Report on Insurance and Pensions 2007 - Central Bank of Trinidad ...

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INSURANCE COMPANIES REINSURANCE 3.18 Ninety-nine per cent (99%) of life insurance premiums written during 2007 by fifteen (15) local companies was retained in the local economy (2006 – 98%); ninety-one per cent (91%) was retained by Regional Companies. REINSURANCE - LONG-TERM INSURANCE BUSINESS - 2007 COMPANIES GROSS PREMIUMS NET PREMIUMS NET RETENTION RATIO LOCAL American Life and General Insurance Company (Trinidad and Tobago) Limited $ 157,403,798 $ 152,252,061 % 96.73 Bancassurance Caribbean Limited 6,711,094 4,880,549 72.72 British American Insurance Company (Trinidad) Limited 336,693,765 334,937,431 99.48 Caribbean Atlantic Life Insurance Company Limited 231,153 220,179 95.25 Colonial Life Insurance Company (Trinidad) Limited 5,061,683,224 5,055,605,253 99.88 Cuna Caribbean Insurance Society Limited 72,541,558 70,116,660 96.66 Guardian Life of the Caribbean Limited 221,476,014 189,416,067 85.52 Maritime Life (Caribbean) Limited 95,872,576 89,836,857 93.70 Mega Insurance Company Limited 30,796,165 26,179,168 85.01 Nationwide Insurance Company Limited 2,604,376 3,035,344 116.55 ScotiaLife Trinidad and Tobago Limited 107,209,507 88,796,132 82.82 Tatil Life Assurance Limited 79,242,848 73,200,787 92.38 The Beacon Insurance Company Limited 309,461 160,416 51.84 The Demerara Life Assurance Company of Trinidad and Tobago Limited NR NR NR The Reinsurance Company of Trinidad & Tobago Limited 120,285 120,285 100.00 United Security Life Insurance Company Limited 492,570 492,570 100.00 TOTAL 6,173,388,394 6,089,249,760 98.64 28 REPORT ON INSURANCE AND PENSIONS
LONG-TERM INSURANCE BUSINESS REINSURANCE - LONG-TERM INSURANCE BUSINESS - 2007 (continued) COMPANIES GROSS PREMIUMS NET PREMIUMS NET RETENTION RATIO REGIONAL $ $ % Sagicor Life Incorporated 354,529,103 322,739,074 91.03 TOTAL 354,529,103 322,739,074 91.03 OTHER Sun Life Assurance Company of Canada 37,166 37,166 100.00 TOTAL 37,166 37,166 100.00 GRAND TOTAL 6,527,954,663 6,412,026,000 98.22 Valuation <strong>Report</strong>s 3.19 Section 113 of the Insurance Act Chap. 84:01 requires that each company transacting longterm insurance business submit an Actuarial Valuation <strong>Report</strong> at intervals of three (3) years or such shorter periods as the Central Bank in its discretion notifies the company. <strong>Report</strong>s were received from the following companies: • American Life and General Insurance Company (Trinidad and Tobago) Limited • Beacon Insurance Company Limited • Bancassurance Caribbean Limited • British American Insurance Company (Trinidad) Limited • CUNA Caribbean Insurance Society Limited • Guardian Life of the Caribbean Limited • Mega Insurance Company Limited • ScotiaLife Trinidad and Tobago Limited • Tatil Life Assurance Limited • The Reinsurance Company of Trinidad and Tobago Details are contained in Tables XXII to XXXI REPORT ON INSURANCE AND PENSIONS 29
Page 1: ISSN 1995-7173
Page 4 and 5: TABLE OF CONTENTS Paragraph Referen
Page 6 and 7: TABLE OF CONTENTS LIST OF TABLES TA
Page 8 and 9: OVERVIEW OF THE INSURANCE INDUSTRY
Page 14 and 15: PART I - INSURANCE COMPANIES 3. LON
Page 16 and 17: INSURANCE COMPANIES New Business Wr
Page 18 and 19: INSURANCE COMPANIES FIGURE 5 Long-T
Page 20 and 21: INSURANCE COMPANIES 3.06 Policies d
Page 22 and 23: INSURANCE COMPANIES 3.10 Assets pla
Page 24 and 25: INSURANCE COMPANIES Local Assets Ra
Page 26 and 27: INSURANCE COMPANIES 3.17 Net Premiu
Page 28 and 29: INSURANCE COMPANIES FIGURE 7 Long-T
Page 32 and 33: GENERAL INSURANCE BUSINESS 4. GENER
Page 34 and 35: INSURANCE COMPANIES Statutory Depos
Page 36 and 37: INSURANCE COMPANIES DEPOSITS RETAIN
Page 38 and 39: INSURANCE COMPANIES GENERAL INSURAN
Page 40 and 41: INSURANCE COMPANIES SCHEDULE SHOWIN
Page 42 and 43: INSURANCE COMPANIES Underwriting Re
Page 44 and 45: INSURANCE COMPANIES REINSURANCE - M
Page 46 and 47: INSURANCE COMPANIES SCHEDULE SHOWIN
Page 48 and 49: INSURANCE COMPANIES FIGURE 10 OTHER
Page 50 and 51: INSURANCE COMPANIES REINSURANCE - P
Page 52 and 53: INSURANCE COMPANIES REINSURANCE - O
Page 54 and 55: INSURANCE COMPANIES MARGIN OF SOLVE
Page 56 and 57: INSURANCE COMPANIES 5. ASSOCIATION
Page 58 and 59: INSURANCE INTERMEDIARIES Examinatio
Page 60 and 61: PENSION FUND PLANS 7.09 The followi
Page 62 and 63: PENSION FUND PLANS Balance Sheets 7
Page 64 and 65: PENSION FUND PLANS FIGURE 12 PENSIO
Page 66 and 67: ACTUARIAL INVESTIGATIONS SUMMARIES
Page 80 and 81:
ACTUARIAL INVESTIGATIONS SUMMARIES
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APPENDIX A Directors: Secretary: Au
Page 84 and 85:
