Thursday, Jul 19, 2018

Loss at ICBL

Loss at ICBL
29 Jun
2018

The Insurance Corporation of Barbados Limited has announced a net loss of $0.3 million in its just released consolidated financial statements.

Chairman John Wight, in his chairman's review, says the $0.3 million net loss, compared to a net loss of $0.5 million for the corresponding period last year.

He says the results were reflective of the challenges facing ICBL's policyholders in this economy, along with continued pressure on the motor account profitability, which suffered from a continuing trend of high frequency and severity of claims.

The chairman says the company, therefore, reaffirms its commitment to focus on what it can control, adding that ICBL remains very well capitalized, which is important for policyholders who need the confidence that their claims will be paid.

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