BCIC – only insurer to refund premiums during COVID-19

by Marlon Madden

In its 60th year in existence, British Caribbean Insurance Company (BCIC) is celebrating becoming an AM Best rated company.

The Jamaica-based general insurer, which opened an office in Barbados in 2017, was recently assigned a Financial Strength Rating of B++ (Good) by insurance rating agency AM Best. The outlook assigned to this Credit Rating is stable.

A rating of B++ (Good) is assigned to insurance companies that have, in AM Best’s opinion, a good ability to meet their ongoing insurance obligations.

“The rating reflects BCIC’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management (ERM),” BCIC said in a statement.

Managing Director of BCIC Peter Levy said AM Best’s assessment that BCIC’s balance sheet is “very strong” is an early birthday gift for BCIC as it turns 60 October this year.

“That strength has enabled us to deliver on our promises to customers after Hurricane Gilbert in 1987, Hurricane Ivan in 2004, and to all the other catastrophes and losses throughout our 60-year history. It also allowed us to be the only company in Barbados to refund premiums to our customers when COVID restrictions prevented them from driving,” said Levy.

According to AM Best, “BCIC has a proven track record of solid underwriting and overall operating results. Overall earnings have been driven by favourable underwriting performance, as evidenced by the company’s combined ratios over the prior five- and 10-year periods, underpinned by a low expense ratio”.

“Investment income has been a steady contributor to the company’s strong operating results. Return metrics have been solid and ranks BCIC favourably in comparison with its Caribbean peers.

The company’s operating performance has benefited from BCIC’s appropriate ERM framework, comprehensive reinsurance programme and prudent underwriting guidelines,” it added.

BCIC underwrites the major lines of general insurance including property, motor, accident, liability, marine and financial guarantees. 

marlonmadden@barbadostoday.bb