URSDAY,
LIFE INSURERS HAD A NEGATIVE GROSS OUTPUT, SUGGESTING LOSSES IN UNDERWRITING BUSINESS, BUT THESE LOSSES FROM INSURANCE OPERATIONS, IN MOST CASES, COULD BE MADE UP BY EARNINGS FROM
INVESTMENT PORTFOLIOS.
THE LIFE INSURERS' PORTFOLIO INVESTMENT TOTALLED ABOUT $2 000 MILLION AT THE END OF THE REPORTING YEAR, WHILE THAT OF GENERAL
INSURERS TOTALLED ABOUT $1 800 MILLION AND ALTHOUGH THEY HAD A MUCH LOWER PREMIUM INCOME AND CLAIMS THAN GENERAL INSURERS, THE LIFE INSURERS MAINTAINED A POOL OF FUNDS AND RESERVES THAT WERE ALMOST TWICE AS MUCH AS THOSE KEPT BY GENERAL INSURERS.
TABLE 2 PRESENTS IN GREATER DETAIL THE TOTAL PREMIUMS RECEIVED AND CLAIMS INCURRED BY THE 161 GENERAL AND LIFE INSURERS IN 1980 DISTINGUISHED INTO 7 CATEGORIES,
IN GENERAL INSURANCE BUSINESS, $3 077 MILLION OF TOTAL GROSS PREMIUMS WERE RECEIVED IN RESPECT OF DIRECT UNDERWRITING AND INWARD REINSURANCE BUSINESS. OF THIS, 54 PER CENT HAD BEEN CEDED OUT TO OTHER INSURERS, LEAVING A TOTAL OF GROSS RETAINED PREMIUMS OF $1 403 MILLION.
AFTER SUBTRACTING COMMISSIONS AND BROKERAGES PAID AND ADDING REINSURANCE COMMISSIONS RECEIVED, TOTAL NET PREMIUMS RECEIVED BY GENERAL INSURERS AMOUNTED TO $1 042 MILLION. OF THIS, FIRE INSURANCE AND MARINE INSURANCE (INCLUDING MARINE HULL AND MARINE CARGO) ACCOUNTED FOR THE LARGEST SHARES, EACH AT 28 PER CENT, FOLLOWED BY ACCIDENT INSURANCE (21 PER CENT), MOTOR VEHICLE INSURANCE (18 PER CENT) AND OTHER MISCELLANEOUS INSURANCE (6 PER CENT).
IN LIFE INSURANCE BUSINESS, ONLY 9 PER CENT OF THE $734 MILLION OF TOTAL GROSS PREMIUMS HAD BEEN CEDED OUT, WITH TOTAL GROSS RETAINED PREMIUMS AND TOTAL NET PREMIUMS AMOUNTING TO $669 MILLION AND $667 MILLION RESPECTIVELY,
GROUP LIFE INSURANCE TOOK UP OVER TWO-THIRDS OF THE LIFE INSURANCE PREMIUMS WHILE THE REST WENT TO INDIVIDUAL LIFE INSURANCE.
THE TOTAL GROSS CLAIMS IN RESPECT OF DIRECT UNDERWRITING AND RE INSURANCE BUSINESS TOTALLED $1 508 MILLION IN GENERAL INSURANCE BUSINESS AND $188 MILLION IN LIFE INSURANCE BUSINESS, WITH NET CLAIMS OF $639 MILLION AND $168 MILLION RESPECTIVELY. AMONG THE VARIOUS CLASSES OF INSURANCE BUSINESS, MARINE INSURANCE INCURRED THE LARGEST NET CLAIMS OF $190 MILLION, REPRESENTING 30 PER CENT OF THE TOTAL NET CLAIMS IN GENERAL INSURANCE BUSINESS.
THE CENSUS AND STATISTICS DEPARTMENT IS NOW PREPARING A REPORT WHICH WILL DESCRIBE IN DETAIL THE RESULTS OF THE CENSUS AND THE METHODOLOGY EMPLOYED.
ENQUIRIES ABOUT THE 1980 CENSUS MAY BE DIRECTED TO THE SERVICES STATISTICS SECTION OF THE CENSUS AND STATISTICS DEPARTMENT (TEL. NO. 3-7216374).