As Key Insurance Company Limited seeks to bolster its travel insurance division in response to escalating expenses associated with its primary motor segment, the company has taken proactive measures to expand its offerings. In anticipation of the upcoming summer Olympic Games in France, Key recently unveiled a dedicated travel insurance portal on its website to cater to the influx of tourists expected to attend the event.
Leading the charge is Key’s General Manager, Tammara Glaves-Hucey, who emphasized the importance of travel insurance for all individuals planning to visit France for the Olympics. With an estimated 15 to 19 million global visitors anticipated in France during the games, Key aims to attract a portion of Jamaican travelers to secure travel insurance through their newly launched portal.
Key Insurance’s current revenue predominantly stems from motor insurance, particularly targeting individuals in the middle to low-income brackets seeking basic coverage for their first vehicles. Glaves-Hucey identified BCIC as the company’s primary competitor within this realm. In a strategic move to diversify its insurance portfolio, Key offers travelers a comprehensive coverage package through its portal. This package includes provisions for lost luggage, trip cancellations, medical expenses, accidental death, and more, catering to various needs during travel.
While the company reported a profit of $9.9 million for the March 2024 quarter, it incurred losses within its core insurance services segment. Glaves-Hucey acknowledged the challenges posed by global inflation, reduced consumer purchasing power, and heightened reinsurance costs. Furthermore, the rise in car accidents, particularly among first-time car owners, has contributed to increased claims and associated expenses for Key Insurance.
Emphasizing the importance of responsible driving, Glaves-Hucey highlighted the alarming statistics of car collisions in Jamaica and urged customers to prioritize safety on the road. As the country braces for an active hurricane season, Key Insurance reassures its clients of comprehensive coverage against any potential storms.
As a constituent of the GK Financial Group, Key Insurance stands poised to navigate volatile market conditions and provide exceptional service to its clientele. Despite external uncertainties, the company’s commitment to excellence remains unwavering, ensuring its customers’ protection and well-being under any circumstance.
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