June 29, 2018
Driven by Growth and proactively engaged in serving its clientele, Key Insurance Company has differentiated itself with products that ”offer more for the money”. Its newest product -Cyber Liability Insurance, a forerunner in the local insurance industry, was introduced at the Company’s second Annual General Meeting (AGM) held recently. The main features of the policy cover, breach and network security, automatic incident response, forensic investigation and legal expenses, to name a few.
Sandra Masterton, Managing Director, Key Insurance Company Limited (KICL), provided shareholders with a comprehensive look at its 2017 performance.The Company reversed the $42.2 million loss in 2016, growing profits to $42.7 million in 2017, with an increase of 33 percent in gross written premiums, net premium by 44 percent and motor premiums by 33 percent. The Managing Director noted that the Company’s Minimum Capital Test (assessment of capital adequacy or liquidity) stood at 294 percent above the FSC’s required 250 percent.
In addition to the new Cyber Insurance, Masterton also highlighted the Company’s motor insurance policy, which provides free travel insurance up to US$20,000, depending on the level of coverage, with every motor insurance policy purchased. Additionally, Key is the only insurance company that has an annual travel policy for medical expenses and evacuation covering unlimited trips with a maximum number of days for the year, along with free Household Contents Insurance of $1.5 million.
The AGM ended with the prospect of a more profitable 2018.