Jamaica General Insurance Company Limited (JNGI) says it will shutter another five branch locations by Thursday, October 31, bringing the closures to nine this month.
The five are located in Port Antonio, Brown's Town, May Pen, Santa Cruz and Savanna-la-Mar.
Another four were shuttered on October 7, and the locations converted to JN Money Shop outlets.
JNGI said Monday that its customers outside the Corporate Area will now be served from three fully equipped hubs in Montego Bay, Mandeville and Ocho Rios.
Two main branches in downtown Kingston and New Kingston, along with sub-branches in Half-Way Tree and at MegaMart in Kingston, remain operational in the capital.
"We believe that operating from seven branches will make it easier for us to provide this, than from the sixteen-branch network," said JNGI General Manager Chris Hind.
"Our goal is for JNGI to operate on First-World terms, providing our customers with First-World service levels," said Hind. "Your best insurer should be strong and dynamic."
In September, Hind said in response to Wednesday Business queries that the first four closures - Junction, Christiana, St Ann's Bay and Falmouth - were part of a branch-restructuring exercise.
"This is part of a move to improve the effectiveness of our customer-service delivery," he said. "In this challenging economic environment, we need to take measures to improve our viability."
The company, which just last year which went through a name change to align with the brand of parent, Jamaica National Building Society, reported marginal growth in gross premium revenue and a near 50 per cent decline in profits at financial year end December 2012.
JNGI reported gross revenue of J$2.9 billion, up by about four per cent relative to 2011, but saw higher claim expenses and reduced flows in non-core income.
Net profit fell for the reporting period from J$532.9 million to J$284.6 million or 46.6 per cent.
At year end, December 2012, JNGI grew its asset base to J$7.8 billion, which was then roughly 15 per cent of the total general insurance market estimated at J$53.2b in assets at September 2012.
JNGI, formerly NEM Jamaica, is the oldest general insurance company in Jamaica.
Remaining operational are the head office in downtown Kingston, and branches in New Kingston, MegaMart Kingston, Ocho Rios and Mandeville.