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	2024
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	683
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	24
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)	(7)
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	700

Number of Licensed Insurance Entities

	30 Jun 2024	31 Dec 2023	31 Dec 2022	31 Dec 2021	31 Dec 2020	31 Dec 2019	31 Dec 2018
Class A Locally Incorporated	11	11	9	9	9	9	9
Class A Approved External	13	14	16	16	18	17	18
Class A Total	24	25	25	25	27	26	27
Class B Captives Excluding SPCs	519	504	490	486	486	490	525
Class B Captives - SPCs Only	154	154	152	148	138	128	149
Class B Total	673	658	642	634	624	618	674
B (i)	465	459	453	452	451	457	501
B (ii)	14	13	14	14	16	18	20
B (iii)	194	186	175	168	157	143	153
Class C Total	18	17	21	21	23	23	25
Class D Total	9	8	7	6	5	5	4
Total Insurance Companies	724	708	695	686	679	672	730
Portfolio Insurance Companies	56	54	46	43	36	27	19
Licensed Insurance Agents	37	37	37	36	46	45	46
Licensed Insurance Brokers	23	23	23	23	23	23	26
Licensed Insurance Managers	21	19	20	21	23	24	26

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 Q2 2024

Risk Location	Licence Count by Risk Location	% Count by Risk Location	Total Premium	Total Assets Value
Africa, Asia & Middle East	9	1%	$921,199,530	$1,999,509,228
Caribbean & Latin America	26	4%	$578,632,818	$1,927,163,758
Europe	7	1%	$32,637,773	$930,987,998
North America	623	89%	$34,541,526,606	$124,726,202,187
Worldwide	35	5%	$4,311,489,183	$22,350,126,848
Total	700	100%	$40,385,485,910	$151,933,990,019

International Insurance Company by Primary Class of Business Q2 2024

Business Class	Licensee Count	% of Licensees	Total Premium	Total Asset Value
Accident & Health	11	2%	$251,574,630	$437,051,981
Automobile P.D. & Liability	39	6%	$1,625,282,964	$4,296,152,444
Credit Life	8	1%	$642,394,292	$673,237,169
Crime	1	0%	$717,558	$17,472,044
Deferred Variable Annuities	8	1%	$535,517,242	$10,018,628,142
General Liability	103	15%	$3,214,364,079	$7,958,993,768
Healthcare	24	3%	$5,491,047,079	$3,381,329,140
HPL and Physicians Liability	28	4%	$372,168,379	$1,940,738,406
Life	37	5%	$10,351,717,080	$69,010,352,124
Marine and Aviation	6	1%	$37,266,158	$266,954,090
Medical Malpractice Liability	136	19%	$3,181,063,678	$13,749,859,482
Products Liability	10	1%	$61,189,410	$501,686,725
Professional Liability	55	8%	$549,694,969	$2,570,130,574
Property	71	10%	$7,223,250,475	$15,743,336,777
Surety Bonds	9	1%	$59,530,169	$1,123,118,960
Workers' Compensation	154	23%	$6,788,707,748	$20,244,948,193
Total	700	100%	$40,385,485,910	$151,933,990,019

International Insurance Company by Category Q2 2024

Category	Count of Category	% of Category	Total Premium	Total Assets Value
Commercial Insurer	16	2%	$82,886,596	$1,859,964,034
Group Captive	131	19%	$4,924,773,155	$13,740,041,549
Pure Captive	292	42%	$5,539,365,288	$21,997,117,402
Reinsurance Companies	89	13%	$23,705,847,160	$91,143,091,257
Segregated Portfolio Company	154	22%	$5,227,786,109	$18,194,234,001
Special Purpose Vehicle	18	3%	$904,827,602	$4,999,541,776
Total	700	100%	$40,385,485,910	$151,933,990,019

International Insurance Company by License Class Q2 2024

License Class	Count of Category	% of License Count	Total Premium	Total Assets Value
Class B Insurer	673	96%	$31,066,581,914	$122,011,037,746
Class C Insurer	18	3%	$904,827,602	$4,999,541,776
Class D Insurer	9	1%	$8,414,076,394	$24,923,410,497
Grand Total	700	100%	$40,385,485,910	$151,933,990,019

Note: $ figures are in USD