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

OVERVIEW OF THE INSURANCE INDUSTRY
2. OVERVIEW OF THE INSURANCE INDUSTRY
2.01 In 2007, Gross Premium Income in the industry totaled $8,915.2 million which represents
6.5% of the Gross Domestic Product at current prices (2006 – 5.8%). This is an increase of
35.4% over the gross premiums of $6,584.9 million reported for 2006.
2.02 Gross Premiums Income for the year increased in respect of all classes of business.
Details are as follows:
Gross Premium Income
2007
$M
2006
$M
%Inc/(Dec)
Long-Term (Life) 6,528.0 4,467.6 46.1
Motor Vehicle 843.5 694.9 23.5
Property (Fire and Allied Perils) 773.5 686.4 12.7
Other 770.2 735.9 4.7
8,915.2 6,584.9 35.4
(See Figure 1)
Long-term Business
2.03 Policies in force at the end of 2007 were reported as 600,142, an increase of 11.2% over the
2006 reported figure of 538,950.
(See Figure 2)
The total number of new policies sold during 2007 was 85,851, an increase of 28.8% over
the previous year.
(See Figure 3)
Policy lapses decreased by 2.0% in 2007 compared to a 37.0% increase during 2006.
Surrenders increased by 0.2% in 2007 compared to a 38.5% decrease during 2006.
Statutory Funds in which investments are pledged to support policyholder liabilities
totaled $20.11 billion (2006 – $17.2 billion).
(See Figure 4)
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REPORT ON INSURANCE AND PENSIONS