IGI unveils Q3 and 9M 2022 outcomes

Commenting on the outcomes seen, IGI chairman and CEO Wasef Jabsheh famous that the insurer recorded one other robust set of ends in Q3 2022, persevering with the momentum of the prior two quarters and leading to a mixed ratio of 73.6%. Market situations and charges are holding up throughout IGI’s portfolio, he mentioned, and it continues to develop at a gradual tempo, with GWP up over 11% year-to-date.

“As always, our primary focus is on profitable growth, diversification and managing volatility,” Jasbsheh mentioned. “As we look forward to 2023, we proceed to carefully monitor the broader financial results of rising inflation and rates of interest in addition to international change actions.

“The effect of the strengthening U.S. Dollar against our transactional currencies, the Pound Sterling and the Euro, particularly in our long-tail business which accounts for about a third of our total gross premiums, was evident in prior quarterly results and is again evident in the third quarter, resulting in a positive impact on our underwriting results.”  

He added that IGI expects to see additional alternatives to proceed on its worthwhile progress trajectory. While the corporate was much less impacted than others by latest headline occasions, he mentioned, particularly the devastation of Hurricane Ian, these catastrophic incidents offered a reminder of why insurers do what they do – to offer peace of thoughts in instances of uncertainty.

“That is our purpose and our commitment at IGI,” he mentioned, “and it is what enhances the value that we provide to our customers and our shareholders.”