NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2013
11(c) Combined reconciliation of movement in discounted outstanding claims liability Gross $
2013 Reinsurance $
Net $
Gross $
2012 Reinsurance $
Net $
96,220,224
70,164,433
26,055,791
93,722,689
70,751,776
22,970,913
Changes in assumptions 20,580,880 20,247,149 Increase in claims incurred/recoveries anticipated 5,114,682 (4,341,117) Incurred claims recognised in income statement 25,695,562 15,906,032 Claim payments/recoveries during the year (25,481,110) (18,639,248) Outstanding claims carried forward 96,434,676 67,431,217
333,731
11,099,705
7,397,698
3,702,007
9,455,799
2,253,307
1,431,843
821,464
9,789,530
13,353,012
8,829,541
4,523,471
(6,841,862) (10,855,477)
(9,416,884)
(1,438,593)
29,003,459
96,220,224
70,164,433
26,055,791
Outstanding claims brought forward
12. NET CLAIMS INCURRED Current year $
2013 Prior year $
Total $
Current year $
2012 Prior year $
Total $
24,117,403 (2,728,898)
1,618,435 3,742,559
25,735,838 1,013,661
22,110,561 (2,444,593)
(6,451,972) 1,191,773
15,658,589 (1,252,820)
21,388,505
5,360,994
26,749,499
19,665,968
(5,260,199)
14,405,769
COMBINED Gross claims and related expenses undiscounted Discount Gross claims and related expenses discounted Reinsurance and other recoveries undiscounted Discount Reinsurance and other recoveries discounted NET CLAIMS INCURRED
(13,689,677) 394,733
(618,655) (14,308,332) (11,050,667) (2,027,192) (1,632,459) 104,080
(13,294,944) 8,093,561
(2,645,847) (15,940,791) (10,946,587) 2,715,147 10,808,708 8,719,381
LIABILITY MUTUAL INSURANCE Gross claims and related expenses undiscounted Discount
24,117,403 (2,728,898)
1,618,435 3,742,559
25,735,838 1,013,661
21,388,505
5,360,994
26,749,499
Gross claims and related expenses discounted Reinsurance and other recoveries - undiscounted Discount Reinsurance and other recoveries - discounted NET CLAIMS INCURRED COMMERCIAL CRIME FUND Gross claims and related expenses undiscounted Discount Gross claims and related expenses discounted Reinsurance and other recoveries undiscounted Discount Reinsurance and other recoveries - discounted NET CLAIMS INCURRED
2,112,147 (3,148,052)
(8,834,440) 5,571,329
22,110,561 (2,444,593)
(6,451,972) 1,191,773
15,658,589 (1,252,820)
19,665,968
(5,260,199)
14,405,769
(13,689,677) 394,733
(614,932) (14,304,609) (11,050,667) (2,027,192) (1,632,459) 104,080
(13,294,944) 8,093,561
(2,642,124) (15,937,068) (10,946,587) 2,718,870 10,812,431 8,719,381
-
-
963,983 (10,086,684) 1,148,164 1,252,244
968,883 (10,081,784) 1,148,164 1,252,244 2,117,047 (3,143,152)
(8,829,540) 5,576,229
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(3,723) -
(3,723) -
(4,900) -
-
(4,900) -
-
(3,723) (3,723)
(3,723) (3,723)
(4,900) (4,900)
-
(4,900) (4,900)
MAV INSURANCE FINANCIAL REPORT 2012/13
31