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.

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