INSURANCE OFFICER
Arnold Gerald is a seasoned financial leader
Michelle Robinson joined General Accident in
and a vital part of the General Accident team
October 1990. From 1990 to 2011, Michelle
as the Chief Financial Officer (CFO). With an
served in various roles, including Management
extensive background in financial accounting,
Trainee, Claims Manager and Marketing Manager.
modeling, and project management, Arnold
Michelle’s varied experience developed her
is instrumental in driving the company’s
expertise in underwriting and claims for all lines
financial strategies and success. Arnold
of business. Michelle left General Accident in
joined the General Accident family in June
2011, returning in 2021, after gaining invaluable
2023, bringing over 25 years of distinguished
experience in branch network management
experience to his role.
and regional oversight.
His decade-long immersion in the insurance
In her current role, Michelle oversees the
industry uniquely positions him to navigate
operations of the Underwriting and Claims
the financial intricacies of the sector. He
Departments and provides technical advice
holds a MSc in Professional Accountancy and
to our regional operations.
is a Fellow of the Association of Chartered
Certified Accountants. Arnold’s proficiency in a
Michelle holds the ACII designation as a Chartered
wide range of financial disciplines contributes
Insurer with the Chartered Insurance Institute,
significantly to General Accident’s financial
London.
stability and growth.
His strategic vision, coupled with his meticulous
approach to financial planning and management,
ensures the company’s financial health and
sustainability.
ANNUAL REPORT 2023 SENIOR
LEADERSHIP TEAM
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JANILLE JARRETT
GENERAL MANAGER - AUTOSMART
JAMALDA STANFORD-BROWN
BUSINESS DEVELOPMENT OFFICER
Janille Jarrett joined General Accident in May
Jamalda Stanford-Brown joined GenAc as
2005, and has worked in the Customer Service,
Business Development Officer in January
Underwriting and Broker Services departments.
2018. She has a wealth of experience in
She advanced through the ranks and held the
auditing, risk assessment and reinsurance.
position of Management Trainee up to August
2015, when she migrated.
Mrs. Stanford-Brown holds a Bachelor of
Science degree in Economics and Accounting
She re-joined us in July 2016 and was appointed
from the University of the West Indies. She
Underwriting Manager - AutoSMART, which
is a Certified Public Accountant, a Chartered
is a specialized insurance business unit within
Property and Casualty Underwriter and holds
General Accident. Janille went on to spend
an Associate Degree in Reinsurance.
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.
ANNUAL REPORT 2023 43
ANNUAL REPORT 2023 MANAGEMENT
TEAM
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CAREEN NOLAN
SENIOR BROKER SERVICES
MANAGER, JAMAICA
PETAGAYE MCCOOK
LEGAL SERVICES MANAGER,
JAMAICA
DOUGLAS HAYDEN
INFORMATION TECHNOLOGY
MANAGER, JAMAICA
ANGELLA REYNOLDS
SENIOR RISK & REINSURANCE
MANAGER, JAMAICA
TANYA OAKLEY
BUSINESS INTELLIGENCE
MANAGER, JAMAICA
JANETTE COLE-SMITH
FINANCE & COMPLIANCE
MANAGER, JAMAICA
CAROL BARNETT
CLAIMS MANAGER,
JAMAICA
ANNUAL REPORT 2023 MANAGEMENT
TEAM
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NATASHA PETTIER
CEO, TRINIDAD & TOBAGO
ARNOLD GERALD
CHIEF FINANCIAL OFFICER,
TRINIDAD & TOBAGO
AARON STEWART
CLAIMS MANAGER,
TRINIDAD & TOBAGO
DIYYA ISHMAEL
MANAGER, UNDERWRITING AND
BUSINESS DEVELOPMENT
TRINIDAD & TOBAGO
SHIVANNE RAMADHAR
ACCOUNTANT,
TRINIDAD & TOBAGO
WANDA MAYERS
GENERAL MANAGER,
BARBADOS
GAIL GRIFFITH
UNDERWRITER, BARBADOS
ANNUAL REPORT 2023 I
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STRATEGY STATEMENT
The dedicated team at General Accident
Group continued to execute our strategy of
building a leading Caribbean general insurance
company in 2023, delivering growth, innovation,
and profitability. Our brand is strong, our
commitment to digital transformation is bearing
fruit, and our relationships with reinsurers,
customers, and producers provide the Group
with a solid, loyal base.
PROFITABILITY
General Accident Group produced a healthy
financial performance in 2023. We achieved
insurance revenue of $8.6 billion, an
increase of $1.9 billion or 29% over 2022,
and profit before tax of $740.5 million. The
Group produced a 14% return on equity and
distributed $202.5 million in dividends to our
shareholders.
its
General Accident Jamaica maintained
position as the largest underwriter of general
insurance risks in the island, with gross written
premiums of $17.0 billion, an increase of $3.1
billion or 22% over 2022.
General Accident Trinidad achieved remarkable
growth and profitability in 2023. With a robust
premium increase of 57% over the prior
year, GenAc T&T has demonstrated its ability
to attract and retain customers in a highly
competitive market. This progress is a direct
result of our exceptional team, improved
technology, supportive business partners, and
diligent corporate governance. GenAc T&T is
poised for further expansion, having produced
a profit before tax of $56.6 million and an
after-tax profit of $42.1 million.
General Accident Barbados continued to gain
traction in the Barbados insurance market in
2023, expanding by 52% over 2022, with
gross written premiums of $608.2 million,
compared with $210.4 million in the prior
year. Growth was driven by the expansion
of our property portfolio, with premiums
increasing 82% over 2022. New business was
the mainstay of this increase due to increased
broker penetration and the expansion of our
agent network. The motor portfolio grew by
33%, along with greater brand recognition.
GenAc Barbados performed better than
projected, largely as a result of careful cost
management, and the 2023 net loss was
$12.2 million, an improvement over the 2022
net loss of $18.7 million. As with the rest of the
Group, GenAc Barbados prioritises improving
efficiency by digitising its processes to ensure
future profitability.
ANNUAL REPORT 2023
ANNUAL REPORT 2023
CHANGE IN FINANCIAL REPORTING
STANDARD FOR THE INSURANCE
INDUSTRY
The year was not without its challenges.
However, there was a change in financial
reporting standards for the insurance industry
in 2023, as IFRS 17 replaced the provisions
of IFRS 4 related to insurance contracts. The
adoption of IFRS 17 resulted in significant
changes to the statement of Profit and Loss in
2023, the most significant being the removal
of Gross Written Premiums from the face of
the Profit and Loss statement. Net Insurance
Revenue (Premiums) is now what is shown in
the Profit and Loss statement. All financials
referenced in this report are in accordance with
the new standards, and we expect reporting in
future years to go much more smoothly.
49
INSURANCE REVENUE COMPOSITION 2022
ANNUAL REPORT 2023
INSURANCE REVENUE COMPOSITION 2023
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FINANCIAL HIGHLIGHTS
GENERAL ACCIDENT
GROUP
GENERAL ACCIDENT
JAMAICA
Consistent premium growth
22 years of premium growth
Insurance revenue of $8.6 billion
Insurance revenue of $6.8 billion
Profit for the year of $548.3 million
Profit for the year of $524.4 million
Book value of $4.0 billion
Book value of $3.6 billion
Total assets of $9.8 billion
Total assets of $7.9 billion
Earnings per share of $0.52
Profit attributable to shareholders was $548.3 million in 2023. We paid dividends amounting to $202.5
million in the year under review.
