Combined ITIC and TIMIA Financial Highlights for the year ended 31st May 2019

Combined
31 May 2019
Combined
31 May 2018
  US$
'000s

US$
'000s

Gross premiums written

54,960

 51,798

Reinsurance premiums (excess loss)

(3,623) (4,376)

Claims incurred less excess loss reinsurance recoveries

(20,569)

 (13,961)

Operating expenses

(18,191)

(14,682)

Result for the year before continuity credit, investment result and exchange losses / gains

12,577

18,779

Continuity credit

(19,545)

(9,665)

Result for the year before investment result and exchange losses / gains

(6,968)

9,114

Investment result (realised and unrealised)

10,419

8,359

Taxation (197) (158)

Exchange gains / (losses)

(1,960)

888

Surplus/ (deficit) for the year

1,294

18,203

Free reserves brought forward at 1st June

177,873

159,670

Free reserves carried forward at 31st May

179,167

177,873

Free reserves:    

Funds available for outstanding claims and claims incurred but not enough reserved

246,626

242,511

Less: Estimate of outstanding claims net of reinsurance recoveries (including known and incurred but not enough reserved)

(67,459)

(64,638)

Free reserves carried forward at 31st May

179,167

177,873

Gross Premium Income

The following graph shows the growth in premium income of ITIC for the years ended 31st May:

Free Reserves Development

The reserves of the combined club at 31st May continue to grow through a strong investment performance and stable underwriting

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