Annual report & accounts
Report and Financial Statements
The audited Report and Financial Statements for the year ended 31st May, 2011 for both ITIC and TIM (Transport Intermediaries Mutual) are below.
ITIC Directors' Report and Financial Statements for year ended 31st May 2011
TIMIA Directors' Report and Financial Statements for year ended 31st May 2011
2011 | 2010 | |
|---|---|---|
(restated) | ||
US$ | US$ | |
'000s | '000s | |
Gross premiums written | 46,923 | 48,212 |
Continuity credit | (6,157) | (6,473) |
Reinsurance premiums (excess loss) | (5,566) | (6,739) |
Claims incurred less reinsurance recoveries | (23,243) | (17,620) |
Operating expenses and taxation | (14,566) | (14,349) |
Surplus for the year before investment result and exchange losses / gains | (2,609) | 3,031 |
Investment result (realised and unrealised) | 13,400 | 7,053 |
Exchange gains / (losses) | 991 | (797) |
(Deficit) / surplus for the year | 11,782 | 9,287 |
Free reserves brought forward at 1st June | 67,391 | 58,104 |
Free reserves carried forward at 31st May | 79,173 | 79,173 |
Free reserves: | ||
Funds available for outstanding claims and claims incurred but not enough reserved | 127,753 | 107,117 |
Less: Estimate of outstanding claims net of reinsurance recoveries (including known and incurred but not enough reserved) | (48,580) | (39,726) |
Estimated free reserves at 31st May | 79,173 | 67,391 |
Free Reserves Development
The combined club has regained its strong level of reserves through strong underwriting together with a positive investment performance.
