NASSAU, BAHAMAS – J S Johnson, the BISX listed agent and broker, saw its consolidated net income fall 26 percent as a direct result of Hurricane Dorian.
The insurer reported a third quarter cumulative loss of $2.2 million in its third quarter interim report.
Alister McKellar, the BISX-listed broker and agent’s managing director, said: “Consolidated net income fell 26 per cent as a direct result of Hurricane Dorian despite total income rising some 13 percent.
“Net claims incurred increased 170 per cent from $1,570, 473 to $4,241,063 and impacted our underwriting segment turning second quarter profit of $906,495 into a third quarter cumulative loss of $2,256,757.”
On a positive note, McKellar noted net income in the insurer’s agency division increased 27 percent with the largest rise witnessed in net revenue from contracts with customers, an indicator of strong sales growth and recovery in the economy ahead of Dorian.
The insurer reported that net revenue from contracts with customers at September 2019 stood at $15,290,129 and net premiums earned at $3,121,810.
Outstanding claims, however, saw a dramatic increases with outstanding claims at September 2019 at $129,224,441 compared to $8,660,276 in September 2018.