Losses have climbed at Iron Rock Insurance during the March quarter, with the company remaining in the red.
Net loss increased to J$11.6 million, up from J$5.2 million in 2022 but the company continued to have strong growth in revenues, which increased by J$80 million to J$310.4 million. This is an increase of 35 per cent when compared to the corresponding period in 2022.
Evan Thwaites, Iron Rock managing director, indicted that the growth was driven by property insurance noting that the company, “encountered growth across all classes, but in particular in property insurance, where rates have increased substantially and in our Marine Cargo portfolio which has benefitted from the continued increase in economic activity, post COVID-19.
Turning to insurance service expenses, Iron Rock reported a moderation in motor claims during the quarter. However, inflation continues to affect its operating expenses. The increase in insurance service expenses of J$18 million or 15 per cent is due mainly to increased expenses.
Thwaites says investments continue to perform well, arguing that with interest rates remaining at elevated levels, investment income has grown by 30 per cent when compared to the prior period and contributed to a 36 per cent increase in other income.
Consequently, for the March quarter, Iron Rock’s Insurance Service result exhibited a cut in earnings to J$1.0 million compared to J$4.4 million in the prior year.