Rob Bygrave, the CFO of Klapton announced that that the 2019 Financial Statements have been approved by the Board. For the third consecutive year, SECC, a leading West African audit firm have issued a clean audit report in respect of these Financial Statements.
Mr Bygrave stated that these Financial Statements reflect a significant, but expected rise in Gross Written Premiums from 2018 of 112%, driven by important contributions from our three hubs in Anglophone Africa, Francophone Africa and Asia. Net claim incurred rose but this is expected in line with premium growth. There were also rises in administrative expenses, largely in staff costs , being a combination of strengthening our team in line with rising business levels and also pay rises and bonuses to reward and retain key staff.