ANNUAL REPORT 2023
INSURANCE REVENUE $’000
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8,575,708
6,666,555
2022
2023
NET PROFIT $’000
780,394
548,268
2022
2023
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INVESTMENT INCOME
Investment income decreased by 22% to
$340.8 million, down from $436.4 million
in 2022. This decrease was due to negative
unrealized fair value gains on our equities, as
the general investment appetite in the market
moved away from equities and real estate to
repurchase agreements and certificates of
deposit with higher yields.
FINANCIAL STRENGTH
General Accident Group is well capitalized
with an equity book value of $4.0 billion. Total
assets increased by 9% to $9.8 billion, up
from $9.0 billion in 2022. This provides the
required stability to weather any potential
economic challenges in 2024 and beyond.
CAPITAL MANAGEMENT
The Group allocates its capital to maximize
long-term shareholder value while maintaining
financial strength. Our policy is to allocate
capital to investment opportunities earning
the highest risk-adjusted returns, as we seek
to maintain a balance between higher returns
and the security of a prudent capital position.
We consistently meet required regulatory
and solvency ratios and are pleased to report
that we met all entities’ regulatory capital and
liquidity requirements in 2023.
DESCRIPTION
BENCHMARK
ACTUAL
Jamaica MCT
150.00%
Trinidad Regulatory Capital Required
150.00%
161.29%
219.17%
Barbados Solvency Margin
500,000 BBD
1,079,731 BBD
LOOKING AHEAD
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. Notably, as a growing player in
Trinidad and Tobago and Barbados, we derive
a competitive advantage from the streamlined
business processes we have been working on
for the past several years. We look forward to
increased operating efficiency in 2024 across
all territories.
The Group remains focused on consolidating
our market leadership in Jamaica, growing our
business in Trinidad and Tobago and Barbados,
and advancing our digital transformation
process. We remain committed to achieving
our strategic objectives with confidence and
excitement. 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’s largest insurance markets. We
believe we have the right approach, culture,
ANNUAL REPORT 2023 53
and products to compete in a modern digitised,
customer-focused marketplace.
I want to sincerely thank 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 Tobago,
and Barbados, I offer my heartfelt gratitude and
appreciation to you for your continued commitment
to the success of the Group. To our brokers, agents
and clients, thank you for your confidence 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
ANNUAL REPORT 2023 ANNUAL REPORT 2023
RISK
MANAGEMENT
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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.
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.
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 risk categories subject to Board
oversight are set out below:
TYPE OF RISK
RISK DETAIL
APPROACH
� UNDERWRITING RISK
Adverse claims development.
• The Company adopts prudent reserve practices as we
maintain reserves equal to our estimated ultimate
liability losses and loss adjustment expenses.
Inadequate premiums.
• 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.
RISK
COMMITTEE
tools
The Risk Committee is responsible for
examining major risks faced by the
Company for both assets and liabilities,
reviewing
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.
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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.
ANNUAL REPORT 2023 56
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ANNUAL REPORT 2023 58
CORPORATE SOCIAL
RESPONSIBILITY
General Accident understands that fostering strong
drive is hosted annually in honour of World Blood
relationships with the community advances nation-
Donor Day on June 14, 2023.
building. We are committed to investing in the
development of our youth and upliftment of vulnerable
For the first time in the history of GenAc’s annual
communities to support an environment in which
blood drive, children awaiting heart surgery at the
Jamaicans can thrive and flourish.
Bustamante Hospital for Children will see their
chances improve as GenAc welcomed a third partner
Here are the highlights of our 2023 activities:
and Drive beneficiary, Chain of Hope.
READ ACROSS JAMAICA DAY
Celebrating the fun of reading, GenAc staff dedicated
The National Blood Transfusion Service, GenAc’s
blood drive partner, collected 55 units of blood
the morning of May 9 to visiting with not one
from 76 registered donors exceeding the year’s
but three corporate area schools in honour of
target of 50.
Read Across Jamaica Day; Maisie Green Learning
Centre, Dunrobin Primary School and St Joseph’s
Infant School.
MAISIE GREEN LEARNING CENTRE
The Maisie Green Learning Centre received continued
Now familiar with some members of Genac staff by
support from the GenAc team in 2023. In addition
name, students at Dunrobin Primary School were
to the time spent with the students for Read Across
excited to share in the joy of reading with members
Jamaica Day, the early childhood development centre
of the team. The younger students and teachers
benefitted from a donation from the GenAc Sports
at St Joseph’s Infant School and the Maisie Green
Club and the Operations and Facilities Department
Learning Centre were equally happy to experience
towards their annual holiday event.
the captivating storytelling.
Read Across Jamaica Day is a national day started
by the Jamaica Teachers’ Association in 2005 to
CUSTOMER APPRECIATION DAY
Every year the policyholders of GenAc and AutoSmart
promote reading and literacy locally. Under the
are feted to an exciting day of discounts, activities
2023 theme “Reigniting a passion for reading:
and giveaways to mark their annual customer
Read more, read better” 17 GenAc staff members
appreciation day. These were hosted in Montego Bay
read stories from local and international authors
and Kingston on December 6, 2023 and December
to students in over 20 classes.
8, 2023, respectively. Host Jenny Jenny engaged
BLOOD DRIVE
On June 16, 2023, GenAc staff members and
customers converged at the Company’s headquarters
in Kingston to donate life-saving blood. The blood
customers with fun activities and prizes at the 58
Half Way Tree head office location, making the
event a lively occasion.
ANNUAL REPORT 2023 ANNUAL REPORT 2023
HOUR OF CODE
For the second year in a row, GenAc staff members
year’s donation was valued at $136,000 and was
accepted by Jamaica Cancer Society Acting Executive
met with Drews Avenue Primary students fourth
Director Michael Leslie.
and fifth graders to share in an Hour of Code on
Wednesday, December 6.
CONCLUSION
2023 represented a year of meaningful initiatives,
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It supports the new curriculum and the Primary Exit
embodying our values of community, education, and
Profile (PEP) that was recently introduced in Jamaican
sustainability. As GenAc looks forward, these efforts
primary schools.
lay the foundation for our ongoing mission to provide
positive contributions to society as we play our role
This global initiative, supported by the Musson Group
in building our nation.
and its subsidiaries reinforces problem-solving and
critical thinking skills while emphasising teamwork.
The 2023 theme was Creativity with AI and the Drews
Avenue Primary School students showed great interest
in and aptitude for basic computer science.
JAMAICA ENVIRONMENT TRUST (JET)
GenAc and Jamaica Environment Trust (JET) marked
its 32nd year of partnership in 2023. GenAc honoured
its annual commitment to the non-profit organisation
with a donation of $330,000 towards the operations
of this local environmental leader.
In an act of solidarity with JET’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.
JAMAICA CANCER SOCIETY
In recognition of Breast Cancer Awareness Month
(October), the GenAc team took to Hope Gardens
to run or walk for the annual Pink Run. Later, on
Thursday, November 30, 2022, GenAc made its
annual donation to the Jamaica Cancer Society to
aid in the treatment of cancer-fighting patients. This
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“The cancer fight isn’t just
in October,” was the lasting
remark of Jamaica Cancer
Society Acting Executive
Director Michael Leslie as
he accepted the donation
First-time donor and Business Intelligence Manager
of longstanding partner,
at GenAc, Tanya Oakley was all too excited to
General Accident Insurance
finally be able to donate at the third annual
Company in support of national cancer-fighting efforts on Thursday,
General Accident Blood Drive held on June 16 at
November 30, 2022 at the Jamaica Cancer Society Offices in Kingston.
