General Accident Insurance Company Jamaica Limited (GenAc) delivered its strongest revenue performance in the company’s history in 2025, recording J$13.1 billion in insurance revenue, a 14 per cent increase over the previous year, while navigating Hurricane Melissa’s significant financial impact on the Group.

The record performance, outlined in the general insurer’s 2025 Annual Report, was accompanied by a sharp recovery in profitability. Profit after tax increased 82 per cent year-over-year to J$451.5 million. The Group’s return on equity also improved from 6.5 per cent to 10.9 per cent.

General Accident credits the results to the strength of the Group’s underwriting platform, disciplined risk selection, cost management and growing regional diversification. 

“2025 was a landmark year for General Accident,” said P.B. Scott, Chairman of General Accident. “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.”

Resilience tested by Hurricane Melissa

The Group’s performance was achieved against the backdrop of Hurricane Melissa, which had a significant financial impact on General Accident. Despite this hurdle, the regional Group’s underlying profitability was strong enough to absorb the impact while still delivering a substantial improvement in the results for the financial year. Hurricane Melissa also validated the Group’s risk management and conservative reinsurance program.

The hurricane also provided an opportunity for General Accident to demonstrate the value of insurance beyond the balance sheet. Its claims teams responded with speed, empathy and professionalism, processing claims efficiently and supporting policyholders during a difficult period.

Regional diversification delivers

General Accident’s performance across its three markets continues 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 J$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 J$1.05 billion and profit after tax reaching J$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 J$9.7 billion, up 12 per cent over 2024, while profit after tax reached J$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.

Beacon acquisition marks strategic next step

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 Chairman P.B 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 insurance in Trinidad, as well as a presence in Barbados and the wider Eastern Caribbean. General Accident believes the synergies from the combined entity could create substantial value for shareholders, policyholders and the wider Caribbean community.