|PROFIT TRACK AFTER THE EARTHQUAKE|
|The reinsurance program that Mr. Ricardo had pain stakingly put in place was triggered into action to minimize the disruption to his insurance business after the earthquake.
The companyís recovery strategy was activated to seek reinsurance recovery from its first and second surplus treaties. The payouts together with some internal measures were mainly used to fund the rebuilding of the various insured buildings and reinstatement of damage properties.
In 2000, Promiselandís business remained viable. The company had focused on expanding the insurance business and rationalizing overseas operations.
The earthquake had resulted in lower profitability in 1999 and higher operating costs but Promiseland had managed to survive through the catastrophe, with the help of the claims recoveries from the reinsurers.
To date, the company reported a 15% increase in gross premium income.