58 Half Way Tree Road.
Making the presentation to Jamaica Cancer Society’s Acting Executive
Director Michael Leslie (right) is General Accident Business Development
Officer, Jamalda Stanford-Brown (left) with a cheque valued at $136,000.
General Accident Chief
Information Officer, Lesley
Miller (centre) checked in on
Jamaica Chamber of Commerce
President, Michael McMorris
(left) as he was prepared
for the donation process by
Technical Assistant, Huntley
Walker during the third annual General Accident Blood Drive held on June
16 at 58 Half Way Tree Road.
Blood drive partners. National
Blood Transfusion Service
Blood Donor Organizer,
Keishawna Pinnock (left)
and General Accident Chief
Information Officer, Lesley
Miller have a check-in during
the General Accident Blood
Drive held on June 16 at 58 Half Way Tree Road.
Embassy of Cuba in Jamaica
Diplomat and proud blood
donor Anabel Landron Ochoa
(center) is flanked by Musson
Foundation Chairperson,
Melanie Subratie (left) and
After the reading,
there was time for
a dance. This little
officer showed off
his moves to GenAc’s
Senior Broker Services
Associate, Suzanne Hall
during GenAc’s National
Read Across Jamaica
GenAc Executive Director, Gregory S. Foster (right) at the General Accident
Day session at St Joseph’s Infant School on May 9.
Blood Drive held on June 16 at 58 Half Way Tree Road.
ANNUAL REPORT 2023 These second graders of Dunrobin Primary
School had first-time Read Across Jamaica
volunteer, GenAc Registry Clerk, Kyle
Lawrence’s full attention as he read “The
Duck Pond” to the class during National
Read Across Jamaica Day 2023 on May 9.
Students volunteer to decode an introductory
encryption exercise during the Hour of
Code session held by General Accident
at Drew’s Avenue Primary on December
6, 2023.
61
Students of grades four and five at Drew’s Avenue Primary
are excited about a session well spent as they learned about
encryption during the Hour of Code session held on the school’s
campus on December 6, 2023.
Congratulations to the winners! GenAc
Chief Operating Officer Gregory Foster
captures the moment with selfie challenge
winners Julienne Mullings (left) and Tanya
Cox (right) during the General Accident
Customer Appreciation Day event held at
the 58 Half Way Tree Road on December
8, 2023.
Office attendant, Kevin Morris and
GenAc customer, Terri Salmon
dance the afternoon away during
the General Accident Customer
Appreciation Day event held at
the 58 Half Way Tree Road on
December 8, 2023.
ANNUAL REPORT 2023 62
EMPLOYEE
ENGAGEMENT
Nurturing a culture of employee engagement
second activity was a “Stepz Competition” which
is a cornerstone of GenAc’s success. We focus
encouraged healthy habits in the workspace, such
on fostering a cohesive and motivated team by
as standing and moving around frequently. The
ensuring that every staff member feels valued.
individual with the most steps at the end of the
workday was declared the winner.
GENAC CHOIR CLUB
To provide a creative outlet for musical enthusiasts
at GenAc outside of the standard work hours, the
INTERNATIONAL WOMEN’S DAY
The women at GenAc were in for a special treat on
Evelyn & The Evelettes AKA the GenAc Choir was
International Women’s Day celebrated on March
formed in 2022. The fifteen-member group made
8. Deaf Can! Coffee staff was invited into the
their first appearance at the Christmas concert
GenAc kitchen to prepare smoothies and whipped
at the Maisie Green Basic School shortly after its
beverages for female team members.
formation.
The choir performed at the 2023 Caribbean Insurance
GENAC FOOTBALL TEAM
This year we also saw the resurrection of the GenAc
Conference, held in Montego Bay in June 2023,
football team. They entered the Insurance League
which was attended by reinsurers from Europe,
with high hopes. Despite being a newly formed
the United States and other Asian countries, as well
team, their performance exceeded expectations,
as representatives from the Caribbean insurance
showcasing commendable skill and teamwork on the
industry.
field. This fostered a sense of pride and enthusiasm
among supporters. Although their journey in the
The choir continued to practice, providing entertainment
competition was cut short with a nail-biting finish
at staff activities. In August, the choir performed
that saw them exiting at the group stage, the feat
for the staff at the inaugural “Summer Crocs-up”
achieved by the team laid a promising foundation
Emancipendence celebration, also supported by
for future success.
the company dance group.
The GenAc choir closed the year with a performance
ARRIVAL DAY IN TRINIDAD
Our staff across all branches participated in Arrival
at the staff Christmas dinner, led by the choirmaster
Day Celebrations in Trinidad. We introduced some
on the keyboard along with his support team.
friendly competition and offered a prize for the best
HEALTH FAIR
In honour of World Health Day under the theme
Indian attire. The branches also showcased the
rich heritage and culture of the Indian community
“Health for All” celebrated on April 7, GenAc held
by depicting their portrayal of Indian Arrival Day.
dressed male and best dressed female in traditional
two activities for the day. The first was a “Know
Your Numbers” session with free checks performed
by health care professionals, including Body Mass
Index (BMI), blood pressure and cholesterol. The
ANNUAL REPORT 2023 GENAC CHOIR CLUB
INTERNATIONAL WOMEN’S DAY
ANNUAL REPORT 2023
63
HEALTH FAIR
GENAC FOOTBALL TEAM
ARRIVAL DAY IN TRINIDAD
64
I
S
G
N
D
L
O
H
E
R
A
H
S
F
O
E
R
U
S
O
L
C
S
D
I
ANNUAL REPORT 2023
65
ANNUAL REPORT 2023 DISCLOSURE OF
SHAREHOLDINGS
General Accident Insurance Company Jamaica Limited
66
TOP 10 SHAREHOLDERS AS AT DECEMBER 31, 2023
SHAREHOLDER
NUMBER OF UNITS
PERCENTAGE
MUSSON JAMAICA LTD.
824,999,989
80.00
MAYBERRY JAMAICAN EQUITIES LTD.
23,212,265
QWI INVESTMENTS LTD.
15,032,119
JCSD TRUSTEE SERVICES -
BARITA UNIT TRUST
14,355,087
PAM - POOLED EQUITY FUND
9,361,515
LANCEDALE FARQUHARSON
7,800,000
MAYBERRY MANAGED
CLIENTS ACCOUNT
6,262,894
CHRISTOPHER BERRY
6,000,000
SAGICOR SELECT FUNDS LTD
5,066,798
SHARON DONALDSON ET AL
4,424,011
2.25
1.46
1.39
0.91
0.76
0.61
0.58
0.49
0.43
ANNUAL REPORT 2023
DISCLOSURE OF
SHAREHOLDINGS
General Accident Insurance Company Jamaica Limited
67
SHAREHOLDINGS OF DIRECTORS & THEIR CONNECTED PARTIES AS AT DECEMBER 31, 2023
DIRECTORS
COMBINED HOLDING
PERCENTAGE
MUSSON JAMAICA LTD.
