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International Insurance Company Statistics - Licencing Activity Report
  1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Opening Balance 418 449 485 497 516 543 600 644 693 733 740 765 777 780 738 739 741 761 760 708 711 696 703 646 652 661 670
Licences Issued 50 52 37 45 47 97 83 75 59 56 46 32 40 25 38 53 39 23 22 39 33 33 33 36 37 33 41
Licences Cancelled (19) (16) (25) (26) (20) (40) (39) (26) (19) (49) (21) (20) (37) (67) (37) (51) (19) (24) (74) (36) (48) (26) (90) (30) (28) (24) (28)
Total Licences 449 485 497 516 543 600 644 693 733 740 765 777 780 738 739 741 761 760 708 711 696 703 646 652 661 670 683
Number of Licensed Insurance Entities
 

31 Dec

2023

31 Dec

2022

31 Dec

2021

31 Dec

2020

31 Dec

2019

31 Dec

2018

31 Dec

2017

Class A Locally Incorporated 11 9 9 9 9 9 9
Class A Approved External 14 16 16 18 17 18 19
Class A Total 25 25 25 27 26 27 28
Class B Captives Excluding SPCs 504 490 486 486 490 525 521
Class B Captives - SPCs Only 154 152 148 138 128 149 148
Class B Total 658 642 634 624 618 674 669

B (i)

459 453 452 451 457 501 508
B (ii) 13 14 14 16 18 20 19
B (iii) 186 175 168 157 143 153 142
Class C Total 17 21 21 23 23 25 24
Class D Total 8 7 6 5 5 4 3
Total Insurance Companies
708
695 686 679 672 730 724
Portfolio Insurance Companies 54 46 43 36 27 19 10
Licensed Insurance Agents 37 37 36 46 45 46 47
Licensed Insurance Brokers 23 23 23 23 23 26 29
Licensed Insurance Managers 19 20 21 23 24 26 28

Domestic Insurance Companies Unaudited Statistics Q4 2022 (US $ 000)

  Property Motor Health International Health Liability Marine & Aviation Other Life Grand Total
Gross Written Premiums $303,508 $52,472 $418,995 $14,618 $76,080 $45,747 $44,576 $35,334 $991,330
Assumed Premiums $51,378 $434 $0 $1,709 $119,175 $14,643 $6,170 $0 $193,509
Ceded Premiums ($261,681) ($22,679) ($15,335) $0 ($7,494) ($2,216) ($943) ($5,448) ($315,796)
Unearned Premium Adjustment ($3,488) ($1,449) ($37) $0 $187 $84 $9 $0 ($4,694)
Net Earned Premium $89,717 $28,778 $403,623 $16,327 $187,948 $58,258 $49,812 $29,886 $864,349

Net Claims and Adjustment Expenses Paid 

Life: Policy Holder Benefits & Dividends

$15,278 $19,977 $319,657 $6,142 $88,532 $15,797 $27,396

$0

 

 

$9,604

$492,779

 

 

$9,604

Net Change in Reported Outstanding Claims 

Life: Net Changes to Actuarial Liabilities

($10,120) ($3,719) $978 $258 $50,639 ($5,723) $74,603

$0

 

 

($1,392)

$106,916

 

 

($1,392)

Change in IBNR ($34) $620 $11,804 $0 $93 ($57) $0 $0 $12,426
Incurred Loss Sub Total $5,124 $16,878 $332,439 $6,400 $139,264 $10,017 $101,999 $8,212 $620,333
Acquisition and General Expenses ($6,995) ($638) $33,538 $191 $7,065 $1,347 $920 $6,676 $42,104
Total Underwriting Expenses ($1,871) $16,240 $365,977 $6,591 $146,329 $11,364 $102,919 $14,888 $662,437
Underwriting Income / (Loss) $91,588 $12,538 $37,646 $9,736 $41,619 $46,894 ($53,107) $14,998 $201,912

