NTUC Income AR 2019

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 3. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (CONTINUED) Insurance contract provisions for General Insurance (continued) Gross liabilities The gross claims liability as at 31 December 2019 is $492,838,000 (2018: $479,363,000) as compared to net claims liability of $448,385,000 (2018: $437,080,000). The gross premium liability as at 31 December 2019 is $202,473,000 (2018: $189,058,000) as compared to net premium liability of $201,231,000 (2018: $188,039,000). Development and movement of general insurance claim liabilities Below is the summary of the development of past years’ gross claims liabilities as at this year’s valuation: Claims development table 2019 $'000 Accident year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total End of accident year 244,656 212,240 212,084 219,707 220,631 217,330 224,563 245,677 259,533 272,379 273,346 1 year later 226,472 186,768 196,745 216,590 215,523 204,892 206,268 230,753 244,141 260,548 2 years later 222,855 177,787 190,208 204,478 197,808 172,741 180,470 214,483 220,667 3 years later 215,323 171,039 174,294 187,817 163,440 149,658 169,599 203,070 4 years later 212,516 163,020 165,455 158,111 149,365 139,066 162,520 5 years later and beyond 199,572 152,128 143,645 147,870 141,972 136,173 Estimate of gross cumulative claims 199,572 152,128 143,645 147,870 141,972 136,173 162,520 203,070 220,667 260,548 273,346 2,041,511 Cumulative claim payments 199,318 151,970 142,154 145,910 137,496 129,983 142,584 164,848 166,960 158,296 88,962 1,628,481 Estimate of gross claim liabilities 254 158 1,491 1,960 4,476 6,190 19,936 38,222 53,707 102,252 184,384 413,030 Claims handling expenses 13 8 77 102 232 320 1,032 1,978 2,780 5,292 9,544 21,378 Estimate of gross claim liability before recoveries 267 166 1,568 2,062 4,708 6,510 20,968 40,200 56,487 107,544 193,928 434,408 Estimate of gross claim liabilities for prior accident years 1,672 Recoveries and other adjustments 2,107 Provisions for adverse deviation 54,651 Gross claim liabilities 492,838 72 HERE FOR SURE