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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
| 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) |
| 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 |
Number of Licensed Insurance Entities
|
31 Mar 2023 |
31 Dec 2022 |
31 Dec 2021 |
31 Dec 2020 |
31 Dec 2019 |
31 Dec 2018 |
31 Dec 2017 |
|
|---|---|---|---|---|---|---|---|
| Class A Locally Incorporated | 10 | 9 | 9 | 9 | 9 | 9 | 9 |
| Class A Approved External | 16 | 16 | 16 | 18 | 17 | 18 | 19 |
| Class A Total | 26 | 25 | 25 | 27 | 26 | 27 | 28 |
| Class B Captives Excluding SPCs | 491 | 490 | 486 | 486 | 490 | 525 | 521 |
| Class B Captives - SPCs Only | 154 | 152 | 148 | 138 | 128 | 149 | 148 |
| Class B Total | 645 | 642 | 634 | 624 | 618 | 674 | 669 |
|
B (i) |
453 | 453 | 452 | 451 | 457 | 501 | 508 |
| B (ii) | 14 | 14 | 14 | 16 | 18 | 20 | 19 |
| B (iii) | 178 | 175 | 168 | 157 | 143 | 153 | 142 |
| Class C Total | 21 | 21 | 21 | 23 | 23 | 25 | 24 |
| Class D Total | 7 | 7 | 6 | 5 | 5 | 4 | 3 |
| Total Insurance Companies | 699 | 695 | 686 | 679 | 672 | 730 | 724 |
| Portfolio Insurance Companies | 47 | 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 | 20 | 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 2021
| Motor | Property | Liability | Marine & Aviation | Health | International Health | Other |
Total Non-Life |
Total Life & Annuity | Grand Total | |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Written Premiums | $47,965,907 | $284,404,546 | $71,570,328 | $34,715,300 | $378,399,981 | $16,973,580 | $40,680,063 | $874,709,706 | $34,208,589 | $908,918,295 |
| Assumed Premiums | $400,877 | $50,154,432 | $96,813,336 | $17,274,124 | $0 | $1,355,308 | $6,723,794 | $172,721,871 | $0 | $172,721,871 |
| Total Written Premium | $48,366,784 | $334,558,979 | $168,383,664 | $51,989,424 | $378,399,981 | $18,328,888 | $47,403,857 | $1,047,431,577 | $34,208,589 | $1,081,640,166 |
| Reinsurance Ceded | $21,420,659 | $238,729,352 | $7,796,968 | $1,527,150 | $29,089,446 | $0 | $1,422,444 | $299,986,019 | $4,121,209 | $304,107,228 |
| Unearned Premium Adjustment | $1,518,515 | $1,419,334 | $1,264,172 | $21,000 | $12,848 | $0 | $16,810 | $4,252,679 | $0 | $4,252,679 |
| Net Earned Premiums | $28,464,640 | $97,248,960 | $161,850,869 | $50,483,274 | $349,323,382 | $18,328,888 | $45,998,223 | $751,698,236 | $30,087,380 | $781,785,616 |
| Commissions Received | $7,359,511 | $38,147,130 | $2,391,021 | $0 | $853,652 | $0 | $121,027 | $48,872,341 | $30,645 | $48,902,986 |
| Total Underwriting Income | $35,824,152 | $135,396,091 | $164,241,889 | $50,483,274 | $350,177,034 | $18,328,888 | $46,119,250 | $800,570,577 | $30,118,025 | $830,688,602 |
| Net Claims Paid | $13,899,719 | $26,006,029 | $40,029,373 | $4,001,000 | $295,794,890 | $11,910,509 | $5,597,263 | $397,238,783 | $11,808,954 | $409,047,737 |
| Movement in Claim Reserves | $493,430 | $6,199,070 | ($10,697,037) | $2,466,000 | $11,697,237 | $76,637 | $443,189 | $10,678,525 | $5,012,384 | $15,690,909 |
| Acquisition Costs | $5,325,813 | $34,554,696 | $1,808,155 | $1,154,000 | $21,666,219 | $0 | $86,838 | $64,595,719 | $5,222,170 | $69,817,889 |
| Other Underwriting Expenses | $236,801 | $1,026,189 | $4,281,354 | $0 | $3,120,183 | $79,479 | $1,386,994 | $10,131,000 | $1,651,951 | $11,782,951 |
