IGI combined ratio rises to 103% in 2017
United Arab Emirates-based International General Insurance Holdings (IGI) saw its combined ratio deteriorate to 103 percent in 2017, compared to 87.5 percent in 2016.
The year 2017 was the most expensive for catastrophe losses on record, according to IGI.
“IGI’s full year results were announced against the backdrop of a very difficult year, which saw a competitive trading environment continue to keep pressure on rates, followed by catastrophe losses in the third quarter,” said CEO Wasef Jabsheh. “Despite this, we stuck to our strategy of strict underwriting discipline and focused on maintaining a healthy and diversified portfolio.”
Gross written premiums grew 19 percent year on year to $275.34 million, driven by all of IGI’s major lines of business. The group reported net profit of $7.9 million in 2017 compared to $32.1 million the year before. Investment income rose by 28 percent year on year to $14.6 million.
“We view the coming year with optimism,” Jabsheh said. “Last year’s losses will likely improve market conditions over the coming months and drive sustainable premium growth in the near future. IGI is poised to benefit from the enhanced environment and will continue its focused profitable growth strategy.”
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