The Central Reinsurance Company (CCR) has posted net profits of $56.28m, an increase of 21.8% compared to the $46.22m chalked up in 2023.
Gross written premiums increased by 7.5% to $369.01m in 2024, compared to $343.13m in 2023.
By branch, property & casualty insurance continued to be the biggest as is shown in the table below:
-
|
Branch (US$ m)
|
GWP
2024
|
Share of Total GWP
|
GWP
2023
|
Share of total GWP
|
|
Property & casualty
|
275.02
|
74.53%
|
248.35
|
72.38%
|
|
Nat CAT
|
24.64
|
6.68%
|
32.00
|
9.33%
|
|
Marine
|
23.42
|
6.30%
|
21.95
|
6.40%
|
|
Life
|
20.60
|
5.58%
|
15.07
|
4.39%
|
|
Aviation
|
15.42
|
4.18%
|
14.40
|
4.20%
|
|
Special Risks
|
9.63
|
2.61%
|
10.94
|
3.19%
|
|
Others
|
0.46
|
0.13%
|
0.42
|
0.12%
|
|
Total
|
369.01
|
100.00%
|
343.13
|
100.00%
|
|
National acceptances
|
295.12
|
79.98%
|
287.24
|
83.71%
|
|
International acceptances
|
73.89
|
20.02%
|
55.89
|
16.29%
|
|
Source: CCR
|
Claims incurred were almost flat at $176.64m in 2024 compared to $176.05m in 2023.
The combined ratio rose by 5.18 points to 79.13% in 2024 from 73.95% in 2023. The loss ratio was 54.09% in 2024, 7.52 points higher than 46.57% in 2023.
As of December 31, 2024, the company's equity stood at $364.47m, 10.4% higher than $330.18m 12 months previously.
CCR indicates that it operates in at least 50 markets including markets in the Middle East; Asia and Latin America; Europe and Africa.