HSBC 2006 Annual Report Download - page 377

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The movement of liabilities under insurance contracts during the year ended 31 December 2006 was as follows:
Non-life insurance liabilities
2006
Gross
Reinsurers’
share Net
US$m US$m US$m
Unearned premium provision
At 1 January ..................................................................................................... 1,346 (202) 1,144
Gross written premiums ................................................................................... 1,824 (451) 1,373
Gross earned premiums ................................................................................... (1,946) 499 (1,447)
Exchange differences and other movements ................................................... 38 (22) 16
At 31 December ............................................................................................... 1,262 (176) 1,086
Notified and incurred but not reported claims
At 1 January ..................................................................................................... 1,296 (465) 831
Notified claims ............................................................................................ 872 (335) 537
Claims incurred but not reported ................................................................. 424 (130) 294
Claims paid in current year .............................................................................. (889) 228 (661)
Claims incurred in respect of current year ...................................................... 680 (147) 533
Claims incurred in respect of prior years ........................................................ 219 (24) 195
Exchange differences and other movements ................................................... 103 (5) 98
At 31 December ............................................................................................... 1,409 (413) 996
Notified claims ............................................................................................ 949 (355) 594
Claims incurred but not reported ................................................................. 460 (58) 402
Other ................................................................................................................ 268 (76) 192
Total non-life insurance liabilities ................................................................... 2,939 (665) 2,274
2005
Gross
Reinsurers’
share Net
US$m US$m US$m
Unearned premium provision
At 1 January ..................................................................................................... 1,250 (217) 1,033
Gross written premiums ................................................................................... 2,364 (479) 1,885
Gross earned premiums ................................................................................... (2,139) 419 (1,720)
Exchange differences and other movements ................................................... (129) 75 (54)
At 31 December ............................................................................................... 1,346 (202) 1,144
Notified and incurred but not reported claims
At 1 January ..................................................................................................... 1,360 (463) 897
Notified claims ............................................................................................ 871 (408) 463
Claims incurred but not reported ................................................................. 489 (55) 434
Claims paid in current year .............................................................................. (966) 146 (820)
Claims incurred in respect of current year ...................................................... 1,070 (150) 920
Claims incurred in respect of prior years ........................................................ (32) 6 (26)
Exchange differences and other movements ................................................... (136) (4) (140)
At 31 December ............................................................................................... 1,296 (465) 831
Notified claims ............................................................................................ 872 (335) 537
Claims incurred but not reported ................................................................. 424 (130) 294
Other ................................................................................................................ 229 (2) 227
Total non-life insurance liabilities ................................................................... 2,871 (669) 2,202