824,999,989
80.000
Paul B. Scott
Melanie Subratie
SHARON DONALDSON
Junior Levine
4,424,011
0.429
GREGORY FOSTER
350,000
0.0340
DUNCAN STEWART
2,475,190
0.2400
Deborah Stewart
Diana Stewart
CHRISTOPHER NAKASH
1,698,020
0.1647
NICHOLAS SCOTT
2,030,198
0.1969
MATTHEW LYN
Jodi Lyn
96,500
0.0094
LESLEY MILLER
355,795
0.0347
Martin Miller et al
ANNUAL REPORT 2023
DISCLOSURE OF
SHAREHOLDINGS
General Accident Insurance Company Jamaica Limited
68
SHAREHOLDINGS OF MANAGEMENT TEAM AS AT DECEMBER 31, 2023
MANAGER
COMBINED HOLDING
PERCENTAGE
MICHELLE ROBINSON
780,000
0.0756
JAMALDA STANFORD
92,857
0.0090
JANILLE JARRETT
25,000
0.0024
ANNUAL REPORT 2023
69
ANNUAL REPORT 2023 A
T
A
D
E
T
A
R
O
P
R
O
C
70
ANNUAL REPORT 2023
71
ANNUAL REPORT 2023 72
COMPANY
PROFILE
DIRECTORS:
BANKERS:
• PB. Scott, Chairman
• CIBC First Caribbean International Bank
• Melanie Subratie, Deputy Chairman
• First Global Bank
• Sharon Donaldson, Managing Director
• Bank of Nova Scotia Jamaica Ltd.
• 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
• 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
ANNUAL REPORT 2023 CONTACT
INFORMATION
73
JAMAICA
General Accident Insurance Company Jamaica Limited
Kingston & St. Andrew
58 Half Way Tree Road, Kingston 10
Telephone: (876) 929-8451
Email: info@genac.com
Montego Bay
Unit 8, Summit Business Center
Fairview, Montego Bay,
St. James
TRINIDAD
General Accident Insurance Company Trinidad and Tobago Limited
36A Ariapita Avenue
Port of Spain, 170210
Trinidad, W.I.
Telephone: (868) 224-3622
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
ANNUAL REPORT 2023 LOCATIONS
JAMAICA
ANNUAL REPORT 2023
74
11c Manchester Road, Mandeville
Caddine Williamson
Unit 4, 9 Fernleigh Avenue, May Pen
Monica Blake-Elliott
Shop 12, Soares Shopping Centre,
Junction, St. Elizabeth
Rickardo Mahon
Shop 89, Portmore Pines Plaza
Debra Reid-Gibbs
Shop 4, Ken R Issacs Building
74 Main Street Ocho Rios, St. Ann
Cherrice Johnson-Brown
Unit 8, Summit Business Center,
Fairview, Montego Bay
General Accident Branch
Marlene Whittingham
Unit 11, The Victory Building,
3-5 Fort Street Montego Bay
Oral Myles
Main Street, Hopewell, Hanover
Earle Heslop
Unit 4, George’s Mall, 97 Great George Street,
Savannah-La-Mar
Rochelle Clarke
58 Half Way Tree Rd, Kgn 10
Head Office
Marlene Duffus
Dennis Brown
70 1/2 Molynes Road, Kingston 10
Barbara Samuels
Up of the Town, Unit 1
5 Murray Ave, Morant Bay, St. Thomas
Jonelle Jenkins
17 Harbour Street, Port Antonio
Cornell Skervin
ANNUAL REPORT 2023
LOCATIONS
BARBADOS
75
Saint Lucy
Saint Peter
Saint Andrew
Saint
James
Saint Joseph
Saint Thomas
Saint John
Suite 8, Dome Mall, Warrens
St. Michael BB22026
General Accident Insurance Company
(Barbados) Limited
Saint George
Saint Philip
Saint Michael
Christ Church
ANNUAL REPORT 2023
76
LOCATIONS
TRINIDAD & TOBAGO
Tobago
1 Ibis Avenue, San Juan
Brydens Insurance Agency
Unit 2-1 Aranguez Plaza,
Main Road, San Juan
Xtra Foods Plaza, O'Meara Road, Arima
207 Southern Main Road, Curepe
36A Ariapita Avenue, Woodbrook
Diego Martin
-
n
a
u
J
n
a
S
e
l
l
i
t
n
e
v
a
L
POS
Tunapuna-Piarco
a
m
i
r
A
526 Caroni Savannah Road, Charlieville
Chaguanas
Sangre Grande
16 Eastern Main Road, Sangre Grande
307 Southern Main Road, Cunupia
Multigen Insurance Services Ltd
57 Ramsarran Street, Chaguanas
Phoenix Estate Management Services Ltd
Suite 201 & 203, Ground Floor,
Cross Crossing Centre II, Cross Crossing
Couva-Tabaquite-Talparo
San Fernando
Rio Claro-Mayaro
9A Guava Road, Point Fortin
Point Fortin
Princes Town
Siparia
Penal-
Debe
Naparima Mayaro Road, Mayaro
Wallum Insurance Services Ltd - Rio Claro
#12 Craignish Village , Princes Town
Wallum Insurance Services Ltd - Princes Town
1075 S.S. Erin Road, Debe
77
ANNUAL REPORT 2023 78
ANNUAL REPORT 2023 FINANCIAL
STATEMENTS
79
GENERAL ACCIDENT INSURANCE COMPANY JAMAICA LIMITED AS AT DECEMBER 31, 2023
80
81
88
89
90
92
94
95
96
97
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
99 - 191
NOTES TO THE FINANCIAL STATEMENTS
ANNUAL REPORT 2023 88
General Accident Insurance Company Jamaica LimitedConsolidated Statement of Comprehensive IncomeYear ended 31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 89
General Accident Insurance Company Jamaica LimitedConsolidated Statement of Financial Position31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 90
General Accident Insurance Company Jamaica LimitedConsolidated Statement of Changes in EquityYear ended 31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 91
General Accident Insurance Company Jamaica LimitedConsolidated Statement of Changes in EquityYear ended 31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 92
General Accident Insurance Company Jamaica LimitedConsolidated Statement of Cash FlowsYear ended 31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 93
General Accident Insurance Company Jamaica LimitedConsolidated Statement of Cash FlowsYear ended 31 December 2023(expressed in Jamaican dollars unless otherwise indicated) General Accident Insurance Company Jamaica Limited
Company Statement of Comprehensive Income
Year ended 31 December 2023
(expressed in Jamaican dollars unless otherwise stated)
Page6
94
Insurance revenue
Insurance service expense
Net expenses from reinsurance contracts held
Insurance service results
Net investment income
Finance expense from insurance contracts issued
Finance income from reinsurance contracts held
Net insurance and investment results
Other operating expenses
Other operating income
Profit before taxation
Taxation
Profit after taxation
Note
10
11
12
15
2023
$'000
6,752,418
(4,295,720)
(1,871,114)
585,584
304,129
(92,205)
18,504
816,012
(363,796)
252,965
705,181
(180,744)
524,437
Restated
2022
$'000
5,518,241
(3,453,080)
(1,631,470)
433,691
413,786
(35,048)
4,253
816,682
(297,190)
165,215
684,707
(80,458)
604,249
Other comprehensive income, net of tax:
Items that may not be subsequently reclassified to profit or
loss
Unrealised losses on FVOCI investments
Total other comprehensive income
TOTAL COMPREHENSIVE INCOME
(25,107)
(25,107)
(33,049)
(33,049)
499,330
571,200
General Accident Insurance Company Jamaica LimitedCompany Statement of Comprehensive IncomeYear ended 31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 95
General Accident Insurance Company Jamaica LimitedCompany Statement of Financial PositionYear ended 31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 96
General Accident Insurance Company Jamaica LimitedCompany Statement of Changes in EquityYear ended 31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 97
General Accident Insurance Company Jamaica LimitedCompany Statement of Cash FlowsYear ended 31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 98
General Accident Insurance Company Jamaica LimitedCompany Statement of Cash Flows (Continued)Year ended 31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 99
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) General Accident Insurance Company Jamaica Limited
Notes to the Financial Statements
31 December 2023
(expressed in Jamaican dollars unless otherwise indicated)
Page 12
100
2. Summary of Material Accounting Policies (Continued)
(a) Basis of preparation (continued)
Accounting pronouncements effective in 2023 which are relevant to the Group's operations
(continued)
•
IFRS 17, 'Insurance contracts', (effective for annual periods beginning on or after 1 January 2023). This
standard was issued as replacement for IFRS 4 'Insurance contracts' and requires a current
measurement model where estimates are re-measured each reporting period. The Company chose the
premium allocation approach which is permitted for the liability for remaining coverage for short duration
contracts. The standard permits a wide variety of practices in accounting for insurance contracts and
fundamentally changes the accounting by all entities that issue insurance contracts and investment
contracts with discretionary participation features. Contracts are measured using the building blocks of
discount probability- weighted cash flows and an explicit risk adjustment which is recognised as revenue
over the coverage period. This standard provides a common global insurance accounting standard
leading to consistency in recognition, measurement, presentation and disclosure. Further details of the
Group's accounting policies are noted in 2(x) & (y) below.
