OECD INSURANCE STATISTICS

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1 ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT ORGANISATION DE COOPÉRATION ET DE DÉVELOPPEMENT ÉCONOMIQUES DIRECTION DES AFFAIRES FINANCIÈRES ET DES ENTREPRISES DIRECTORATE FOR FINANCIAL AND ENTERPRISE AFFAIRS OECD INSURANCE STATISTICS ELECTRONIC DATA QUESTIONNAIRES TECHNICAL GUIDE (Related to the Excel questionnaires XXX_InsurQuest2012_Part1.xls and XXX_InsurQuest2012_Part2.xls ) April 2012

2 The electronic data questionnaires consist of two Excel files 1. If you are unable to read or open either of the file, please contact the Secretariat. The Excel files (XXX_InsurQuest2012_Part1.xls and XXX_InsurQuest2012_Part2.xls), of which the first three digits are for ISO country code, contain sheets strictly similar to the previous Word questionnaire used in the past and new sheets developed in the context of the recent financial crisis. Therefore, you are invited to complete the electronic questionnaires with the statistical data, and to use a separate Word document for: the footnotes and/or methodological notes you might wish to add, and, qualitative parts called Section 1.5 and In order to ensure the timely delivery of important statistical aggregates to the IPPC and the broader user community, and in recognition of possible country constraints in the delivery of insurance statistics, the insurance statistics framework has been divided into two parts: Part 1 seeks advanced aggregate statistics, as well as qualitative information. It focuses on business written in the reporting country, premiums by classes of life insurance, balance sheet and income variables and outstanding investment by direct insurance companies. The Secretariat invites countries to send back the Excel electronic questionnaire Part 1 together with the Section 1.5 of the questionnaire if possible no later than 24 May Part 2 is composed of more detailed statistics, reproducing in large part the former annual questionnaire. Countries are invited to send back the Excel electronic questionnaire Part 2 together with the Section 2.15, if possible with Part 1. However, if data are not yet available, please send it to the Secretariat as soon as possible but not later than 18 October For Sections 1.5 and 2.15 concerning the general economic development of insurance activity in your country in 2011 and 2012, please use a separate Word document for your comments. You are kindly requested to provide all submissions by to, either Romain Despalins [ romain.despalins@oecd.org] or Jean-Marc Salou [ jean-marc.salou@oecd.org]. Should you require any further assistance in order to fill in the questionnaire, please do not hesitate to contact Mr Romain Despalins: Romain Despalins Statistician OECD Financial Affairs Division, DAF Directorate Tel: +33 (0) Fax: romain.despalins@oecd.org 1. File names: please replace the three XXX by your three character ISO country code. To do so, please refer to the United Nation Statistics Division internet page, Countries and areas, codes and abbreviations at the following address: 2

3 For setting the questionnaire and in order to be able to fill in the electronic data questionnaire, please apply the following procedure from step 1 to 3. Step 1. Enable macros when opening the Excel file: click on Options... (1), a box will appear, and then choose Enable this content (2). 3

4 Step 2. Select your country name from the menu list. 4

5 Step 3. Select the appropriate unit from the menu list. 5

6 Frequency and Period under review: Please complete the worksheet with 2011 yearly data or for the specified years. Conventional signs: In order to be precise about the nature of the data, it is necessary to distinguish the following cases. 1. Empty cells currently indicate ND (Data Not available). They should be replaced by numbers, where available. 2. Data that is not available, or for which the breakdown is not available should be left as ND; they should not be left blank or deleted. 3. Data that is not applicable should be filling in as NA; 4. Zero values should be indicated by 0. They should not be left blank or deleted. 5. Monetary data: indicated in millions of national currency unit or in Euro (for countries members of the Euro-zone) for each table. 6. Data precision: two digits to the right of the decimal point. 7. Footnotes: free notes on the data can be added below each table. Questionnaires structure: The Excel questionnaire Part 1 contains 5 sections: Section 1.1 deals with Business Written in the Reporting Country and should include all business written in your country, whether in respect of domestic or foreign (world-wide) risks, and analysed according to the definitions that can be found in pages of the attached 'DAF_AS_WD(2012)1.doc' document. This section also covers a question which breaks down life insurance premiums between single premiums and periodical premiums on a net and gross basis. It should include the life business of composite enterprises (if applicable). Section 1.2 covers the breakdown of premiums of life insurance by type of contracts: unit-linked, annuities and other life insurance contracts. It should include the life business of composite enterprises (if applicable). Data on pension insurance contracts are also collected separately. Section 1.3 collects information pertaining to balance sheet and income statement variables of direct insurers. For items Gross claims paid, Outstanding claims provision, Gross operating expenses and Commissions, please provide a breakdown for composite enterprises between life and non-life business if available: this breakdown permits the calculation of the loss, expense, and combined ratios. Section 1.4 concerns investments by direct insurers. It covers the breakdown of investments according to the type of enterprises. Investment data should exclude assets linked to unit-linked products sold to policyholders. If the data does not exclude such assets, Delegates are asked to explain the exact coverage of the investment data. 6

