QBE European Operations plc
QBE European Operations plc
QBE European Operations plc
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<strong>QBE</strong> <strong>European</strong> <strong>Operations</strong> <strong>plc</strong> Annual report 2011<br />
54<br />
Notes to the financial statements<br />
continued<br />
For the year ended 31 December 2011<br />
2 Segmental analysis continued<br />
b) Analysis of gross premiums written, gross premiums earned, gross claims incurred, gross operating expenses and the<br />
reinsurance balance<br />
Gross premiums Gross premiums Gross claims Gross operating Reinsurance<br />
written earned incurred expenses balance<br />
2011 £000 £000 £000 £000 £000<br />
Direct insurance:<br />
Accident and health 27,233 29,139 (10,152) (18,801) (3,499)<br />
Motor (third party liability) 269,670 270,313 (210,911) (61,446) 6,131<br />
Marine, aviation and transport 287,402 295,554 (198,963) (71,583) (21,375)<br />
Fire and other damage to property 382,483 349,502 (213,680) (117,075) (49,037)<br />
Third party liability 883,571 855,331 (506,498) (269,471) 2,341<br />
Credit and suretyship 20,493 18,476 (375) (6,115) (5,268)<br />
Other 105,463 96,582 (43,687) (31,326) (12,501)<br />
1,976,315 1,914,897 (1,184,266) (575,817) (83,208)<br />
Reinsurance acceptances 1,043,277 996,954 (870,072) (112,471) (38,176)<br />
Total 3,019,592 2,911,851 (2,054,338) (688,288) (121,384)<br />
Gross premiums Gross premiums Gross claims Gross operating Reinsurance<br />
written earned incurred expenses balance<br />
2010 £000 £000 £000 £000 £000<br />
Direct insurance:<br />
Accident and health 24,174 30,798 (17,396) (13,223) (3,886)<br />
Motor (third party liability) 260,300 265,520 (207,033) (79,449) (6,838)<br />
Marine, aviation and transport 276,049 269,562 (169,945) (68,207) (17,573)<br />
Fire and other damage to property 322,186 328,067 (170,349) (133,135) (77,203)<br />
Third party liability 937,420 864,568 (495,139) (214,146) (32,590)<br />
Credit and suretyship 20,138 19,822 (108) (4,665) (7,858)<br />
Other 86,018 79,729 (40,502) (2,276) (17,790)<br />
1,926,285 1,858,066 (1,100,472) (515,101) (163,738)<br />
Reinsurance acceptances 768,679 747,003 (445,829) (117,866) (141,005)<br />
Total 2,694,964 2,605,069 (1,546,301) (632,967) (304,743)<br />
The reinsurance balance represents the (charge)/credit to the technical account from the aggregate of all items relating to reinsurance outwards.<br />
3 Movements in prior years’ net claims provisions<br />
During the year a positive/(adverse) run-off development was experienced in respect of the following portfolios:<br />
2011 2010<br />
£000 £000<br />
Direct insurance:<br />
Accident and health (10) 6,584<br />
Motor (third party liability) (1,757) 2,799<br />
Marine, aviation and transport (875) 35,084<br />
Fire and other damage to property 1,344 (16,067)<br />
Third party liability (17,319) 74,038<br />
Credit and suretyship 9,890 (1,996)<br />
Other (11,405) 9,284<br />
(20,132) 109,726<br />
Reinsurance acceptances 50,741 35,005<br />
Total 30,609 144,731
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