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 | 42 |
| 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) | (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 | 697 |
Number of Licensed Insurance Entities
|
31 Dec 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 | 531 | 504 | 490 | 486 | 486 | 490 | 525 |
| Class B Captives - SPCs Only | 139 | 154 | 152 | 148 | 138 | 128 | 149 |
| Class B Total | 670 | 658 | 642 | 634 | 624 | 618 | 674 |
|
B (i) |
463 | 459 | 453 | 452 | 451 | 457 | 501 |
| B (ii) | 13 | 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 | 721 |
708
|
695 | 686 | 679 | 672 | 730 |
| Portfolio Insurance Companies | 61 | 54 | 46 | 43 | 36 | 27 | 19 |
| Licensed Insurance Agents | 38 | 37 | 37 | 36 | 46 | 45 | 46 |
| Licensed Insurance Brokers | 23 | 23 | 23 | 23 | 23 | 23 | 26 |
| Licensed Insurance Managers | 22 | 19 | 20 | 21 | 23 | 24 | 26 |
Domestic Insurance Companies Unaudited Statistics Q3 2024 (US $ 000)
| Property | Motor | Health | Liability | Marine &
Aviation |
Other |
International Business |
Life | Grand Total | |
|---|---|---|---|---|---|---|---|---|---|
| Gross Written Premiums | $179,194 | $60,611 | $388,122 | $59,694 | $38,143 | $33,845 | $198,125 | $34,994 | $992,728 |
| Assumed Premiums | $18,126 | $418 | $310 | $103,693 | $14,771 | $5,441 | $33,359 | $0 | $176,118 |
| Ceded Premiums | ($172,478) | ($23,853) | ($14,117) | ($5,308) | ($2,190) | ($379) | ($178,411) | ($5,646) | ($402,382) |
| Unearned Premium Adjustment | $235 | ($901) | $23 | ($1,006) | $56 | $9 | $11,308 | $0 | $9,724 |
| Net Earned Premium | $25,077 | $36,275 | $374,338 | $157,073 | $50,780 | $38,916 | $64,381 | $29,348 | $776,188 |
|
Net Claims and Adjustment Expenses Paid Life: Policy Holder Benefits & Dividends |
$1,654 | $21,769 | $316,563 | $72,440 | $5,277 | $100,073 | $15,111 |
$0
$11,098 |
$532,887
$11,098 |
|
Net Change in Reported Outstanding Claims Life: Net Changes to Actuarial Liabilities |
$1,723 | ($4,057) | ($143) | $24,424 | $18,356 | ($81,859) | $4,921 |
$0
$10,331 |
($36,635)
$10,331 |
| Change in IBNR | $0 | $467 | $319 | $17 | $0 | $0 | $111 | $0 | $914 |
| Incurred Loss Sub Total | $3,377 | $18,179 | $316,739 | $96,881 | $23,633 | $18,214 | $20,143 | $21,429 | $518,595 |
| Acquisition and General Expenses | ($9,894) | ($467) | $28,512 | $4,317 | $1,471 | $1,402 | ($1,257) | $6,304 | $30,388 |
| Total Underwriting Expenses | ($6,517) | $17,712 | $345,251 | $101,198 | $25,104 | $19,616 | $18,886 | $27,733 | $548,983 |
| Underwriting Income / (Loss) | $31,594 | $18,563 | $29,087 | $55,875 | $25,676 | $19,300 | $45,495 | $1,615 | $227,205 |
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 Q4 2024
| Risk Location | Licence Count by Risk Location | % Count by Risk Location | Total Premium | Total Assets Value |
|---|---|---|---|---|
| Africa, Asia & Middle East | 8 | 1% | $920,461,910 | $2,000,288,581 |
| Caribbean & Latin America | 26 | 4% | $573,100,108 | $1,919,492,188 |
| Europe | 7 | 1% | $32,637,773 | $934,674,855 |
| North America | 621 | 89% | $35,386,692,292 | $125,561,440,615 |
| Worldwide | 35 | 5% | $4,311,543,299 | $22,350,982,848 |
| Total | 697 | 100% | $41,224,435,382 | $152,766,879,087 |
International Insurance Company by Primary Class of Business Q4 2024
| Business Class | Licensee Count | % of Licensees | Total Premium | Total Asset Value |
|---|---|---|---|---|
| Accident & Health | 9 | 1% | $249,869,165 | $233,200,557 |
| Automobile P.D. & Liability | 43 | 6% | $1,614,052,374 | $4,448,802,884 |
| Credit Life | 8 | 1% | $642,551,227 | $708,990,658 |
| Crime | 1 | 0% | $717,558 | $17,472,044 |
| Deferred Variable Annuities | 7 | 1% | $535,517,242 | $10,017,798,536 |
| General Liability | 98 | 14% | $3,187,309,290 | $7,838,049,488 |
| Healthcare | 26 | 4% | $5,492,546,930 | $3,382,043,693 |
| HPL and Physicians Liability | 27 | 4% | $368,953,130 | $1,937,362,134 |
| Life | 37 | 5% | $11,203,076,034 | $70,017,595,694 |
| Marine and Aviation | 6 | 1% | $37,266,158 | $266,954,090 |
| Medical Malpractice Liability | 136 | 20% | $3,182,104,042 | $13,736,818,447 |
| Products Liability | 10 | 1% | $61,243,526 | $502,542,725 |
| Professional Liability | 56 | 8% | $545,972,259 | $2,564,837,086 |
| Property | 73 | 11% | $7,216,736,238 | $15,684,880,031 |
| Surety Bonds | 9 | 1% | $59,530,169 | $1,123,118,960 |
| Workers' Compensation | 151 | 22% | $6,826,990,040 | $20,286,412,060 |
| Total | 697 | 100% | $41,224,435,382 | $152,766,879,087 |
International Insurance Company by Category Q4 2024
| Category | Count of Category | % of Category | Total Premium | Total Assets Value |
|---|---|---|---|---|
| Commercial Insurer | 18 | 3% | $82,886,596 | $1,859,964,034 |
| Group Captive | 131 | 19% | $4,925,160,072 | $13,740,326,646 |
| Pure Captive | 291 | 42% | $5,491,436,583 | $21,811,236,166 |
| Reinsurance Companies | 100 | 14% | $25,254,404,038 | $93,125,693,644 |
| Segregated Portfolio Company | 139 | 20% | $4,567,071,116 | $17,431,678,817 |
| Special Purpose Vehicle | 18 | 3% | $903,476,977 | $4,797,979,780 |
| Total | 697 | 100% | $41,224,435,382 | $152,766,879,087 |
International Insurance Company by License Class Q4 2024
| License Class | Count of Category | % of License Count | Total Premium | Total Assets Value |
|---|---|---|---|---|
| Class B Insurer | 670 | 96% | $31,906,882,011 | $123,045,488,810 |
| Class C Insurer | 18 | 3% | $903,476,977 | $4,797,979,780 |
| Class D Insurer | 9 | 1% | $8,414,076,394 | $24,923,410,497 |
| Grand Total | 697 | 100% | $41,224,435,382 | $152,766,879,087 |
Note: $ figures are in USD
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