Insurance Division Statistics as at 30 April 2013
The following statistics are periodically updated in line with the most recent information available. Please contact John Dunford, Deputy Director, Insurance Division should you require further information (jdunford@gfsc.gg)
INTERNATIONAL INSURERS
| Type |
1 May 2012 |
Additions |
Surrenders |
Net Change |
30 Apr 2013 |
| Companies |
254 |
5 |
18 |
-13 |
241 |
| PCCs |
68 |
3 |
1 |
2 |
70 |
| PCC Cells |
387 |
61 |
33 |
28 |
415 |
| ICCs |
5 |
0 |
0 |
0 |
5 |
| ICC Cells |
17 |
3 |
0 |
3 |
20 |
| Totals |
731 |
72 |
52 |
20 |
751 |
The following are a graphical depiction of the International Insurers statistics over the past 12 months:
The most notable factor has been the growth in the number of PCC Cells following the launch, in early 2012, of the UK Government NewBuy Housing Scheme and a similar launch, in September 2012 of the Scottish Government MI New Home scheme.
International Insurers Gross Assets, Net Worth and Premiums written:
| YEAR |
Nominal |
Inflation Adjusted |
Nominal |
Inflation Adjusted |
Original |
Inflation Adjusted |
|---|
| 2011 |
21.76 |
21.76 |
8.97 |
8.97 |
4.62 |
4.62 |
|---|
| 2010 |
21.40 |
22.01 |
8.46 |
8.70 |
4.05 |
4.16 |
|---|
| 2009 |
20.77 |
21.94 |
8.13 |
8.59 |
3.94 |
4.16 |
|---|
| 2008 |
18.54 |
20.16 |
6.82 |
7.41 |
3.91 |
4.25 |
|---|
| 2007 |
16.01 |
18.21 |
6.53 |
7.42 |
3.48 |
3.96 |
|---|
| 2006 |
16.22 |
19.17 |
6.47 |
7.65 |
3.88 |
4.58 |
|---|
| 2005 |
14.70 |
17.487 |
5.61 |
6.82 |
3.36 |
4.08 |
|---|
| 2004 |
14.74 |
18.46 |
5.87 |
7.35 |
3.27 |
4.09 |
|---|
| 2003 |
14.34 |
18.47 |
5.33 |
6.87 |
3.44 |
4.43 |
|---|
| 2002 |
12.30 |
16.38 |
4.52 |
6.02 |
2.88 |
3.84 |
|---|
| 2001 |
11.52 |
15.93 |
4.92 |
6.80 |
2.21 |
3.06 |
|---|
International Insurers - Asset Allocation
The asset allocation of the International Insurers comprises mainly cash held at banks, investments and loans to parent companies as detailed in the following pie chart:
Currently there are loans to parents of approximately £6.75 billion of which £6.23 billion are classified as approved assets for solvency purposes.
The cash held by International Insurers in 2011 was £2.2 billion (2010: £3 billion) which was mainly held in Guernsey banks analysed as follows:
Investments held by International Insurers are analysed:
Premiums for 2011 were broadly for the following insurance cover:
Capital Adequacy of International Insurers
Each International Insurer is required to retain a minimum level of solvency calculated in accordance with set formulae taking into account premiums and the level of claims reserves.
As at 31 December 2011 the solvency ratio of the aggregate non-life International Insurers was 2038% (2010: 2320%) whereas the aggregate for Life Insurers was 459% (2010: 607%) when compared to the minimum solvency requirement.
Over the past 6 years the aggregate solvency ratios for International Insurers have been as follows:
AUTHORISED MANAGERS
| |
1 May 2012 |
Additions |
Surrenders |
Net Change |
30 Apr 2013 |
| Total |
20 |
0 |
-1 |
-1 |
19 |
A new Authorised Manager was licensed in January 2012. In July 2012 an authorised Insurance Manager surrendered its Manager's licence having no International Insurers to manage.
In 2011 the Authorised Managers in total generated fee income of £29 million (2010: £29 million), and profits of approximately £6 million (2010: £5.6 million) with an aggregate return on capital employed of 33% (2010: 38%).
INSURANCE INTERMEDIARIES AND DOMESTIC INSURERS
| Type |
1 May 2012 |
Additions |
Surrenders |
Net Change |
30 Apr 2013 |
| Insurance Intermediaries |
39 |
3 |
-3 |
0 |
39 |
| Domestic Insurers |
9 |
0 |
-1 |
-1 |
8 |
| Totals |
48 |
3 |
-4 |
-1 |
47 |
INSURANCE INTERMEDIARIES
In 2011 the Insurance Intermediaries generated commission and fee income of £20.4 million (2010: £20.8 million). The split of this income is best illustrated in the following chart:
The majority of this income was generated from within Guernsey. The chart below gives detail:
In 2011 the Insurance Intermediaries generated profits of approximately £4.9 million (2010: £4.6 million) which represents a return on capital employed of 35% (2010: 33%).
DOMESTIC INSURERS
The 2011 analysis of Domestic Insurers gross written premium is as follows:
As at 31 December 2011 the solvency ratio of the aggregate Domestic Insurers was 957% (2010: 772%, 2009: 851%) when compared to the minimum solvency requirement.
Over the past 6 years the aggregate solvency ratios for Domestic Insurers have been as follows:
The reduction in the solvency ratio in 2009 is as a result of distributions (dividends) made by the Domestic Insurers to their shareholders.