Combined ITIC and TIMIA Financial Highlights for the year ended 31st May 2020 | Combined 31 May 2020 | Combined 31 May 2019 |
|---|---|---|
| US$ '000s | US$ | |
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:
Free Reserves Development
The reserves of the combined club at 31st May continue to grow through a strong investment performance and stable underwriting