7 Section 1.5 seeks comments on developments in the insurance sector, by segment, during 2011 and the first quarter of 2012, including factors that might explain trends and/or variations. The Excel questionnaire Part 2 contains 15 sections: Section 2.1 deals with general information on the reporting country. Section 2.2 specifically deals with Business Written in the reporting Country on risks situated outside the reporting country (=foreign risks). Section 2.3 on the other hand, breaks down business between domestic and foreign risks on a net premium basis and is an amplification of the final ("Net Written Premiums") column of Section 1.1, with totals corresponding accordingly. Section 2.4 covers Business Written Abroad by branches, agencies and subsidiaries established abroad of domestic undertakings and should include all business written outside your country by these entities (in both OECD and non-oecd countries). Section 2.5 and 2.6 are essential for EU/EEA countries so that they can grasp the whole picture of their respective national markets. Figures shall comprise life and non-life business of composite enterprises respectively when available. Section 2.7 deals with Premiums written by classes of Non-Life Insurance for the business written in the Reporting Country. Those countries having difficulties in breaking down "reinsurance accepted" by classes may use the (9) Treaty Reinsurance row. It should include the non-life business of composite enterprises (if applicable). Section 2.8 concerns investments by direct insurers and covers the breakdown of investments by the set of all companies based on their geographical destinations (investments in the reporting country or investments abroad). For "Composite", please provide, where possible, a breakdown of outstanding investments between life and non-life business. Where assets cannot be allocated to life or non-life business, please include them under composite (i.e. column names 3. Total ). Section 2.9 to 2.11 concern respectively gross claims payments, gross operating expenses, and commissions. Section 2.12 collects information pertaining to balance sheet and income statement variables of reinsurers. For items Gross claims paid, Outstanding claims provision, Gross operating expenses and Commissions, please provide a breakdown for composite enterprises between life and non-life business if available: this breakdown permits the calculation of the loss, expense, and combined ratios. Section 2.13 concerns investments of reinsurers. It covers the breakdown of investments according to the categories of reinsurers. Section 2.14 concerns investments of reinsurers. It covers the breakdown of investments by the set of all companies based on their geographical destinations (investments in the reporting country or investments abroad). For "Composite", please provide, where possible, a breakdown of outstanding investments between life and non-life business. Where assets cannot be allocated to life or non-life business, please include them under composite (i.e. column named 3. Total ). 7

