2022-23 SGI CANADA Annual Report
9. Intangible Assets
The Corporation's intangible assets consist of software applications that have been externally developed for sole
use by the Corporation. The components of those intangible assets, as well as the related accumulated amortization,
are as follows:
Cost:
Beginning of the year
Additions
End of the year
Accumulated amortization:
Beginning of the year
Amortization
End of the year
Net book value, end of the year
(thousands of $)
2023
2022
$
6,959 $
6,768
242
191
7,201
6,959
3,289
2,060
1,233
1,229
4,522
3,289
$
2,679 $
3,670
10. Claims Incurred and Provision for Unpaid Claims
Net claims incurred
(thousands of $)
2023
2022
Current year
Prior years
Total
Current year
Prior years
Total
Gross claims incurred
$ 701,966 $
19,968 $ 721,934 $ 624,911
$
Ceded claims incurred
(15,746)
(4,996)
(20,742)
(52,121)
(1,998)
23,597 $ 648,508
(54,119)
Net claims incurred
$ 686,220 $ 14,972 $ 701,192 $ 572,790 $ 21,599 $ 594,389
Current year claims relate to events that occurred in the current financial year. Prior year claims incurred relate
to adjustments for the reassessment of the estimated cost for claim events that occurred in all previous
financial periods.
Ceded claims incurred represent an estimate of the recoverable cost of those claims transferred to the Corporation's
various reinsurers pursuant to reinsurance contracts (note 16).
58 2022-23 SGI CANADA Annual ReportView entire presentation