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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
 

30 Jun

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 16 16 16 18 17 18 19
Class A Total 27 25 25 27 26 27 28
Class B Captives Excluding SPCs 495 490 486 486 490 525 521
Class B Captives - SPCs Only 154 152 148 138 128 149 148
Class B Total 649 642 634 624 618 674 669

B (i)

453 453 452 451 457 501 508
B (ii) 14 14 14 16 18 20 19
B (iii) 182 175 168 157 143 153 142
Class C Total 18 21 21 23 23 25 24
Class D Total 8 7 6 5 5 4 3
Total Insurance Companies 702 695 686 679 672 730 724
Portfolio Insurance Companies 50 46 43 36 27 19 10
Licensed Insurance Agents 38 37 36 46 45 46 47
Licensed Insurance Brokers 22 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 Q2 2023

 

Risk Location Licence Count by Risk Location % Count by Risk Location Total Premium Total Assets Value
Africa, Asia & Middle East 9 1% $966,426,245 $1,997,341,477
Caribbean & Latin America 24 4% $354,812,974 $1,512,719,243
Europe 8 1% $16,995,880 $697,484,524
North America 604 90% $19,940,677,426 $56,971,931,676
Pacific Rim 0 0% $0 $0
Worldwide 30 4%  $1,232,940,712 $10,062,758,179
Total 675 100% $22,511,853,237 $71,242,235,099

International Insurance Company by Primary Class of Business Q2 2023

Business Class Licensee Count % of Licensees Total Premium Total Asset Value
Accident & Health 10 1% $127,891,809 $336,608,420
Automobile P.D. & Liability 33 5% $1,014,153,245 $2,867,091,671
Credit Life 8 1% $544,506,085 $605,523,684
Crime 1 0% $2,914,689 $10,779,179
Deferred Variable Annuities 8 1% $30,538,147 $1,733,791,306
General Liability 92 14% $1,466,795,186 $3,884,436,672
Healthcare 21 3% $4,512,719,444 $3,331,827,646
HPL and Physicians Liability 28 4% $241,498,314 $1,164,315,378
Life 26 4% $2,454,850,350 $16,095,623,258
Marine and Aviation 7 1% $39,522,834 $355,957,787
Medical Malpractice Liability 141 21% $2,753,286,477 $12,763,382,443
Products Liability 12 2% $61,317,359 $295,170,771
Professional Liability 58 9% $555,523,241 $2,298,278,443
Property 72 11% $3,947,503,797 $9,932,667,056
Surety Bonds 8 1% $27,448,901 $525,363,288
Workers' Compensation 150  22% $4,731,383,359 $15,041,418,097
Total  675 100%  $22,511,853,237 $71,242,235,099

International Insurance Company by Category Q2 2023

Category Count of Category % of Category Total Premium Total Assets Value
Commercial Insurer 16 2% $151,935,254 $2,639,887,982
Group Captive 127 19% $3,645,978,371 $10,541,990,658
Pure Captive 281 42% $4,252,138,860 $18,740,592,193
Reinsurance Companies 78 11% $11,616,904,012 $25,633,189,556
Segregated Portfolio Company 155 23% $2,700,382,688 $10,718,644,872
Special Purpose Vehicle 18 3% $144,514,052 $2,967,929,838
Total 675 100% $22,511,853,237 $71,242,235,099

International Insurance Company by License Class Q2 2023

License Class Count of Category % of License Count Total Premium Total Assets Value
Class B Insurer 649 96% $20,612,886,726 $64,558,516,666
Class C Insurer 18 3% $144,514,052 $2,967,929,838
Class D Insurer 8 1% $1,754,452,459 $3,715,788,595
Grand Total 675 100% $22,511,853,237 $71,242,235,099

Note: $ figures are in USD 

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