Key Insurance Limited has reported a notable increase in earnings, reaching $15.8 million for the second quarter ending June 2024. This growth is attributed to a 42 percent rise in its investment portfolio and an 8 percent increase in total revenue, driven by the motor insurance segment.
Despite these gains, the company faces rising challenges. Insurance service expenses rose by 17 percent in the quarter, and claims related to motor vehicle accidents surged by $105.2 million, or 21 percent, compared to the previous year. This trend reflects broader issues in Jamaica, where road fatalities continue to climb.
In response, Key Insurance has increased premiums in its motor portfolio. The company is focused on strengthening its internal operations and maintaining resilience against economic fluctuations, rising claims, and potential environmental impacts.
Management, led by Tammara Glaves-Hucey, remains committed to revenue growth and profitability through strategic adjustments and enhanced customer engagement. Key Insurance continues to prioritize risk management and market adaptation to ensure long-term success and shareholder value.