APPENDIX A Directors: Secretary: Au
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APPENDIX A CARIBBEAN INSURANCE COMP
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APPENDIX A COLONIAL FIRE AND GENERA
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APPENDIX A CUNA CARIBBEAN INSURANCE
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APPENDIX A FURNESS ANCHORAGE GENERA
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APPENDIX A GUARDIAN GENERAL INSURAN
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APPENDIX A GULF INSURANCE LIMITED I
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APPENDIX A MARITIME LIFE (CARIBBEAN
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APPENDIX A MOTOR ONE INSURANCE COMP
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APPENDIX A THE REINSURANCE COMPANY
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APPENDIX A SAGICOR GENERAL INSURANC
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APPENDIX A SCOTIALIFE INSURANCE LIM
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APPENDIX A TATIL LIFE ASSURANCE LIM
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APPENDIX A THE GREAT NORTHERN INSUR
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APPENDIX A THE PRESIDENTIAL INSURAN
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APPENDIX A UNITED INSURANCE COMPANY
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APPENDIX B LIST OF REGISTERED AGENT
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List of Registered Agents List of A
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Page 124 and 125:
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Page 130 and 131:
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APPENDIX C LIST OF BROKERS REGISTER
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APPENDIX D LIST OF REGISTERED ADJUS
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Appendix e LIST OF PENSION PLANS RE
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Appendix e LIST OF PENSION PLANS RE
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Appendix e INSURED PENSION FUND PLA
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Appendix e ANNUITIES 1. A.S. Bryden
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Appendix e list of registered pensi
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TABLES TABLE I REVENUE ACCOUNT IN R
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- 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11
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1. 2. 3. 4. 1. 2. 3. 4. TABLES TABL
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1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 1. 1
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1. 2. 3. 4. 5. TABLES TABLE VI REVE
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1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.
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TABLES TABLE X COMPANIES LOCAL 1. A
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172TABLES TABLE XIA STATEMENT OF ST
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1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.
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TABLES TABLE XV REVENUE ACCOUNT IN
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TABLES TABLE XVI REVENUE ACCOUNT IN
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TABLES TABLE XVIII REVENUE ACCOUNT
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1. 2. 3. 4. 1. 2. 1. 2. 3. 4. 1. 2.
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TABLES TABLE XXI UNDERWRITING RESUL
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TABLES TABLE XXIII SUMMARY AND VALU
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TABLES TABLE XXV SUMMARY AND VALUAT
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TABLES TABLE XXVII SUMMARY AND VALU
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TABLES TABLE XXIX SUMMARY AND VALUA
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TABLES TABLE XXXI SUMMARY AND VALUA
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TABLES TABLE XXXIII DEPOSIT ADMINIS
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TABLES TABLE XXXIII continued DEPOS
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1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.
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51. 52. 53. 54. 55. 56. 57. 58. 59.
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TABLES TABLE XXXV NAME OF PLAN Fund
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TABLES TABLE XXXV continued SELF-AD
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