| Total Underwriting Expenses | $19,955,763 | $67,785,984 | $35,421,844 | $7,621,000 | $332,278,528 | $12,066,625 | $7,514,283 | $482,644,027 | $23,695,459 | $506,339,487 |
| Underwriting Profit / (Loss) | $15,868,389 | $67,610,107 | $128,820,045 | $42,862,274 | $17,898,506 | $6,262,263 | $38,604,966 | $317,926,550 | $6,422,566 | $324,349,116 |
Insurance Company by Risk Location Q1 2023
| Risk Location | Licence Count by Risk Location | % Count by Risk Location | Total Premium | Total Assets Value |
|---|---|---|---|---|
| Africa, Asia & Middle East | 8 | 1% | $1,010,180,965 | $1,805,422,658 |
| Caribbean & Latin America | 24 | 4% | $490,354,059 | $1,634,151,275 |
| Europe | 8 | 1% | $63,172,953 | $1,051,608,060 |
| North America | 600 | 89% | $21,327,334,469 | $65,307,422,004 |
| Pacific Rim | 2 | 0% | $13,029,000 | $74,174,000 |
| Worldwide | 31 | 5% | $5,095,623,761 | $16,827,716,714 |
| Total | 673 | 100% | $27,999,695,207 | $86,700,494,711 |
International Insurance Company by Primary Class of Business Q1 2023
| Business Class | Licensee Count | % of Licensees | Total Premium | Total Asset Value |
|---|---|---|---|---|
| Accident & Health | 11 | 2% | $147,001,755 | $581,717,286 |
| Automobile P.D. & Liability | 31 | 5% | $1,350,111,046 | $3,636,992,576 |
| Credit Life | 8 | 1% | $644,394,536 | $664,370,854 |
| Crime | 1 | 0% | $5,072,880 | $15,733,577 |
| Deferred Variable Annuities | 8 | 1% | $27,225,409 | $1,920,888,527 |
| General Liability | 89 | 13% | $1,734,519,707 | $4,568,610,218 |
| Healthcare | 21 | 3% | $4,214,224,062 | $2,439,334,542 |
| HPL and Physicians Liability | 28 | 4% | $257,894,471 | $1,364,893,888 |
| Life | 26 | 4% | $6,550,739,452 | $24,179,446,901 |
| Marine and Aviation | 7 | 1% | $30,621,447 | $355,876,038 |
| Medical Malpractice Liability | 143 | 21% | $2,834,590,952 | $15,104,186,214 |
| Products Liability | 12 | 2% | $66,772,050 | $315,833,673 |
| Professional Liability | 58 | 9% | $539,572,924 | $2,522,800,657 |
| Property | 73 | 11% | $4,233,189,296 | $10,833,333,143 |
| Surety Bonds | 8 | 1% | $28,759,998 | $525,553,759 |
| Workers' Compensation | 149 | 22% | $5,335,005,222 | $17,670,922,858 |
| Total | 673 | 100% | $27,999,695,207 | $86,700,494,711 |
International Insurance Company by Category Q1 2023
| Category | Count of Category | % of Category | Total Premium | Total Assets Value |
|---|---|---|---|---|
| Commercial Insurer | 17 | 3% | $82,592,764 | $3,039,830,485 |
| Group Captive | 128 | 19% | $3,882,957,568 | $12,566,387,806 |
| Pure Captive | 278 | 41% | $4,859,054,918 | $21,823,001,435 |
| Reinsurance Companies | 76 | 11% | $15,809,905,028 | $32,956,685,250 |
| Segregated Portfolio Company | 153 | 23% | $3,216,663,530 | $13,121,157,379 |
| Special Purpose Vehicle | 21 | 3% | $148,521,399 | $3,193,432,356 |
| Total | 673 | 100% | $27,999,695,207 | $86,700,494,711 |
International Insurance Company by License Class Q1 2023
| License Class | Count of Category | % of License Count | Total Premium | Total Assets Value |
|---|---|---|---|---|
| Class B Insurer | 645 | 96% | $26,096,721,349 | $79,791,273,760 |
| Class C Insurer | 21 | 3% | $148,521,399 | $3,193,432,356 |
| Class D Insurer | 7 | 1% | $1,754,452,459 | $3,715,788,595 |
| Grand Total | 673 | 100% | $27,999,695,207 | $86,700,494,711 |
Note: $ figures are in USD