Note 7 - Net claims incurred Amounts in $000
Gross claims paid: Members' claims
Group's pooling arrangements
Less reinsurance recoveries: Group's pooling arrangements Market underwriters
Net claims paid
Movement in provision for outstanding claims: Provision carried forward
Less: Provision brought forward
Less: Movement in reinsurer’s share of gross outstanding claims Provision carried forward
Less: Provision brought forward
Change in provision for net outstanding claims Net incurred claims
2011
297,541 15,142
312,683
39,787 33,502
73,289 239,394
1,105,013 1,131,010 (25,997)
296,269 333,300 (37,031)
11,034 250,428
2010
316,560 49,703
366,263
28,989 7,554
36,543 329,720
1,131,010 1,050,740 80,270
333,300 243,274 90,026
(9,756) 319,964
Note 8 – Operating expenses Amounts in $000
Residual management fee Directors’ meetings Managers/Agent travel Sales and marketing Publications
Printing and telecommunications Correspondent charges
Legal and professional expenses Bank and financial expenses Loss prevention initiatives Ship inspection initiatives
Operating branch and subsidiary costs Other expenses
Included within operating expenses are the following: Directors’ Fees
Auditors’ fees - payable for the audit of the parent company Auditors’ fees - payable for the audit of subsidiaries Auditors’ fees - other services
2011
11,820 2,407 606 585 182 283 9
2,133 444 134 398 786 561
20,348
866 156 135 109
1,266
2010
12,558 2,055 602 434 229 217 6
2,283 686 190 523 977 292
21,052
823 163 122 116
1,224
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