Standards, interpretations and amendments to published standards that are not yet effective
At the date of authorisation of these financial statements, certain new standards, interpretations and
amendments to existing standards have been issued which are mandatory for the group's accounting periods
beginning on or after 1 January 2024 or later periods but were not effective at the statement of financial
position date. The Group has assessed the relevance of all such new standards, interpretations and
amendments and has determined that the following, as shown below, may be immediately relevant to its
operations.
•
Amendment to IFRS 16, 'Leases' - Leases on sale and leaseback (effective for annual periods beginning
on or after 1 January 2024). These amendments include requirements for sale and leaseback
transactions in IFRS 16 to explain how an entity accounts for a sale and leaseback after the date of the
transaction. Sale and leaseback transactions where some or all the lease payments are variable lease
payments that do not depend on an index or rate are most likely to be impacted. The Group does not
expect any impact from the adoption of this amendment.
•
•
Amendments to IAS 1, 'Presentation of financial statements' (effective for annual periods beginning on
or after 1 January 2024 ). These amendments clarify that liabilities are classified as either current or non
current, depending on the rights that exist at the end of the reporting period. Classification is unaffected
by the expectations of the entity or events after the reporting date. The amendment also clarifies what
IAS 1 means when it refers to the 'settlement' of a liability. The Group does not expect any impact from
the adoption of this amendment.
IFRS Sustainability Disclosure Standards - In June 2023, the International Sustainability Standards
Board (ISSB) released its first two sustainability disclosure standards: (a) IFRS S1 General
Requirements for Disclosure of Sustainability-related Financial Information (General Requirements
standard), and (b) IFRS S2 Climate-related Disclosures (Climate standard). 14. IFRS S1 and IFRS S2
are effective for annual reporting periods beginning on or after 1 January 2024, with early adoption
permitted. This is subject to the adoption of the standards by local jurisdictions. The Group does not
assess the impact that will arise from the adoption of these standards. It also awaits guidance from
regulators within the jurisdictions it operates.
•
Amendment to IAS 7 and IFRS 7 which will require entities to disclose additional information in the
notes about supplier finance arrangement. The amendment is not expected to impact the Group.
There are no other IFRS or IFRIC interpretations that are not yet effective that would be expected to have a
material impact on the Group
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 101
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 102
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 103
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 104
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 105
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 106
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 107
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 108
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 109
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 110
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 111
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 112
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 113
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 114
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 115
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 116
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 117
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 118
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 119
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 120
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 121
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 122
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 123
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 124
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 125
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) General Accident Insurance Company Jamaica Limited
Notes to the Financial Statements
31 December 2023
(expressed in Jamaican dollars unless otherwise indicated)
126
4.
Insurance and Financial Risk Management (Continued)
(a)
Insurance risk (continued)
Page 38
Development Claim Liabilities
In addition to sensitivity analysis, the development of insurance liabilities provides a measure of the Group’s ability to estimate the ultimate value of claims. The table below illustrates how the Group’s estimate of the ultimate
claims liability for accident years 2016 - 2023 has changed at successive year-ends, up to 2023. Updated unpaid claims and adjustment expenses (UCAE) and IBNR estimates in each successive year, as well as amounts paid to
date are used to derive the revised amounts for the ultimate claims liability for each accident year, used in the development calculations.
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
2016
$’000
379,721
550,051
200,066
2016
And
Prior
$’000
1,257,450
2,508,687
1,233,790
2017
$’000
2017
and
prior
$’000
2018
$’000
2018
and
prior
$’000
2019
$’000
2019
and
prior
$’000
2020
2021
$’000
$’000
2020
and
prior
$’000
2021
and
prior
$’000
2022
$’000
2022
and
prior
$’000
2023
$’000
2023
and
prior
$’000
411,945
424,106
384,889
921,098
2,102,721
1,095,774
407,102
658,944
426,773
1,328,200
2,761,665
1,522,547
(62.77%)
84,396
364,568
200,408
(41.49%)
149,021
211,293
138,151
(10.08%)
417,899
1,713,282
491,259
5.32%
897,118
780,949
274,149
419,091
403,829
251,701
1.02%
158,262
258,251
172,455
836,990
2,117,111
742,960
13.70%
1,055,380
1,039,200
446,604
704,090
702,263
361,653
1,541,080
2,819,374
1,104,613
495,868
367,971
217,437
1,551,248
1,407,171
664,041
642,092
724,954
352,877
2,193,340
2,132,125
1,016,918
Paid during year
UCAE, end of year
IBNR, end of year
Ratio: excess
(deficiency)
Paid during year
UCAE, end of year
IBNR, end of year
Ratio: excess
(deficiency)
Paid during year
UCAE, end of year
IBNR, end of year
Ratio: excess
(deficiency)
Paid during year
UCAE, end of year
IBNR, end of year
Ratio: excess
(deficiency)
(32.62%)
12.06%
7.15%
21.15%
(1.63%)
7.68%
2016
2017
2018
2019
2020
Paid during year
UCAE, end of year
IBNR, end of year
Ratio: excess
(deficiency)
120,131
179,586
70,651
447,397
520,920
73,022
146,510
244,074
91,988
593,907
764,994
165,010
146,478
498,845
148,783
740,385
1,263,839
313,793
621,611
498,791
159,783
1,361,996
1,762,630
473,576
677,161 2,039,157
734,770 2,497,400
337,154
810,730
35.41%
69,548
(12.43%)
179,422
(2.38%)
100,762
(20.26%)
280,184
7.15%
74,660
(5.22%)
354,844
18.77%
84,965
9.50%
439,809
577,580 1,017,389
682,569
1,699,958
2021
Paid during year
UCAE, end of year
167,737
330,123
142,130
472,253
265,274
737,527
266,214
1,003,741
461,939
1,465,680
671,032
2,136,712
2022
2023
IBNR, end of year
Ratio: excess
(deficiency)
Paid during year
UCAE, end of year
IBNR, end of year
Ratio: excess
(deficiency)
Paid during year
UCAE, end of year
IBNR, end of year
Effects of discount,
risk adj, other end
of year
Ratio: excess
(deficiency)
51,722
184,700
72,827
257,527
120,474
378,001
57,080
435,081
81,527
516,608
392,469
909,077
(23.58%)
(25.43%)
(9.03%)
(10.21%)
(0.31%)
(0.86%)
(7.64%)
(0.36%)
4.58%
1.17%
15,563
105,213
1,439
(26.00%)
16,120
66,758
4,289
50,982
254,657
5,857
13,051
100,151
12,958
64,033
354,808
18,815
50,012
151,723
14,542
114,045
506,531
33,357
60,930
188,318
22,691
174,975
694,849
56,048
141,872
289,280
67,944
316,847
984,129
123,992
698,217
82,383
138,806
1,015,064
1,066,512
262,798
753,449
1,158,026
387,741
1,768,513
2,224,538
650,539
17.18%
55,696
171,556
7,211
52.12%
16,142
63,680
1,021
46.17%
71,838
235,236
8,232
13.83%
37,324
94,475
3,330
18.23%
109,162
329,711
11,562
1.66%
55,988
107,919
7,759
14.01%
(0.44%)
19.50%
165,150
437,630
19,321
67,894
146,738
13,540
233,044
584,368
32,861
19.78%
209,818
205,011
(23,474)
26.04%
442,862
789,379
9,387
778,947
522,376
(23,828)
1,221,809
1,311,755
(14,441)
1,157,821
585,176
480,946
2,379,630
1,896,931
466,505
(5,131)
(13,299)
(5,709)
(19,008)
(7,748)
(26,756)
(9,041)
(35,797)
(12,963)
(48,760)
(12,705)
(61,465)
(37,218)
(98,683)
(118,485)
(217,168)
24.19%
17.59%
(5.94%)
(6.38%)
(3.17%)
(1.08%)
7.66%
14.10%
4.36%
4.24%
27.34%
17.28%
43.78%
30.24%
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)
General Accident Insurance Company Jamaica Limited
Notes to the Financial Statements
31 December 2023
(expressed in Jamaican dollars unless otherwise indicated)
4.
