Page 37 - Proof no 3

6,426,675
9. Insurance Liabilities, Reinsurance Assets and Net Claims Incurred (continued)
Movements in insurance liabilities and reinsurance assets
(a) Outstanding claims reserve
Notified claims
Incurred but not reported
Total at beginning of year
Cash paid for
claims settled in year
Increase in liabilities
– Arising from current-year
claims
– Arising from prior-year
claims
Total at end of year
Notified claims
Incurred but not reported
Total at end of year
Gross $ 201,283,911 16,900,000
218,183,911
(131,552,173 )
5,938,099
(40,430,811 )
52,139,026
49,089,026 3,050,000
52,139,026
(b) Unearned premiums reserve
Net $
9,418,516
9,312,430 (9,540,629)
9,190,317
Gross $
28,805,639
29,969,008 (32,402,327 )
26,372,320
1,981,607
2,448,424 (2,355,155 )
2,074,876
2018 Reinsurance $
196,757,236 15,000,000
211,757,236
(126,842,181 )
188,833 (41,522,043 )
43,581,845
43,581,845 -
43,581,845
2018 Reinsurance $
At beginning of year Increase in the period Release in the period
At end of year
19,615,322
18,678,393 (21,757,291 )
16,536,424
(c) Deferred commissions income/expense
Deferred commissions income $
2018 Deferred commissions expense $
At beginning of year Increase in the period Release in the period
At end of year
2,792,563
3,368,400 (3,282,421 )
2,878,542
4,526,675 1,900,000
6,426,675
(4,709,992)
5,749,266 1,091,232
8,557,181
5,507,181 3,050,000
8,557,181
9,190,317 11,290,615
(10,645,036)
9,835,896
Net $
Net $
Net $
(810,956) (919,976) 927,266
(803,666)
Deferred commissions income $
Gross $
273,205,998 1,210,597
274,416,595
(146,134,852)
52,073,780 37,828,388
218,183,911
201,283,911 16,900,000
218,183,911
Gross $
26,446,910
29,153,066 (26,794,337)
28,805,639
1,982,641
2,023,800 (2,024,834)
1,981,607
2017 Reinsurance $
267,848,809 -
267,848,809
(140,112,404)
48,848,408 35,172,423
211,757,236
196,757,236 15,000,000
211,757,236
2017 Reinsurance $
17,028,394
19,840,636 (17,253,708)
19,615,322
2017 Deferred commissions expense $
2,907,413
2,838,137 (2,952,987)
2,792,563
Net $
5,357,189 1,210,597
6,567,786
(6,022,448)
3,225,372 2,655,965
6,426,675
4,526,675 1,900,000
6,426,675
Net $
(924,772) (814,337) 928,153
(810,956)
37
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2018 (CONTINUED)