BUSINESS MONDAY: Mixed results for Co-operators General Insurance Company

THE Co-operators General Insurance Company Limited had another creditable year of operations, Chairman Kelvin Whittaker has reported.

Like several other businesses across economic sectors in Barbados, the company, which is owned by the local credit unions, has had to come to grips with lower economic activity and the impact of the COVID-19 pandemic.

In a review of the insurance company’s operations, Whittaker said that while the domestic general insurance market experienced a challenging period, the company had mixed results during its financial year to May 31, 2020.

The Chairman said that, among other things, gross premiums written were higher during the review period by almost seven per cent, compared to 10.89 per cent a year earlier.

“There was another welcomed decrease in net claims incurred, and total underwriting income increased 1.70 per cent and net underwriting income had an increase of 7.49 per cent,” the company official pointed out.

In addition, Whittaker indicated that there was further growth in the company’s assets and its capital base.

According to him, total assets, share capital and shareholders’ equity increased 2.39 per cent, 4.49 per cent and 5.6 per cent respectively, all confirming the continued strengthening of the company’s balance sheet.

It was pointed out that the company’s Balance Sheet and Comprehensive Income were impacted by the fair valuing of certain investments and the application of Expected Credit Loss Models as required by the new International Financial Reporting Standard (IFRS) 9.

The Chairman has promised that the insurance company will continue to ensure that there is focused leadership and management, robust internal controls and excellent customer service.

“The Board of Directors and Management will continue to set higher but realistic targets for achievements in the future,” Whittaker added.