Insurance and Financial Risk Management (Continued)
(a)
Insurance risk (continued)
Development Claim Liabilities
Page 38
127
2016
And
Prior
$’000
1,257,450
2,508,687
1,233,790
$’000
379,721
550,051
200,066
Paid during year
UCAE, end of year
IBNR, end of year
Ratio: excess
(deficiency)
Paid during year
UCAE, end of year
IBNR, end of year
Ratio: excess
(deficiency)
Paid during year
UCAE, end of year
IBNR, end of year
Ratio: excess
(deficiency)
Paid during year
UCAE, end of year
IBNR, end of year
Ratio: excess
(deficiency)
Paid during year
UCAE, end of year
IBNR, end of year
Ratio: excess
(deficiency)
(62.77%)
84,396
364,568
200,408
(41.49%)
149,021
211,293
138,151
2016
2017
2018
2019
2020
2023
ability to estimate the ultimate value of claims. The table below illustrates how the Group’s estimate of the ultimate
In addition to sensitivity analysis, the development of insurance liabilities provides a measure of the Group’s 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
claims liability for accident years 2016 - 2023 has changed at successive year-ends, up to 2023. Updated unpaid claims and adjustment expenses (UCAE) and IBNR estimates in each successive year, as well as amounts paid to
the development calculations.
date are used to derive the revised amounts for the ultimate claims liability for each accident year, used in the development calculations.
2016
2017
2018
2019
$’000
$’000
$’000
2017
and
prior
$’000
2018
and
prior
$’000
2019
and
prior
$’000
2020
$’000
2020
and
prior
$’000
2021
$’000
2021
and
prior
$’000
2022
$’000
2022
and
prior
$’000
2023
$’000
2023
and
prior
$’000
411,945
424,106
384,889
921,098
2,102,721
1,095,774
407,102
658,944
426,773
1,328,200
2,761,665
1,522,547
(10.08%)
417,899
1,713,282
419,091
403,829
836,990
2,117,111
742,960
704,090
702,263
1,541,080
2,819,374
361,653
1,104,613
491,259
251,701
5.32%
1.02%
13.70%
897,118
780,949
274,149
158,262
258,251
172,455
1,055,380
1,039,200
446,604
495,868
367,971
217,437
1,551,248
1,407,171
664,041
642,092
724,954
352,877
2,193,340
2,132,125
1,016,918
(32.62%)
12.06%
7.15%
21.15%
(1.63%)
7.68%
120,131
179,586
70,651
447,397
520,920
146,510
244,074
73,022
91,988
35.41%
(12.43%)
(2.38%)
593,907
764,994
165,010
(20.26%)
280,184
2021
Paid during year
69,548
179,422
100,762
146,478
498,845
148,783
740,385
1,263,839
313,793
621,611
498,791
159,783
1,361,996
1,762,630
473,576
677,161 2,039,157
734,770 2,497,400
810,730
337,154
7.15%
(5.22%)
74,660
354,844
18.77%
84,965
9.50%
439,809
577,580 1,017,389
682,569
1,699,958
UCAE, end of year
167,737
330,123
142,130
472,253
265,274
737,527
266,214
1,003,741
461,939
1,465,680
671,032
2,136,712
IBNR, end of year
51,722
184,700
72,827
257,527
120,474
378,001
57,080
435,081
81,527
516,608
392,469
909,077
Ratio: excess
(deficiency)
2022
Paid during year
15,563
105,213
1,439
(26.00%)
16,120
66,758
4,289
UCAE, end of year
IBNR, end of year
Ratio: excess
(deficiency)
Paid during year
UCAE, end of year
IBNR, end of year
Effects of discount,
risk adj, other end
of year
Ratio: excess
(deficiency)
(23.58%)
(25.43%)
(9.03%)
(10.21%)
(0.31%)
(0.86%)
(7.64%)
(0.36%)
4.58%
1.17%
50,982
13,051
254,657
100,151
5,857
12,958
64,033
354,808
18,815
50,012
151,723
14,542
114,045
506,531
33,357
60,930
188,318
22,691
174,975
694,849
56,048
141,872
289,280
67,944
316,847
984,129
123,992
698,217
82,383
138,806
1,015,064
1,066,512
262,798
753,449
1,158,026
387,741
1,768,513
2,224,538
650,539
17.18%
55,696
171,556
7,211
52.12%
16,142
63,680
1,021
46.17%
71,838
235,236
8,232
13.83%
37,324
94,475
3,330
18.23%
109,162
329,711
11,562
1.66%
55,988
107,919
7,759
14.01%
(0.44%)
19.50%
165,150
437,630
19,321
67,894
146,738
13,540
233,044
584,368
32,861
19.78%
209,818
205,011
(23,474)
26.04%
442,862
789,379
9,387
778,947
522,376
(23,828)
1,221,809
1,311,755
(14,441)
1,157,821
585,176
480,946
2,379,630
1,896,931
466,505
(5,131)
(13,299)
(5,709)
(19,008)
(7,748)
(26,756)
(9,041)
(35,797)
(12,963)
(48,760)
(12,705)
(61,465)
(37,218)
(98,683)
(118,485)
(217,168)
24.19%
17.59%
(5.94%)
(6.38%)
(3.17%)
(1.08%)
7.66%
14.10%
4.36%
4.24%
27.34%
17.28%
43.78%
30.24%
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)
General Accident Insurance Company Jamaica Limited
Notes to the Financial Statements
31 December 2023
(expressed in Jamaican dollars unless otherwise indicated)
4.
