General Accident records highest-ever revenue despite Hurricane Melissa

KINGSTON, Jamaica — General Accident Insurance Company Jamaica Limited (GenAc) recorded its highest-ever revenue in 2025, with insurance revenue reaching $13.1 billion, a 14 per cent increase over the previous year, despite the significant financial impact of Hurricane Melissa on the group. According to a release from the company on Monday, the record performance, outlined in its 2025 Annual Report, was accompanied by a sharp recovery in profitability, with profit after tax increasing 82 per cent year-over-year to $451.5 million. The group’s return on equity also improved from 6.5 per cent to 10.9 per cent. General Accident attributed the results to the strength of its underwriting platform, disciplined risk selection, cost management and growing regional diversification. “Despite a year marked by one of the most severe weather events to affect our region in decades and a challenging operating environment across all three of our markets, our results reflect the quality of our underwriting, the resilience of our regional platform and the unwavering commitment of our entire team,” said PB Scott, chairman of General Accident. The group’s performance was achieved against the backdrop of Hurricane Melissa, which had a significant financial impact on General Accident. Despite the impact, the regional group’s underlying profitability was strong enough to absorb the losses while still delivering a substantial improvement in its results for the financial year. General Accident said the hurricane also validated the group’s risk management and conservative reinsurance programme. The company said its claims teams responded with speed, empathy and professionalism, processing claims efficiently and supporting policyholders during the difficult period. General Accident’s performance across its three markets also continued to reinforce the value of its regional expansion strategy. In Trinidad and Tobago, General Accident Insurance (Trinidad and Tobago) Limited recorded its third consecutive profitable year since joining the group. Revenue reached approximately $2.3 billion, with the business continuing to expand its distribution footprint and underwriting capabilities. In Barbados, General Accident Insurance (Barbados) Limited delivered a breakthrough year, with revenue increasing by 38 per cent to $1.05 billion and profit after tax reaching $35.5 million. Growth was supported by the expansion of its property and motor portfolios, increased broker engagement and a growing agent network. The Jamaican business also maintained its position as one of the island’s leading general insurance underwriters, recording insurance revenue of $9.7 billion, up 12 per cent over 2024, while profit after tax reached $407 million. Strong performance from its motor and property portfolios was supported by disciplined risk selection, a growing broker and agent network and continued investment in digital distribution. Looking ahead, General Accident is positioning its regional platform for its next phase of growth. The proposed acquisition of the Beacon Insurance Company Limited (Beacon) was identified by Scott as the most strategic development of 2025. The proposed transaction remains subject to regulatory approval and is expected to strengthen General Accident’s evolution into a leading Caribbean insurance group. Beacon is an established insurer with a dominant position in motor.