Combined ITIC and TIMIA Financial Highlights for the year ended 31st May 2020

Combined
31 May 2020
Combined
31 May 2019
  US$
'000s

US$
'000s

Gross premiums written

  57,338 

 54,960

Continuity credit

(19,722)

(19,545)

Reinsurance premiums (excess loss)

  (3,843)

(3,623)

Claims incurred less excess loss reinsurance recoveries

(28,911)

 (20,569)

Operating expenses

(16,473)

(18,191)

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

(11,611) (6,968)

Investment result (realised and unrealised)

18,166 10,419
Taxation (363) (197)

Exchange gains / (losses)

(681) (1,960)

Surplus/ (deficit) for the year

5,511 1,294

Free reserves brought forward at 1st June

179,167 177,873

Free reserves carried forward at 31st May

184,678

  179,167

Free reserves:    

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

261,405 246,626

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

(76,727)

(67,459)

Free reserves carried forward at 31st May

184,678 179,167

Gross Premium Income

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

ITIC gross premium 2020 chart

Free Reserves Development

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

ITIC free reserves 2020 chart

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