Insurance and Financial Risk Management (Continued)
128
(a)
Insurance risk (continued)
Development Claim Liabilities
Development Claim Liabilities
In addition to sensitivity analysis, the development of insurance liabilities provides a measure of the Company’s ability to estimate the ultimate value of claims. The table below illustrates how the Company’s estimate of the
In addition to sensitivity analysis, the development of insurance liabilities provides a measure of the Company’s ability
ultimate claims liability for accident years 2016 - 2023 has changed at successive year-ends, up to 2023. Updated unpaid claims and adjustment expenses (UCAE) and IBNR estimates in each successive year, as well as
ultimate claims liability for accident years 2016 - 2023 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, used in the development calculations.
amounts paid to date are used to derive the revised amounts for the ultimate claims liability for each accident year,
Page 39
2016
2017
2018
2019
2020
Paid during year
UCAE, end of year
IBNR, end of year
Ratio: excess
(deficiency)
Paid during year
UCAE, end of year
IBNR, end of year
Ratio: excess
(deficiency)
Paid during year
UCAE, end of year
IBNR, end of year
Ratio: excess
(deficiency)
Paid during year
UCAE, end of year
IBNR, end of year
Ratio: excess
(deficiency)
Paid during year
UCAE, end of year
IBNR, end of year
Ratio: excess
(deficiency)
2021
Paid during year
UCAE, end of year
IBNR, end of year
Ratio: excess
(deficiency)
2022
Paid during year
2023
UCAE, end of year
IBNR, end of year
Ratio: excess
(deficiency)
Paid during year
UCAE, end of year
IBNR, end of year
Effects of discount,
risk adj, other
end of year
Ratio: excess
(deficiency)
2016
$’000
316,867
395,079
90,131
-
354,039
231,093
34,818
(27.77%)
64,897
151,792
16,902
(21.11%)
30,938
89,194
(863)
10.92%
23,741
77,776
2,481
14.15%
24,531
2016
and
prior
$’000
686,604
977,817
147,810
-
594,475
709,192
72,549
(22.26%)
203,060
441,021
47,716
2017
$’000
2017
and
prior
$’000
2018
$’000
2018
and
prior
$’000
2019
$’000
2019
and
prior
$’000
2020
2021
$’000
$’000
2020
and
prior
$’000
2021
and
prior
$’000
2022
$’000
2022
And
Prior
$’000
2023
$’000
2023
And
Prior
$’000
376,268
491,870
128,131
970,743
1,201,062
200,680
357,070
217,186
39,187
560,130
658,207
86,903
657,745
610,706
112,632
1,217,875
1,268,913
199,535
(14.27%)
128,028
253,501
4,747
1.06%
70,661
122,988
7,542
6.88%
198,689
376,489
12,289
391,239
294,613
24,022
589,928
671,102
36,311
593,953
693,840
168,069
1,183,881
1,364,942
204,380
5.17%
76,043
210,713
10,832
(9.96%)
29,570
97,345
2,581
(18.13%)
105,613
(1.86%)
89,000
(11.65%)
194,613
577,520
772,133
619,746
1,391,879
308,058
13,413
217,201
11,894
525,259
25,307
391,730
35,763
916,989
61,070
631,504
191,432
1,548,493
252,502
8.66%
48,893
(10.12%)
25,329
(15.40%)
74,222
(1.94%)
55,988
(9.08%)
130,210
16.60%
132,087
11.53%
262,297
508,866
771,163
618,721
1,389,884
63,689
2,371
162,464
7,660
65,004
6,780
227,468
14,440
144,380
5,903
371,848
20,343
222,793
18,887
594,641
39,230
341,734
34,819
936,375
74,049
599,123
184,364
1,535,498
258,413
16.28%
17,265
41,976
7,263
(16.37%)
13,970
24,432
4,289
8.44%
38,639
(10.58%)
19,698
(15.78%)
58,337
125,893
15,661
43,986
8,393
169,879
24,054
(9.33%)
41,141
86,042
7,211
68.12%
14,558
34,277
1,021
14.44%
55,699
120,319
8,232
(5.09%)
29,065
79,213
15,127
27.19%
26,324
61,700
3,330
(11.00%)
87,402
10.37%
46,664
249,092
39,181
137,917
10,414
12.12%
82,023
182,019
11,562
(4.95%)
49,401
95,561
7,759
6.31%
134,066
387,009
49,595
(2.28%)
131,424
277,580
19,321
7.59%
(1.08%)
121,797
255,863
606,318
862,181
586,448
1,448,629
201,030
21,421
588,039
71,016
348,120
38,522
936,159
109,538
596,050
292,437
1,532,209
401,975
(3.67%)
49,447
117,245
13,541
6.38%
180,871
394,825
32,862
(26.74%)
191,478
184,454
(23,475)
(6.30%)
372,349
579,279
9,387
602,300
367,009
(23,811)
974,649
946,288
(14,424)
707.382
237,358
329,326
1,682,031
1,183,646
314,902
(2,576)
(8,766)
(3,912)
(12,678)
(5,810)
(18,488)
(8,578)
(27,066)
(11,490)
(38,556)
(13,381)
(51,937)
(27,051)
(78,988)
(79,735)
(158,723)
15.02%
8.70%
(10.94%)
(15.73%)
(9.22%)
(12.99%)
5.46%
1.75%
(1.46%)
(9.18%)
22.37%
1.63%
6.42%
(1.43%)
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)
General Accident Insurance Company Jamaica Limited
Notes to the Financial Statements
31 December 2023
(expressed in Jamaican dollars unless otherwise indicated)
4.
Insurance and Financial Risk Management (Continued)
(a)
Insurance risk (continued)
Development Claim Liabilities
Page 39
129
In addition to sensitivity analysis, the development of insurance liabilities provides a measure of the Company’s ability to estimate the ultimate value of claims. The table below illustrates how the Company’s estimate of the
ultimate claims liability for accident years 2016 - 2023 has changed at successive year-ends, up to 2023. Updated unpaid claims and adjustment expenses (UCAE) and IBNR estimates in each successive year, as well as
amounts paid to date are used to derive the revised amounts for the ultimate claims liability for each accident year, used in the development calculations.
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.
