ECIC IR 2023

ANNUAL Financial Statements for the year ended 31 March 2023

E

D

H

S

I

L I

N

B

2

0

A

0

T

S

1

E

E X P O R T C R E

L T D

O C

A S

C

R I

D I

F

T

A

I

N

H

S

T

U

U

R

O

A

S

N

F

C

O

E

N

C

O

O

I

R

T

P

A

O

R

Notes to the Financial Statements

The total sum insured of the insurance portfolio per sector and product type is as follows:

2023 R’000

2022 R000

Sum insured per sector Accommodation & Catering

-

960 725 175 817

Cement Plant / (Manufacture of Cement)

216 439

Construction

4 228 535 2 842 679

2 615 439 2 735 758

Construction of Civil engineering structure Gas Distribution (Pipeline Transport)

-

270 000 974 977

Mining

288 192

Power (Electricity)

7 396 517

6 408 041

Transportation (Water transport)

117 000 207 155 44 250

117 000 211 500 61 600

Transport & Storage (Air Transport & Services)

Transportation (Land Transport)

Telecommunication

1 653 769

6 201 188

Water collection, treatment & supply

37 264

27 132

17 031 800

20 759 177

Sum insured by product type Credit insurance – short to long term

12 681 015

11 749 316

Credit insurance – short term

128 882

117 000

Investment guarantee

4 221 903 17 031 800

8 892 861 20 759 177

4.2 Claims development The Corporation takes all reasonable steps to ensure that it has appropriate information regarding its claims exposures. However, given the uncertainty in establishing claims provisions, it is likely that the final outcome will prove to be different from the original liability established. The claims liability comprises a provision for claims notified but not yet paid, and a provision for claims incurred but not reported. In terms of IFRS 4, an insurer need only disclose claims run‑off information where uncertainty exists about the amount and timing of claims payments not resolved within one year. The Corporation has raised a provision for claims in the current year and made a payment relating to a provision raised in the previous year. For more information pertaining to the sensitivity analysis and change in assumptions on the insurance liabilities refer to note 14.4. The Corporation does not disclose the claims development information for claims for which uncertainty about the amount and timing of claims payments is typically resolved within one year. All of the Corporation’s claims are typically paid within one year of notification.

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