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

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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) 6 REPORT ON INSURANCE AND PENSIONS
OVERVIEW OF THE INSURANCE INDUSTRY General Insurance Business 2.04 Gross Premiums increased in respect of Motor Business, Property Business and the group of classes classified as ‘Other than Motor, Property and Long-Term Business’. Net Premiums increased in respect of Motor Business, Property Business and the group of classes classified as ‘Other than Motor, Property and Long-Term Business’. Insurance Intermediaries 2.05 The number of intermediaries registered at the end of 2007 was 2,428 (2006 - 2,400). The information is summarized as follows: - 2007 2006 %Inc/(Dec) Salesmen 2,007 1,824 10.0 Agents 336 466 (28.1) Brokers 62 87 (28.7) Adjusters 23 23 - 2,428 2,400 1.1 Pension Fund Plans 2.06 The number of pension fund plans registered at the end of 2007 was 256 (2006 - 256). The information is summarized as follows: - 2007 2006 %Inc/(Dec) Self-Administered Pension Fund Plans 89 92 (3.3) Insured Pension Fund Plans 106 105 1.0 Pension Fund Plans (awaiting deregistration and in the process of winding up) 60 58 3.4 Judicial Management 1 1 - 256 256 0.0 REPORT ON INSURANCE AND PENSIONS 7
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 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 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
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PENSION FUND PLANS Balance Sheets 7
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PENSION FUND PLANS FIGURE 12 PENSIO
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ACTUARIAL INVESTIGATIONS SUMMARIES
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APPENDIX A Directors: Secretary: Au
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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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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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