Page 146 - Neal and Massy Holdings Annual Report 2012

144 2012
NOTES TO THE Consolidated FINANCIAL STATEMENTS
September 30, 2012
Expressed in Thousands of Trinidad and Tobago dollars
27 Liabilities On Insurance Contracts
The major classes of general insurance written by the Group’s insurance operations include motor, property and other miscellaneous
types of general insurance. Risks under these policies usually cover a twelve month duration. Liabilities are comprised as follows:
2012 2011
$ $
Outstanding claims reserve 458,190 461,814
Unearned premiums 337,217 370,659
795,407 832,473
Movement in outstanding claims reserve may be analysed as follows:
Insurance liabilities Reinsurers’ share Insurance liabilities Reinsurers’ share
2012 2012 2011 2011
$ $ $ $
Beginning of the year 461,814 98,925 361,134 71,559
Exchange adjustment - - 3,658 675
Claims incurred 229,032 120,349 370,064 131,239
Claims paid (232,656) (69,044) (273,042) (104,548)
458,190 150,230 461,814 98,925
Movement in the unearned premium reserve may be analysed as follows:
Insurance liabilities Reinsurers’ share Insurance liabilities Reinsurers’ share
2012 2012 2011 2011
$ $ $ $
Beginning of the year 370,659 260,270 364,000 273,020
Exchange adjustment - - 3,435 2,576
Premiums written in the year 648,205 413,370 723,154 411,077
Premiums earned in the year (681,647) (427,832) (719,930) (426,403)
337,217 245,808 370,659 260,270