Gross written premiums (‘GWP’) grew by a modest 0.5% to USD 208m in FY20 as performance in the underlying markets was largely impacted by the slow economic activity because of pandemic induced lockdowns. Going forward, Zep Re is shifting focus towards consolidating its position in the COMESA region, which had a GWP contribution of 78% in FY20 from 75% in FY19. Contribution of the COMESA region towards GWP is targeted at 80% in FY21 with a near-term target of 85% following exits from some of the riskier markets. While this is likely to put pressure on premium growth, it is expected to boost future underwriting results.
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