2016
2017
2018
2019
$’000
$’000
$’000
2017
and
prior
$’000
2018
and
prior
$’000
2019
and
prior
$’000
2020
$’000
2020
and
prior
$’000
2021
$’000
2021
and
prior
$’000
2022
$’000
2022
And
Prior
$’000
2023
$’000
2023
And
Prior
$’000
(27.77%)
(22.26%)
64,897
151,792
16,902
203,060
441,021
47,716
357,070
217,186
39,187
560,130
658,207
86,903
657,745
610,706
112,632
1,217,875
1,268,913
199,535
(21.11%)
(14.27%)
1.06%
6.88%
30,938
89,194
(863)
128,028
253,501
4,747
70,661
122,988
7,542
198,689
376,489
12,289
391,239
294,613
24,022
589,928
671,102
36,311
593,953
693,840
168,069
1,183,881
1,364,942
204,380
5.17%
(9.96%)
(18.13%)
(1.86%)
(11.65%)
76,043
29,570
105,613
89,000
194,613
577,520
772,133
619,746
1,391,879
210,713
10,832
97,345
2,581
308,058
13,413
217,201
11,894
525,259
25,307
391,730
35,763
916,989
61,070
631,504
191,432
1,548,493
252,502
2021
Paid during year
48,893
25,329
74,222
55,988
130,210
8.66%
(10.12%)
(15.40%)
(1.94%)
(9.08%)
16.60%
132,087
11.53%
262,297
508,866
771,163
618,721
1,389,884
UCAE, end of year
IBNR, end of year
63,689
2,371
162,464
7,660
65,004
227,468
144,380
6,780
14,440
5,903
371,848
20,343
222,793
18,887
594,641
39,230
341,734
34,819
936,375
74,049
599,123
184,364
1,535,498
258,413
8.44%
(10.58%)
(15.78%)
(5.09%)
38,639
19,698
58,337
29,065
(11.00%)
87,402
10.37%
46,664
125,893
15,661
43,986
8,393
169,879
24,054
79,213
15,127
249,092
39,181
137,917
10,414
(16.37%)
(9.33%)
68.12%
14.44%
27.19%
13,970
24,432
4,289
41,141
86,042
7,211
14,558
34,277
1,021
55,699
120,319
8,232
26,324
61,700
3,330
12.12%
82,023
182,019
11,562
(4.95%)
49,401
95,561
7,759
6.31%
134,066
387,009
49,595
(2.28%)
131,424
277,580
19,321
7.59%
121,797
201,030
21,421
(3.67%)
49,447
117,245
13,541
(1.08%)
255,863
588,039
71,016
6.38%
180,871
394,825
32,862
606,318
862,181
586,448
1,448,629
348,120
38,522
936,159
109,538
596,050
292,437
1,532,209
401,975
(26.74%)
191,478
184,454
(23,475)
(6.30%)
372,349
579,279
9,387
602,300
367,009
(23,811)
974,649
946,288
(14,424)
707.382
237,358
329,326
1,682,031
1,183,646
314,902
(2,576)
(8,766)
(3,912)
(12,678)
(5,810)
(18,488)
(8,578)
(27,066)
(11,490)
(38,556)
(13,381)
(51,937)
(27,051)
(78,988)
(79,735)
(158,723)
15.02%
8.70%
(10.94%)
(15.73%)
(9.22%)
(12.99%)
5.46%
1.75%
(1.46%)
(9.18%)
22.37%
1.63%
6.42%
(1.43%)
2016
and
prior
$’000
686,604
977,817
147,810
-
594,475
709,192
72,549
$’000
316,867
395,079
90,131
-
354,039
231,093
34,818
376,268
491,870
128,131
970,743
1,201,062
200,680
2016
2017
2018
2019
2020
Paid during year
UCAE, end of year
IBNR, end of year
Ratio: excess
(deficiency)
Paid during year
UCAE, end of year
IBNR, end of year
Ratio: excess
(deficiency)
Paid during year
UCAE, end of year
IBNR, end of year
Ratio: excess
(deficiency)
Paid during year
UCAE, end of year
IBNR, end of year
Ratio: excess
(deficiency)
Paid during year
UCAE, end of year
IBNR, end of year
Ratio: excess
(deficiency)
Ratio: excess
(deficiency)
2022
Paid during year
2023
Paid during year
UCAE, end of year
IBNR, end of year
Ratio: excess
(deficiency)
UCAE, end of year
IBNR, end of year
Effects of discount,
risk adj, other
end of year
Ratio: excess
(deficiency)
10.92%
23,741
77,776
2,481
14.15%
24,531
16.28%
17,265
41,976
7,263
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated)
General Accident Insurance Company Jamaica Limited
Notes to the Financial Statements
31 December 2023
(expressed in Jamaican dollars unless otherwise indicated)
Page 40
130
4.
Insurance and Financial Risk Management (Continued)
(b) Reinsurance risk
To limit its exposure of potential loss on an insurance policy, the insurer may cede certain levels of risk to a
reinsurer. The Group selects reinsurers which have established capability to meet their contractual obligations
and which generally have high credit ratings. The credit ratings of reinsurers are monitored.
Retention limits represent the level of risk retained by the cedant insurer. Coverage in excess of these limits is
ceded to reinsurers up to the treaty limit or as agreed. The retention programs used by the Group are
summarised below:
(a) Facultative reinsurance treaties are accepted on a per risk basis.
(b) The group has treaty arrangements as follows:
(i) Property:
Property & Allied
Perils
Homeowners
Other Property
Jamaica
Barbados
Trinidad
Ceded
90%
80%
Retention
10%
20%
Ceded Retention
85%
85%
15%
15%
Ceded Retention
90%
90%
10%
10%
(ii) Motor 60%:40% Quota Share of premiums i.e. 60% ceded premiums and 40% retained.
(iii) Excess of loss treaty for motor and third-party liability, which covers losses in excess of J$7,500,000
for any one loss or event.
(iv) Excess of loss treaty for motor and third-party liability, which covers losses in excess of TT$800,000
for any one loss or event.
(v) First surplus and a quota share treaty for engineering business with retention of US$125,000.
(vi) First surplus treaty for miscellaneous accident, losses covered in excess of J$2,000,000.
(vii)Catastrophe excess of loss treaty which covers losses in excess of J$150,000,000 for any one
catastrophic event as defined.
The Group reinsures with several reinsurers. Of significance are Munich Reinsurance, R & V Reinsurance,
Scar Reinsurance and Swiss Reinsurance Company. All other reinsurers carry lines under 10%. The Group's
business model supports the placement of specialty risk directly in the overseas market on a per risk basis.
In keeping with the Group's risk policy, placement of these risks are with several reinsurers. A.M Best (Best)
and Standard & Poor's (S & P) ratings for the major reinsurers are as follows:
Munich Reinsurance Company
R & V Reinsurance
Scor Reinsurance Company
Swiss Reinsurance Company
A.M Best
S&P
2023
A+
A+
A+
2022
A+
A+
A+
2023
AA-
A+
A+
AA-
2022
AA-
AA-
AA-
AA-
(d) The amount of reinsurance recoveries recognised during the period is as follows:
Engineering
Fire
General Accident
Liability
Marine
Motor
Group
Company
2023
$'000
81,633
226,285
41,704
(7,626)
8,415
681,429
1,031,840
2022
$'000
35,290
(93,601)
138,066
11,975
(22,821)
465,215
534,124
2023
$'000
44,986
194,810
23,005
(10,845)
3,725
633,710
889,391
2022
$'000
34,422
(99,255)
139,361
10,256
(22,759)
439,377
501,402
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 131
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 132
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 133
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 134
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 135
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 136
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 137
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 138
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 139
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 140
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 141
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 142
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 143
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 144
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 145
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 146
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 147
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 148
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 149
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 150
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 151
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 152
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 153
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 154
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 155
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 156
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 157
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 158
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 159
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 160
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 161
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 162
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 163
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 164
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 165
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 166
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 167
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 168
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 169
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 170
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 171
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 172
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 173
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 174
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 175
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 176
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 177
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 178
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 179
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 180
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 181
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 182
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 183
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 184
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 185
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 186
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 187
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 188
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 189
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 190
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 191
General Accident Insurance Company Jamaica LimitedNotes to Financial Statements31 December 2023(expressed in Jamaican dollars unless otherwise indicated) 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 13, 2024, 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, 2023.
For Against
2. To authorise 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 Gregory Foster as a Director of the Board of the Company. For Against
3. (b) To re-appoint Matthew Lyn as a Director of the Board of the Company.
For Against
3. (c) To re-appoint Duncan Stewart 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 2023, being $202,527,187.97 or 19.639 cents
per ordinary share, as the final dividend for the year.
For
Against
Signed this
Signed:
Signed:
Name:
Name:
day of
2024:
(signature of primary shareholder)
(signature of joint shareholder, if any)
(print name of primary shareholder)
(print name of joint shareholder, if any)
196
ANNUAL REPORT 2023