June 22, 2017
Key Insurance Company Limited (Key) held its first Annual General Meeting (AGM), as a public company on Wednesday June 14th, 2017, at the Spanish Court Hotel, in the business district of New Kingston. The Company celebrated a historic achievement of over $1 billion in premium income and provided shareholders with a positive outlook.
Despite the Insurance Industry experiencing a soft market worldwide, the Company reported a relatively strong financial position. The landmark feat of $1 billion in premium income was largely due to a 40 percent increase in motor premiums and despite 13 percent decline in non-motor business premiums the Company attained overall growth in premiums. Key was hit with three major claims amounting to 77 percent of the claims expense for the year but due to prudent underwriting and reinsurance, 96.5 percent of the losses incurred have been recovered. The Company is backed by some of the world’s largest and most financially stable reinsurers.
Key is making upgrades to its IT platform which will in turn improve the customer experience, including: automatic quotations for prospective clients, roadside assistance, and the ability to view accounts and documents online.
Sandra Masterton, Managing Director announced the Company’s new strategic direction which is to be executed over two phases, firstly the renewal phase from 2017 to 2018 aimed at growing the business, while the second phase is to be implemented from 2018 to 2021 under the theme of Growth and Innovation and will focus on building shareholder value.
Several young persons in the room, as this underscores the potential that Junior Market companies such as Key Insurance Limited can unlock for the benefit of the investing public and the wider good of the nation.
About Key Insurance Company Limited
Key Insurance Limited is located at 6C Half Way Tree Rd, Kingston 5, Jamaica. An independent entity, the Company commenced underwriting in 1983 and was founded by the late Sonny Gobin. Key Insurance Limited has grown over the years to be recognised as a meaningful player in the industry. Over a span of some thirty-four (34) years, the Company opened five additional branches, located in Ocho Rios, Mandeville, Montego Bay, Portmore and the most recent, May Pen, which was opened in 2013. The Company is currently licensed by the Financial Services Commission of Jamaica (FSC) to provide insurance. Key Insurance Company Limited was successfully listed on the Junior Market of the Jamaica Stock Exchange on Tuesday, March 29, 2016.