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 |
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 |
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 |
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
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 |
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 |
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 |
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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