IGI: Irma losses will be within budget
International General Insurance Holdings
(IGI) is set for further steady growth as it
prioritises profit over expanding too quickly,
according to Waleed Jabsheh, president of IGI
Bermuda and executive director of IGI UK.
Speaking at the Monte Carlo Rendez-Vous,
Jabsheh said that the company had enjoyed a
good 2016/17 period as it continues to build
out its footprint in its main market of the
Middle East and North Africa (MENA) area,
as well as growing its profile in areas such as
London and Malaysia.
Asked if the company had any exposure to
Hurricane Irma, Jabsheh said that it was too
early to understand what the full impact would
be and added that he hoped the number of
fatalities would be limited.
“Irma and Harvey are devastating events.
From a business perspective we do have
exposure in those part of the world,” he told
Monte Carlo Today.
“We are not a US underwriter, but we
do write Caribbean business, so we will have
exposure. However, we believe that it is very
limited when it comes to Irma and will fall
within our budget.”
Jabsheh said that, in some ways, an event
such as Irma was needed in a market where
margins are being squeezed, profits are reduced
and combined ratios are up.
He said that market conditions this year
were largely the same as last year’s, but that in
some places they had deteriorated a little further,
with rate reductions continuing, albeit at a less
aggressive pace than last year. He therefore
hoped that events such as Irma, Katia and the
recent Mexican earthquake will change things.
Jabsheh was appointed to the additional
position of executive director at the end of
August and will be moving to IGI’s London
office from his former MENA base in Amman,
Jordan. He will retain his position as president
of IGI Bermuda. His task in London will be
to assist IGI UK CEO Andreas Loucaides in
growing IGI’s international business. n
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