8 Section 2.15 seeks an update on developments in the insurance sector in

9 Notes and definitions Section 1.1, Section 1.2 / Section 2.2, Section 2.3, Section 2.4, Section 2.5, Section 2.6, Section 2.7, Section 2.11 : YEAR UNITS LIFE / NON-LIFE COMPOSITE DOMESTIC COMPANIES FOREIGN-CONTROLLED COMPANIES FOREIGN COMPANIES The calendar year to which the figures refer. Units of national currency in which figures are given. Premiums should normally be shown in millions of the national currency unit. Life and Non-Life categories should follow the definitions used in national law. However, the premiums for accident and sickness insurances underwritten by Life companies should be included in Non-Life figures. A composite company is a insurance company which deals with both life and non-life business. Domestic companies refer to companies incorporated under national law, together with those companies in the reporting country which are unincorporated, but excluding the branches and agencies of foreign companies. Refer to companies controlled by foreign interests, such "control" being defined according to national law. Foreign companies refer to companies incorporated outside the reporting country. Figures on insurance premiums are requested for all Domestic Undertakings (showing separately the element in the totals made up by locallyincorporated Foreign Controlled Undertakings) and for local branches and agencies of Foreign Undertakings. If this split is not available, please give the total figure only. GROSS PREMIUMS DIRECT BUSINESS REINSURANCE ACCEPTED TOTAL PREMIUMS CEDED NET WRITTEN PREMIUMS Gross premiums are total premiums written, exluding any premium taxes or other charges, but before deduction of commissions or reinsurance outwards. It is acknowledged that the inclusion of reinsurance will mean that there is some element of double-counting in the figures provided. Includes all direct business. Includes all reinsurance business accepted. Facultative reinsurance may be included under "Direct business" or "Reinsurances Accepted" according to practice in the reporting country. This is the total of the two previous columns. The figure should be given even if it has not been possible to make the split between Direct and Reinsurance business. Includes all premiums (reinsurance and retrocession) ceded. Normally "Net Written Premiums" should be equal to total "Gross Premiums" less "Premiums Ceded". If there are special problems in your country which prevent this relationship from holding given the definitions provided, then appropriate compensatory element should be included under "Premiums Ceded" so that it does not hold in the figures supplied. "Gross Premiums" and "Premiums Ceded" should be given where available. "Net Written Premiums", however, is very important information and should be given even if an estimate has to be made. "Net Written Premiums" are total retention in the reporting country. There should be no double-counting in these figures, even though doublecounting may exist in the gross figures. For certain countries, figures provided for Life business will not necessarily take reinsurance into account. Figures provided for insurance premiums should include all insurance undertakings licensed or authorised in your country, including professional reinsurers, whether or not these are controlled, but excluding any statutory system of social security administered by the State. 9

10 Section 1.2 : ANNUITIES UNIT-LINKED PENSION CONTRACTS An annuity is an amount of money paid to somebody at a regular interval (e.g. monthly, yearly). It is an agreement or a contract for one person or organisation (generally an insurance company) to pay another (the annuitant) a stream or series of payments (annuity payments). Payments can start immediately or in the future. They can be fixed or variable. Also called Unit Linked Insurance Plan (ULIP), a type of insurance vehicle in which the policyholder purchases units in investment funds at their net asset values and can choose from a range of different funds to suit his/her attitude to risk. Investment funds are invested in a mix of assets (such as stock, bonds or mutual funds, depending upon the list of qualified investments). Depending on the performance of the fund chosen, the policyholder may achieve gains or losses on his/her investments. An insurance contract that specifies pension plan contributions to an insurance undertaking in exchange for which the pension plan benefits will be paid when the members reach a specified retirement age or on earlier exit of members from the plan. Section 1.3 and Section 2.12 TARGET SOLVENCY RATIO GROSS CLAIMS PAID GROSS OPERATING EXPENSES NET INCOME SHAREHOLDER EQUITY The solvency ratio is the ratio between available capital and required capital, or available solvency margin and required solvency margin. (Please provide also explanations about the calculation method.) The solvency target ratio is the ratio of available and required capital at which supervisory intervention is likely to be triggered. Gross claims payments, covering all gross payments on claims made during the financial year, are to be used in the calculation of gross claims incurred. Gross operating expenses should normally mean the sum of acquisition costs, change in deferred acquisition costs and administrative expenses. Net income is the profit, or total earnings, recorded by a company. Shareholder equity represents the net worth of a company after deducting all liabilities. Section 1.4 / Section 2.8, Section 2.13, Section 2.14 : Investment data should exclude assets linked to unit-linked products sold to policyholders. In case of investments in mutual funds, please provide the look-through by splitting these investments into the relevant assets classes (e.g. bonds, shares). Please select the valuation method. Please indicate separately "Other Investments" and also, if necessary, shares or bonds not included in the "Shares" or "Bonds" categories. MORTGAGE LOANS NET INVESTMENT INCOME AVERAGE NOMINAL NET INVESTMENT RETURN (%) Mortgage loans cover only loans for "Acquisition of Private Housing". Total of interest, dividends, and other earnings derived from the insurance undertaking's invested assets minus the expenses associated with these investments, and including realised and unrealised (but recognised) gains and losses. Total return, including realised and unrealised (but recognised) gains and losses plus income, after subtracting any investment management costs. The return should be given in nominal terms (before substracting inflation) and in percent. 10

