SHORT–TERM insurers total gross premium written (GPW) increased by 521,59% to $817,93 million during the first quarter (Q1) ended March 2020 buoyed by insurance premium increases and change in currency, the latest report by the Insurance and Pension Commission (Ipec) has shown.

However, in real terms, total business generated by both short-term insurance and short-term reinsurers declined by 19,65% and 1,66% respectively.

Total assets for short-term insurers increased from $1,90 billion as at December 31, 2019 to $2,66 billion end of March 2020

Adjusted for inflation, the assets for the short-term insurers contracted by 5%.

“Only two short-term insurance players were compliant with the minimum prescribed asset ratio of 10% as at March 31, 2020.

In real terms, insurance brokers premium written regressed by 4,58% while brokerage commission contracted by 1,07% under the review period.