- A Insurance Companies Arab Insurance Group Aig Arab Insurance Group B S C Consolidated Statement Of Financial Pos 1 (98.43 KiB) Viewed 57 times
a. Insurance Companies: Arab Insurance Group (AIG) ARAB INSURANCE GROUP (B.S.C.) CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2021 (In thousands of U.S. Dollars) LIABILITIES 15 408,869 255,778 49,863 18 80,664 Technical provisions Insurance payables Other liabilities TOTAL LIABILITIES 19 29,093 38,672 334,734 528,205 15. TECHNICAL PROVISIONS General insurance business - Claims outstanding - Unreported losses US$ '000 2021 2020 142,545 200,511 78,372 146,760 Unearned premiums 3,956 27,112 224,873 374,383 Life insurance business - Claims outstanding 10,973 12,404 - Unreported losses 19,767 21,766 - Unearned premiums 165 316 30,905 34,486 255,778 408,869 The mean term of reserves is 2.9 years and 2.7 years for non-life and life business respectively. Required Explain Technical provision as it relates to the above extract, showing how it can be calculated.