The Tribune

By FAY SIMMONS

Tribune Business Reporter

jsimmons@tribunemedia.net

A local insurance company has seen an over $1m loss for the first nine months of 2024.

Bahamas First reported a loss of $1.1m over the first nine months of 2024, according to their unaudited quarterly report for as at September 2024.

Alison Treco, executive chairman, said the insurance service result for the period improved by 13.2 percent or $1m largely in part to a more favourable claims loss ratio for their Cayman subsidiary which had been previously plagued with problems stemming from delays in processing claims as a result of introducing a new information technology (IT) system.

“For the nine months ended September 30, 2024, the group reported a total comprehensive loss of $1.1m compared to $0.8m for the nine months ended September 30, 2023,” said Ms Treco.

“During the period, the insurance service result improved by 13.2 percent in comparison to the nine-month period in 2023, which amounted to a $1.0m increase. A more favourable claims loss ratio for Cayman health was the largest contributor to this performance.”

She noted, however, that the improved claims loss ratio was “surpassed” by lower investment gains, due to the decline of the share price of one investment.

“However, this positive result was surpassed by lower investment gains during 2024 than in 2023, as investment gains reported through other comprehensive income was $1.2m lower during 2024 primarily due to the decline in the share price of one investment,” said Ms Treco.

For the third quarter, Bahamas First reported a total comprehensive income of $2.6m compared to $2.2m for the same period last year.

“Similar to the year-to-date experience, the insurance service result improved over prior period by $1.1m, while the investment gains within other comprehensive income were less favourable by $0.7m when compared to prior year,” said Ms Treco.