Note 13 - Outstanding claims Amounts in $000
Closed policy years
Open policy years 2010 2009 2008 2007
2011 290,801
250,013 152,066 115,864 -
808,744
Gross outstanding claims Members’ claims
Other clubs’ Pool claims
Reinsurer’s share of gross outstanding claims Group excess of loss reinsurance Pool recoveries
Other reinsurers Net outstanding claims
2010 242,621 -
250,777 189,931 114,381 797,710
1,003,585 101,428
1,105,013
(109,777) (76,492)
(110,000) (296,269)
808,744
1,032,825 98,185
1,131,010
(111,762) (111,538)
(110,000) (333,300)
797,710
The total of outstanding claims of $1,105 million (2010: $1,131 million) includes a forecast of unreported claims of $319 million (2010: $341 million) on open and closed policy years and an estimate of $30 million (2010: $30 million) for future claims management costs. Claims outstanding includes provision for IBNR claims which is set by reference to, amongst other factors, standard actuarial techniques and projections. The IBNR reserve includes an amount for Occupational Disease claims amounting to $50 million (2010: $50 million). Occupational Disease claims have a significant latency period making them particularly uncertain for reserving purposes. The reserve has been set with reference to industry studies and the Association’s historical experience. These studies include a projection of the number of deaths expected, the probability of claims being made and the expected cost of those claims.
Other reinsurance includes the recovery of $110 million relating to a multi year reinsurance policy.
Note 14 – Creditors Amounts in $000
Reinsurance Premiums Members’ balances Taxation Others
2011
10,072 -
677
15,152 25,901
2010
9,406 100 470
10,881 20,857
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