Insurance regulator worried about outstanding funeral claims as they surge by 300 percent

In a separate report, IPEC said non-life insurers reported total gross premium written (GPW) amounting to $215.97 million for the year ended December 31, 2016 compared to the audited GPW of $213.44 million reported in the previous year.

Gross premiums generated by insurance brokers decreased by 2.97 percent from $92.77 million written in the preceding year to $90.06 million.

The number of registered players, including insurance agents and loss adjusters, fell from 611 as at September 30, 2016 to 573 as at December 31, 2016.

IPEC said most insurers were in compliance with the regulated minimum capital requirement of $1.5 million.

“Of the 20 operational insurers and eight operational reinsurers, only two players-an insurer and reinsurer reported capital positions below the regulatory minimum capital requirement of $1.5 million as at 31 December 2016,” said IPEC in the report.

“As at 31 December 2016, 55 percent, that is 11 out of 20 of the insurers were already compliant with the proposed $2.5 million capital level.”

However, the report said nine insurers and one reinsurer were not compliant with the minimum prescribed asset ratio.

The business written by reinsurers fell 3.76 percent from $103.83 million written in 2015 to $99.93 million.- The Source

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