2006 - Central Bank of Trinidad and Tobago
2006 - Central Bank of Trinidad and Tobago
2006 - Central Bank of Trinidad and Tobago
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GENERAL INSURANCE BUSINESSUnderwriting Results4.18 In <strong>2006</strong>, the underwriting results <strong>of</strong> property insurance business revealed an overall underwritingloss <strong>of</strong> $76,672,930. This class <strong>of</strong> business experienced an overall underwriting loss<strong>of</strong> $59,338,208 in 2005.Details are summarized in Table XXI.Reinsurance4.19 An examination <strong>of</strong> the Premium Analysis statements revealed the followingaverage net retention ratios (that is, Net Premiums retained as a percentage <strong>of</strong> GrossPremiums written by Companies).2002%2003%2004%2005%<strong>2006</strong>%PropertyOther (that is, exclusive <strong>of</strong> MotorVehicle, Property <strong>and</strong> Long-term)10751070106212689684.20 Details <strong>of</strong> the percentage <strong>of</strong> Gross Premium retained in respect <strong>of</strong> property insurance businessare as follows:REINSURANCE - PROPERTY BUSINESS <strong>2006</strong>CompaniesLOCALGROSSNET NET RETENTIONPREMIUMS PREMIUMSRATIO$ $ %American Life <strong>and</strong> GeneralInsurance Co (<strong>Trinidad</strong> <strong>and</strong> <strong>Tobago</strong>)Limited.201,900,96911,547,0215.72<strong>Bank</strong>ers Insurance Company <strong>of</strong><strong>Trinidad</strong> <strong>and</strong> <strong>Tobago</strong> Limited4,308,871191,0704.43British-American InsuranceCompany (<strong>Trinidad</strong>) Limited *1,474,837800,97954.30Capital Insurance Limited306,016121,62839.75Colonial Fire & General InsuranceCo. Limited85,355,1156,790,1547.96REPORT ON INSURANCE AND PENSIONS 47
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