Date: June 26, 2018
Key Insurance Company Limited (KEY) held its 2nd Annual General Meeting today at the Spanish Court Hotel. Opening remarks were made by Chairman, Mrs. Natalia Gobin-Gunter, where she reported on the positive performance of the Company for the year ended December 31, 2017. She highlighted the Company boasted revenues of $1.4 billion, marking the second successive year in which the Company recorded revenues in excess of one billion dollars. This translated to the Company enjoying a net profit of $42.7 billion, reversing the loss position of $42.2 million reported a year earlier.
Mrs. Gobin-Gunter indicated the improved performance was embedded by KEY’s commitment to leaner, more efficiency, cost contained operations for FY2017. Notably, in a bid to grow their core business, she pointed out that the Company undertook a strategic review in FY2017. Here, changes were implemented to improve systems within its operations and staff complement as cost-cutting measures were employed over the course of 2017.
Managing Director, Sandra Masterton indicated the Company is now in full gear to strategically implement long-term plans and targets on a phased basis. She alluded to the team’s dedication to improving profitability, increasing shareholders’ equity and the ultimate growth of the Company. She indicated KEY is in an advantageous position as, “we offer more to our customers in order to differentiate ourselves from the rest of the industry”. Currently KEY offers the following competitive advantages:
- Customers get additional coverage free when they buy from KEY
- Free Travel Insurance with a US$10,000- US$20,000depending on the policy level
- Extended opening hours
Outlook
As the Government seeks to establish the Data Protection Act, KEY intends on building a new portfolio where they offer Cyber Liability Insurance. According to the Chairman, “we are seeking to provide limits ranging from US$250,000 to as a high as US$10 million with affordable premiums”. Mrs. Natalia Gobin-Gunter noted the Company is tactically targeting small to medium enterprise as they “are at a greater risk of cyber-attack”.
Main features of Key Cyber Liability Insurance
- Incident Response Service is automatically included
- Privacy and Network Security Liability
- Privacy Regulatory Defence and Penalties
- Digital Media Liability
- Network Interruption and Loss of Income
- Cyber Extortion
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