Domestic Insurance Companies Audited Statistics 2022

  Motor Property Liability Marine & Aviation Health International Health  Other

Total Non-Life

Total Life & Annuity Grand Total
Gross Written Premiums $51,677,852 $303,839,453 $76,765,848 $42,804,134 $430,532,175 $14,617,960 $45,408,412 $965,645,834 $36,025,557 $1,001,671,391
Assumed Premiums $433,622 $51,377,753 $119,174,734 $14,642,564 $0 $1,709,132 $6,169,782 $193,507,587 $0 $193,507,587
Total Written Premium $52,111,474 $355,217,206 $195,940,582 $57,446,698 $430,532,175 $16,327,092 $51,578,194 $1,159,153,421 $36,025,557 $1,195,178,978
Reinsurance Ceded $22,444,717 $259,845,839 $9,464,612 $0 $16,747,502 $0 $1,431,978 $309,934,648 $5,404,800 $315,339,448
Unearned Premium Adjustment $1,427,391 $3,156,082 ($420,640) $0 $23,109 $0 ($12,446) $4,173,495 $0 $4,173,495
Net Earned Premiums $28,239,367 $92,215,286 $186,896,609 $57,446,698 $413,761,565 $16,327,092 $50,158,662 $845,045,278 $30,620,757 $875,666,035
Commissions Received $7,138,013 $43,564,521 $2,207,463 $0 $271,469 $0 $162,951 $53,344,417 $36,321 $53,380,738
Total Underwriting Income $35,377,379 $135,779,806 $189,104,073 $57,446,698 $414,033,034 $16,327,092 $50,321,613 $898,389,695 $30,657,078 $929,046,773
Net Claims Paid $14,616,569 $20,087,933 $87,838,031 $15,779,537 $316,512,933 $6,141,858 $27,383,635 $488,360,497 $9,157,483 $497,517,980
Movement in Claim Reserves $3,076,955 ($14,946,533) $50,540,354 ($5,649,501) $25,547,543 $258,171 $74,604,890 $133,431,878 ($1,189,877) $132,242,001
Acquisition Costs $5,969,518 $37,655,089 $2,057,479 $0 $26,568,958 $0 $158,901 $72,409,945 $4,888,533 $77,298,478
Other Underwriting Expenses $336,579 $865,242 $6,259,281 $1,228,074 $10,762,815 $191,027 $926,865 $20,569,883 $2,154,546 $22,724,429
Total Underwriting Expenses $23,999,621 $43,661,731 $146,695,145 $11,358,110 $379,392,250 $6,591,056 $103,074,291 $714,772,204 $15,010,685 $729,782,889
Underwriting Profit / (Loss) $11,377,758 $92,118,076 $42,408,928 $46,088,588 $34,640,784 $9,736,036 ($52,752,678) $183,617,491 $15,646,393 $199,263,884

 

Domestic Insurance Companies-Audited Statistics By Primary Class Of Business 2012-2022*View

Lines of Business Trend 2012-2022*View

 

Insurance Company by Risk Location Q4 2023

Risk Location Licence Count by Risk Location % Count by Risk Location Total Premium Total Assets Value
Africa, Asia & Middle East 8 1% $859,594,139 $1,977,496,408
Caribbean & Latin America 24 4% $475,460,445 $1,781,842,333
Europe 7 1% $36,683,529 $878,099,519
North America 615 90% $52,913,452,651 $115,467,349,917
Worldwide 29 4%  $3,316,648,883 $18,546,173,560
Total 683 100% $57,601,839,647 $138,650,961,737

International Insurance Company by Primary Class of Business Q4 2023

Business Class Licensee Count % of Licensees Total Premium Total Asset Value
Accident & Health 10 2% $183,711,798 $458,524,765
Automobile P.D. & Liability 36 5% $1,714,513,869 $4,034,035,700
Credit Life 7 1% $633,706,905 $671,096,823
Crime 1 0% $1,516,214 $16,832,902
Deferred Variable Annuities 8 1% $326,881,259 $9,415,234,413
General Liability 99 15% $2,423,004,764 $6,021,549,556
Healthcare 24 4% $4,052,530,441 $2,392,268,359
HPL and Physicians Liability 28 4% $324,655,470 $1,712,228,363
Life 30 4% $33,134,070,210 $65,569,787,033
Marine and Aviation 6 1% $31,499,254 $250,329,182
Medical Malpractice Liability 137 20% $2,920,945,210 $13,037,706,410
Products Liability 10 2% $61,470,816 $296,105,856
Professional Liability 56 8% $563,232,385 $2,430,073,946
Property 71 10% $5,002,666,761 $12,165,994,581
Surety Bonds 8 1% $67,772,804 $1,312,451,695
Workers' Compensation 152  22% $6,159,661,487 $18,866,742,153
Total  683 100%  $57,601,839,647 $138,650,961,737

International Insurance Company by Category Q4 2023

Category Count of Category % of Category Total Premium Total Assets Value
Commercial Insurer 15 2% $90,221,743 $2,883,522,336
Group Captive 127 19% $4,472,554,786 $13,164,605,157
Pure Captive 285 42% $5,108,985,808 $20,328,048,511
Reinsurance Companies 85 12% $42,755,896,660 $83,116,399,982
Segregated Portfolio Company 154 23% $4,548,728,849 $15,218,507,310
Special Purpose Vehicle 17 2% $625,451,801 $3,939,878,441
Total 683 100% $57,601,839,647 $138,650,961,737

International Insurance Company by License Class Q4 2023

License Class Count of Category % of License Count Total Premium Total Assets Value
Class B Insurer 658 96% $52,023,374,511 $111,777,782,612
Class C Insurer 17 3% $625,451,801 $3,939,878,441
Class D Insurer 8 1% $4,953,013,335 $22,933,300,684
Grand Total 683 100% $57,601,839,647 $138,650,961,737

Note: $ figures are in USD 

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