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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
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