While life insurers are befitting from the change in reserve requirements, leading to higher investment income, general insurers saw a fall off in earnings for the quarter ended March, according to data from the Financial Services Commission (FSC).
There are 10 general insurance companies in operation, overseeing assets of $72 billion.
The six life insurers hold assets of $292 billion. For them, a reduction in minimum capital ratios, means they have more resources available for investment.
In the March quarter, general insurers experienced a 49 per cent reduction in net income after tax to $400 million. Life insurers net income rose to $5 billion, compared to $3.1 billion at March 2016.
Garth Rowe, chairman of the finance committee-general insurance, at the Insurance Association of Jamaica, confirmed the downswing in underwriting results for general insurers on Thursday.
Leave A Comment