Report on Insurance and Pensions 2007 - Central Bank of Trinidad ...
Report on Insurance and Pensions 2007 - Central Bank of Trinidad ... Report on Insurance and Pensions 2007 - Central Bank of Trinidad ...
INSURANCE COMPANIES FIGURE 10 OTHER INSURANCE BUSINESS NET PREMIUM INCOME MILLIONS 620 610 600 590 580 570 560 550 540 530 520 510 500 490 480 470 460 450 440 430 420 410 400 390 380 370 360 350 340 330 320 310 300 290 280 270 260 250 240 230 220 210 200 2003 2004 YEAR 2005 2006 2007 Year Net Premium Income Other Insurance Business ($M) 2003 325 2004 291 2005 418 2006 558 2007 619 46 REPORT ON INSURANCE AND PENSIONS
GENERAL INSURANCE BUSINESS Underwriting Results 4.18 In 2007, the underwriting results of property insurance business revealed an overall underwriting profit of $9,129,442. This class of business experienced an overall underwriting loss of $76,672,930 in 2006. Details are summarized in Table XXI. Reinsurance 4.19 An examination of the Premium Analysis statements revealed the following average net retention ratios (i.e. Net Premiums retained as a percentage of Gross Premiums written by Companies). 2003 % 2004 % 2005 % 2006 % 2007 % Property Other (that is, exclusive of Motor Vehicle, Property and Long-Term) 10 70 10 62 12 68 9 68 8 72 4.20 Details of the percentage of Gross Premium retained in respect of property insurance business are as follows: REINSURANCE - PROPERTY BUSINESS 2007 Companies LOCAL GROSS NET NET RETENTION PREMIUMS PREMIUMS RATIO $ $ % American Life and General Insurance Co (Trinidad and Tobago) Limited. 252,168,285 11,997,794 4.76 Bankers Insurance Company of Trinidad and Tobago Limited 5,040,186 1,183,641 23.48 British-American Insurance Company (Trinidad) Limited * 4,787,598 3,949,718 82.5 Capital Insurance Limited 284,492 83,628 29.40 Colonial Fire & General Insurance Co. Limited 77,762,614 7,396,245 9.51 * Not writing new property business. REPORT ON INSURANCE AND PENSIONS 47
- 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 10 and 11: OVERVIEW OF THE INSURANCE INDUSTRY
- Page 12 and 13: 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 30 and 31: INSURANCE COMPANIES REINSURANCE 3.1
- 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 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 68 and 69: ACTUARIAL INVESTIGATIONS SUMMARIES
- Page 70 and 71: ACTUARIAL INVESTIGATIONS SUMMARIES
- Page 72 and 73: ACTUARIAL INVESTIGATIONS SUMMARIES
- Page 74 and 75: ACTUARIAL INVESTIGATIONS SUMMARIES
- Page 76 and 77: ACTUARIAL INVESTIGATIONS SUMMARIES
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- Page 80 and 81: ACTUARIAL INVESTIGATIONS SUMMARIES
- Page 82 and 83: APPENDIX A Directors: Secretary: Au
- Page 84 and 85: APPENDIX A Directors: Secretary: Au
- Page 86 and 87: APPENDIX A CARIBBEAN INSURANCE COMP
- Page 88 and 89: APPENDIX A COLONIAL FIRE AND GENERA
- Page 90 and 91: APPENDIX A CUNA CARIBBEAN INSURANCE
- Page 92 and 93: APPENDIX A FURNESS ANCHORAGE GENERA
- Page 94 and 95: APPENDIX A GUARDIAN GENERAL INSURAN
- Page 96 and 97: APPENDIX A GULF INSURANCE LIMITED I
GENERAL INSURANCE BUSINESS<br />
Underwriting Results<br />
4.18 In <strong>2007</strong>, the underwriting results <strong>of</strong> property insurance business revealed an overall underwriting<br />
pr<strong>of</strong>it <strong>of</strong> $9,129,442. This class <strong>of</strong> business experienced an overall underwriting loss<br />
<strong>of</strong> $76,672,930 in 2006.<br />
Details are summarized in Table XXI.<br />
Reinsurance<br />
4.19 An examinati<strong>on</strong> <strong>of</strong> the Premium Analysis statements revealed the following<br />
average net retenti<strong>on</strong> ratios (i.e. Net Premiums retained as a percentage<br />
<strong>of</strong> Gross Premiums written by Companies).<br />
2003<br />
%<br />
2004<br />
%<br />
2005<br />
%<br />
2006<br />
%<br />
<strong>2007</strong><br />
%<br />
Property<br />
Other (that is, exclusive <strong>of</strong> Motor<br />
Vehicle, Property <strong>and</strong> L<strong>on</strong>g-Term)<br />
10<br />
70<br />
10<br />
62<br />
12<br />
68<br />
9<br />
68<br />
8<br />
72<br />
4.20 Details <strong>of</strong> the percentage <strong>of</strong> Gross Premium retained in respect <strong>of</strong> property insurance business<br />
are as follows:<br />
REINSURANCE - PROPERTY BUSINESS <strong>2007</strong><br />
Companies<br />
LOCAL<br />
GROSS<br />
NET NET RETENTION<br />
PREMIUMS PREMIUMS<br />
RATIO<br />
$ $ %<br />
American Life <strong>and</strong> General<br />
<strong>Insurance</strong> Co (<strong>Trinidad</strong> <strong>and</strong> Tobago)<br />
Limited.<br />
252,168,285<br />
11,997,794<br />
4.76<br />
<strong>Bank</strong>ers <strong>Insurance</strong> Company <strong>of</strong><br />
<strong>Trinidad</strong> <strong>and</strong> Tobago Limited<br />
5,040,186<br />
1,183,641<br />
23.48<br />
British-American <strong>Insurance</strong><br />
Company (<strong>Trinidad</strong>) Limited *<br />
4,787,598<br />
3,949,718<br />
82.5<br />
Capital <strong>Insurance</strong> Limited<br />
284,492<br />
83,628<br />
29.40<br />
Col<strong>on</strong>ial Fire & General <strong>Insurance</strong><br />
Co. Limited<br />
77,762,614<br />
7,396,245<br />
9.51<br />
* Not writing new property business.<br />
REPORT ON INSURANCE AND PENSIONS 47
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