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General Accident grows insurance revenue as it eyes regional scale
Chairman signals strategic expansion, improved business mix and cautious optimism for 2025 performance
Kingston, Jamaica — Regional insurance provider General Accident Insurance Company (GENAC) has recorded the highest insurance revenue in the company’s history, achieving earnings of $11.4 billion in 2024, an increase of $2.9 billion or 33% over the prior year.
At the company’s annual general meeting (AGM) on Friday, September 12, Paul B. Scott outlined GENAC’s long-term strategy to build a scalable, regionally diversified insurance platform, while pointing to further improvements expected in 2025.
Looking at the Group’s performance, General Accident Jamaica maintained its position as one of the largest underwriters of general insurance risks, with insurance revenue of $8.7 billion for the year ending December 31, 2024, an increase of $2 billion or 29% over 2023.
Operations in Trinidad and Tobago achieved profitability for the second consecutive year, while Barbados reached profitability for the first time.
Trinidad & Tobago
In Trinidad insurance revenue increased by 48 per cent over 2023, buoyed by strong customer retention, enhanced technology, and solid partnerships and net profit totalling $27.7 million in the year ended December 31, 2024.
Barbados
Meanwhile, in Barbados, revenue increased by 33% to $755.5 million, driven by the expansion of the company’s property and motor portfolio.
Motor Insurance Portfolio Strong
Speaking at Friday’s AGM, Scott also reaffirmed GENAC’s ambition to become the premier general insurance platform in the Caribbean, noting that scale is essential for long-term competitiveness — particularly in reinsurance negotiations.
Scott noted that while certain regulatory processes have influenced the pace of expansion, the company remains confident that these initiatives will advance in the near term. “Once approvals are in place, we expect to begin realizing benefits later this year,” he said.
He also highlighted the company’s evolving business mix, with motor insurance now representing more than half of segment revenues, up significantly from a predominantly property-heavy portfolio a decade ago. “Motor is now a core component of our business and will continue to grow,” Scott told shareholders at the AGM convened at the company’s offices on 58 Half Way Tree Road in Kingston.
He added: “We’ve seen consistent year-on-year growth in motor, and we believe it will play an even greater role in the years ahead.”
Market Share
GENAC currently holds a 23% share of the local property insurance market and a 14% share in motor. It sees greater short-term opportunity to expand its position in motor, which Scott said is likely to outpace property growth over the coming years.
Property insurance Market
Motor insurance Market
Scott reasoned there’s greater short-term potential in expanding its motor insurance portfolio compared to further gains in the property segment.
Scott noted that GENAC’s experienced management team remains focused on data-driven underwriting.
Positive Outlook
General Accident achieved a group-wide net profit of $248.3 million, reversing a loss from 2023, in a performance impacted by elevated reinsurance. Scott said the company was tracking toward a strong 2025 — potentially its most profitable year yet, barring any major catastrophe events.
He emphasised that GENAC’s core promise remains unchanged: “Our commitment to clients is simple — if something happens to them, we will put them back in a better position. That’s what we do.”
The Group remains well capitalised with an equity book value of $4.2 billion, providing stability to weather any potential economic challenges of 2025. Total assets increased by 24% to $12.2 billion, up from $9.8 billion in 2023.
