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 | 29 |
| 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) | (16) |
| 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 | 696 |
Number of Licensed Insurance Entities
|
30 Sep 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 | 525 | 504 | 490 | 486 | 486 | 490 | 525 |
| Class B Captives - SPCs Only | 145 | 154 | 152 | 148 | 138 | 128 | 149 |
| Class B Total | 670 | 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) | 191 | 186 | 175 | 168 | 157 | 143 | 153 |
| Class C Total | 17 | 17 | 21 | 21 | 23 | 23 | 25 |
| Class D Total | 9 | 8 | 7 | 6 | 5 | 5 | 4 |
| Total Insurance Companies | 720 |
708
|
695 | 686 | 679 | 672 | 730 |
| Portfolio Insurance Companies | 57 | 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 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 Q3 2024
| Risk Location | Licence Count by Risk Location | % Count by Risk Location | Total Premium | Total Assets Value |
|---|---|---|---|---|
| Africa, Asia & Middle East | 9 | 1% | $920,461,910 | $2,001,118,187 |
| Caribbean & Latin America | 26 | 4% | $573,100,108 | $1,919,492,188 |
| Europe | 7 | 1% | $32,637,773 | $930,987,998 |
| North America | 619 | 89% | $36,151,637,326 | $126,833,489,120 |
| Worldwide | 35 | 5% | $4,311,543,299 | $22,350,982,848 |
| Total | 696 | 100% | $41,989,380,416 | $154,036,070,341 |
International Insurance Company by Primary Class of Business Q3 2024
| Business Class | Licensee Count | % of Licensees | Total Premium | Total Asset Value |
|---|---|---|---|---|
| Accident & Health | 10 | 1% | $248,088,005 | $233,786,985 |
| Automobile P.D. & Liability | 39 | 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 | 8 | 1% | $535,517,242 | $10,018,628,142 |
| General Liability | 103 | 15% | $3,206,927,950 | $7,929,341,770 |
| Healthcare | 24 | 3% | $5,492,546,930 | $3,382,043,693 |
| HPL and Physicians Liability | 27 | 4% | $368,953,130 | $1,937,362,134 |
| Life | 38 | 5% | $11,941,533,331 | $71,133,918,886 |
| 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 | 55 | 8% | $545,972,259 | $2,564,837,086 |
| Property | 72 | 10% | $7,225,386,475 | $15,745,039,777 |
| Surety Bonds | 9 | 1% | $59,530,169 | $1,123,118,960 |
| Workers' Compensation | 150 | 23% | $6,826,990,040 | $20,286,412,060 |
| Total | 696 | 100% | $41,989,380,416 | $154,036,070,341 |
International Insurance Company by Category Q3 2024
| Category | Count of Category | % of Category | Total Premium | Total Assets Value |
|---|---|---|---|---|
| Commercial Insurer | 16 | 2.30% | $82,886,596 | $1,859,964,034 |
| Group Captive | 131 | 18.82% | $4,925,654,607 | $13,742,638,051 |
| Pure Captive | 293 | 42.10% | $5,530,490,559 | $21,947,189,430 |
| Reinsurance Companies | 94 | 13.51% | $25,234,680,567 | $93,108,520,489 |
| Segregated Portfolio Company | 145 | 20.83% | $5,312,191,110 | $18,579,778,557 |
| Special Purpose Vehicle | 17 | 2.44% | $903,476,977 | $4,797,979,780 |
| Total | 696 | 100.00% | $41,989,380,416 | $154,036,070,341 |
International Insurance Company by License Class Q3 2024
| License Class | Count of Category | % of License Count | Total Premium | Total Assets Value |
|---|---|---|---|---|
| Class B Insurer | 670 | 96.26% | $32,671,827,045 | $124,314,680,064 |
| Class C Insurer | 17 | 2.44% | $903,476,977 | $4,797,979,780 |
| Class D Insurer | 9 | 1.29% | $8,414,076,394 | $24,923,410,497 |
| Grand Total | 696 | 100.00% | $41,989,380,416 | $154,036,070,341 |
Note: $ figures are in USD
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