Insurance Contract Receivables and Payables

12 Months Ended

Dec. 31, 2020

Insurance Contract Receivables and Payables

Insurance contract receivables were comprised as follows:


	December 31, 2020		December 31, 2019
Insurance premiums receivable		3,665.6		3,325.0
Reinsurance premiums receivable		1,385.3		1,176.0
Funds withheld receivable		567.3		753.7
Other		235.6		211.0
Provision for uncollectible receivables		(37.7)		(30.7)
		5,816.1		5,435.0

Current		5,144.7		4,921.5
Non-current		671.4		513.5
		5,816.1		5,435.0

Changes in insurance premiums receivable and reinsurance premiums receivable for the years ended December 31 were as follows:


	Insurance premiums receivable		Reinsurance premiums receivable
	2020	2019	2020	2019
Balance – January 1	3,325.0	2,949.8	1,176.0	1,082.1
Gross premiums written(1)	14,309.4	13,167.8	4,670.0	4,343.4
Premiums collected	(12,537.2)	(11,516.3)	(3,375.6)	(3,288.5)
Amounts due to brokers and agents	(1,417.3)	(1,284.5)	(1,104.8)	(917.2)
Acquisitions of subsidiaries (note 23)	—	17.1	—	—

Assets held for sale (note 23)	—	(1.7)	—	(22.6)
Recovery (impairments)	(0.4)	(1.3)	(1.7)	0.3
Foreign exchange effect and other	(13.9)	(5.9)	21.4	(21.5)
Balance – December 31	3,665.6	3,325.0	1,385.3	1,176.0

(1) Changes in insurance premiums receivable and reinsurance premiums receivable for the year ended December 31, 2020 exclude European Run-off's gross premiums written of $146.5 as the assets of European Run-off were included in assets held for sale on the consolidated balance sheet at December 31, 2019 and European Run-off was deconsolidated on March 31, 2020 as described in note 23.

Insurance contract payables were comprised as follows:


	December 31, 2020		December 31, 2019
Payable to reinsurers		1,669.5		1,469.4
Ceded deferred premium acquisition costs		441.1		373.2
Funds withheld payable to reinsurers		206.3		239.1
Amounts payable to agents and brokers		127.2		101.8
Accrued commissions		69.0		95.5
Accrued premium taxes		93.1		82.7
Other insurance contract payables		357.8		229.3
		2,964.0		2,591.0

Current		2,705.8		2,315.4
Non-current		258.2		275.6
		2,964.0		2,591.0