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 REINSURANCE - OTHER THAN MOTOR, PROPERTY AND LONG-TERM BUSINESS 2007 (continued) Companies LOCAL GROSS NET NET RETENTION PREMIUMS PREMIUMS RATIO $ $ % Trinidad and Tobago Insurance Limited 41,837,981 25,122,361 60.05 TOTAL 658,773,497 464,737,120 70.55 REGIONAL Sagicor General Insurance Company Limited 48,315,463 19,751,390 40.88 Sagicor Life Incorporated 50,149,479 62,030,068 123.69 United Insurance Company Limited 12,985,653 9,044,846 69.65 TOTAL 111,450,595 90,826,304 81.49 GRAND TOTAL 770,224,092 555,563,423 72.13 50 REPORT ON INSURANCE AND PENSIONS
GENERAL INSURANCE BUSINESS Solvency Test 4.22 Section 77(1) of the Insurance Act, Chap. 84:01 states, inter alia, that: “a company carrying on general insurance business shall be deemed for the purpose of the Companies Ordinance to be unable to pay its debts where the value of its admissible assets does not exceed the amount of its liabilities by which ever is the greater of the following amounts: (a) (b) two hundred and fifty thousand dollars; or twenty per cent (20%) of the general premium income of the company computed as at the end of its last financial year.” 4.23 Details of the solvency position of companies registered to underwrite motor and other general insurance business are shown as follows: MARGIN OF SOLVENCY GENERAL INSURANCE BUSINESS - 2007 Companies MINIMUM SOLVENCY REQUIREMENT IN ACCORDANCE WITH SECTION 77 OF THE INSURANCE ACT, CHAP. 84:01 EXCESS (DEFICIT) ADMISSIBLE ASSETS OVER LIABILITIES MARGIN OF SOLVENCY/ INSOLVENCY + OR (-) $ $ $ LOCAL American Life and General Insurance Company Trinidad Limited 19,879,650 162,306,346 142,426,696 Bankers Insurance Company (T&T) Limited 5,665,958 (733,588) (6,399,546) British American Insurance Company (Trinidad) Limited 1,112,409 (3,594,101) (4,706,510) Capital Insurance Limited 15,043,144 14,524,663 (518,482) Caribbean Insurance Company Limited - - - Citizen Insurance Company Limited IN COMPULSORY LIQUIDATION Colonial Fire & General Insurance Company Limited 38,805,611 46,990,762 8,185,151 REPORT ON INSURANCE AND PENSIONS 51
- 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 48 and 49: INSURANCE COMPANIES FIGURE 10 OTHER
- Page 50 and 51: INSURANCE COMPANIES REINSURANCE - P
- 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
- Page 78 and 79: ACTUARIAL INVESTIGATIONS SUMMARIES
- 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
- Page 98 and 99: APPENDIX A MARITIME LIFE (CARIBBEAN
- Page 100 and 101: APPENDIX A MOTOR ONE INSURANCE COMP
INSURANCE COMPANIES<br />
REINSURANCE - OTHER THAN MOTOR, PROPERTY<br />
AND LONG-TERM BUSINESS <strong>2007</strong> (c<strong>on</strong>tinued)<br />
Companies<br />
LOCAL<br />
GROSS<br />
NET NET RETENTION<br />
PREMIUMS PREMIUMS<br />
RATIO<br />
$ $ %<br />
<strong>Trinidad</strong> <strong>and</strong> Tobago <strong>Insurance</strong><br />
Limited<br />
41,837,981<br />
25,122,361<br />
60.05<br />
TOTAL<br />
658,773,497<br />
464,737,120<br />
70.55<br />
REGIONAL<br />
Sagicor General <strong>Insurance</strong> Company<br />
Limited<br />
48,315,463<br />
19,751,390<br />
40.88<br />
Sagicor Life Incorporated<br />
50,149,479<br />
62,030,068<br />
123.69<br />
United <strong>Insurance</strong> Company Limited<br />
12,985,653<br />
9,044,846<br />
69.65<br />
TOTAL<br />
111,450,595<br />
90,826,304<br />
81.49<br />
GRAND TOTAL<br />
770,224,092<br />
555,563,423<br />
72.13<br />
50<br />
REPORT ON INSURANCE AND PENSIONS
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