Annual Report on the workings of the Insurance Act 1976 and General Review of the Insurance business in 2007

This report presents the workings of the Insurance Act and a general review of the insurance business for the year ending 31 December 2007. The results indicate the insurance industry realised a growth of 25.6 per cent in 2007 as opposed to 18.9 percent in 2006 in terms of the gross premiums written. The multi-peril insurance constituted the highest component of the premiums writ en at 37 per cent of the general insurance business. The total assets increased by 8.2 per cent while the total liabilities increased by 17.6 per cent. The total investments grew significantly by 19.1 per cent. The General insurance business (non-life) underwriting results increased significantly by 118 per cent in 2007 from an increase of 69.5 per cent in 2006.The gross premium of the general insurance business grew by 26.3 in 2007 while it grew by 32.2 per cent in 2006.