NOTES TO FINANCIAL STATEMENTS NOTES TO F I NANC I AL STATEMENTS 11.2.2. Tropical cyclone The roll-forward of the net asset or liability for reinsurance contracts held showing assets for remaining coverage and amounts recoverable on incurred claims arising on tropical cyclone insurance ceded to reinsurers is disclosed in the table below: 31 DECEMBER 2023 ASSETS FOR REMAINING COVERAGE AMOUNTS RECOVERABLE ON INCURRED CLAIMS TOTAL Figures in USD EXCLUDING LOSS- RECOVERY COMPONENT LOSSRECOVERY COMPONENT ESTIMATES OF THE PRESENT VALUE OF FUTURE CASH FLOWS RISK ADJUSTMENT Reinsurance contract assets as at 1 January 2023 – – – – – Reinsurance contract liabilities as at 1 January 2023 (354,775) – – – (354,775) Net reinsurance contract (assets)/ liabilities as at 1 January 2023 (354,775) – – – (354,775) Reinsurance premium (2,103,878) – – – (2,103,878) Amounts recoverable from reinsurers for incurred claims 95,310 – – – 95,310 Amounts recoverable for incurred claims and other expenses – – – – – Amortisation of insurance acquisition cash flows 95,310 – – – 95,310 Changes to amounts recoverable for incurred claims – – – – – Total changes in the statement of comprehensive income (2,008,568) – – – (2,008,568) Cash flows Premiums paid 2,421,154 – – – 2,421,154 Amounts received – – – – – Insurance acquisition cash flows – – – – – Total cash flows 2,421,154 – – – 2,421,154 Net reinsurance contract assets/ (liabilities) as at 31 December 2023 57,811 – – – 57,811 Reinsurance contract assets as at 31 December 2023 57,811 – – – 57,811 Reinsurance contract liabilities as at 31 December 2023 – – – – – Net reinsurance contract assets/ (liabilities) as at 31 December 2023 57,811 – – – 57,811 122
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