11 Section 2.1 : NUMBER OF INSURANCE UNDERTAKINGS INSURANCE EMPLOYEES Number of insurance undertakings operating in your country. Figures should include all insurance undertakings licensed or authorised in your country, including professional reinsurers, whether or not these are controlled, but excluding any statutory system of social security administered by the State. i) Insurance Undertakings Give the number of staff (full-time or part-time) employed in the insurance industry of your country. ii) Intermediaries Give the number of persons (brokers or agents and their staffs) excluding intermediaries who may sell insurance but are not directly involved in the insurance industry (e.g. bank managers, solicitors, garage owners) of those included under i) above. Section 2.3 : DOMESTIC RISKS FOREIGN RISKS TOTAL Includes all business written in the reporting country on domestic risks. Includes all business written in the reporting country situated outside the reporting country (does not include business written outside the reporting country by national undertakings). Shows total of domestic and foreign business. This total should correspond to the final column in Section 1.1 (Part 1 questionnaire). Section 2.4 : Please include all (OECD and other countries) business written by establishments abroad of domestic undertakings. In the absence of precise figures, please give estimates whenever possible. Section 2.5 : Each country should not fill the row of its own country. The final row (TOTAL) should correspond to the first row (Braches and Agencies: Life) in Section 2.4 plus part of the third row (Branches and Agencies: Composite). Section 2.6 : Each country should not fill the row of its own country. The final row (TOTAL) should correspond to the second row (Braches and Agencies: Non-Life) in Section 2.4 plus part of the third row (Branches and Agencies: Composite). Section 2.7 : TREATY REINSURANCE Optional row, only for those countries having difficulties in breaking down reinsurance accepted by classes. TOTAL NON-LIFE INSURANCE This row should correspond to the total of non life premiums shown in Section 1.1 (Part 1 questionnaire). 11

12 DEFINITIONS OF CLASSES OF NON LIFE INSURANCE (as used under Section 2.7) (Definitions are based on OECD common classification of the classes of insurance) Classes Definitions 1. MOTOR VEHICLE LAND VEHICLES (other than railway rolling stock) All damage to or loss of: - Land motor vehicles, - Land vehicles other than motor vehicles. MOTOR VEHICLE LIABILITY All liability arising out of the use of motor vehicles operating on land (including carriers' liability). 2. TRANSPORT RAILWAY ROLLING STOCK AND OTHER TRANSPORT All damage to or loss of railway rolling stock. AIRCRAFT All damage to or loss of aircraft. SHIPS (sea, lake, and river and canal vessels) All damage to or loss of: - River and canal vessels, - Lake vessels, - Sea vessels. LIABILITY FOR SHIPS (sea, lake, and river and canal vessels) All liability arising out of the use of ships, vessels or boats on the sea, lakes, rivers or canals (including carrier's liability). 3. FREIGHT GOODS IN TRANSIT (including merchandise, baggage and all other goods) All damage to or loss of goods in transit or baggage, irrespective of the form of transport. 4. FIRE AND OTHER PROPERTY DAMAGE FIRE AND NATURAL FORCES All damage or loss of property (other than property included in classes 3, 4, 5, 6 and 7) due to: - Fire - Explosion - Storm - Natural forces other than storm - Nuclear energy - Land subsidence 5. PECUNIARY LOSS CREDIT - Insolvency (general) - Export credit - Instalment credit - Mortgages - Agricultural credit OTHER DAMAGE TO PROPERTY All damage to or loss of property (other than property included in classes 3, 4, 5, 6 and 7) due to hail or frost, and any event such as theft, other than those mentioned under 8. SURETYSHIP - Suretyship (direct) - Suretyship (indirect) MISCELLANEOUS FINANCIAL LOSS - Employment risks - Insufficiency of income (general) - Bad weather - Loss of benefits - Continuing general expenses - Unforeseen trading expenses - Loss of market value - Loss of rent or revenue - Indirect trading losses other than those mentioned above - Other financial loss (non-trading) - Other forms of financial loss 6. GENERAL LIABILITY GENERAL LIABILITY All liability other than those forms mentioned under 10, 11 and ACCIDENT AND SICKNESS ACCIDENT (including industrial injury and occupational diseases) - Fixed pecuniary benefits - Benefits in the nature of indemnity - Combinations of the two - Injury to passengers SICKNESS - Fixed pecuniary benefits - Benefits in the nature of indemnity - Combinations of the two 8. OTHER NON-LIFE INSURANCE LEGAL EXPENSES Legal expenses and costs of litigation. 9. TREATY REINSURANCE ASSISTANCE MISCELLANEOUS 12

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