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Insurance | 12 Months Ended
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Dec. 31, 2024
Insurances [Abstract] |
Insurance | 20. Insurance
|  |  |  | 2024 $m |  |  |  |  | 2023 $m |
At 1 January |  |  |  |  | 37 |  |  |  |  |  | 32 |
Insurance expenses |  |  |  |  | 28 |  |  |  |  |  | 21 |
Claims and other amounts paid |  |  |  |  | (23 | ) |  |  |  |  | (15 | )
Impact of discounting and other changes |  |  |  |  | (3 | ) |  |  |  |  | (1 | )
At 31 December |  |  |  |  | 39 |  |  |  |  |  | 37 |
Analysed as: |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  | 14 |  |  |  |  |  | 12 |
Non-current |  |  |  |  | 25 |  |  |  |  |  | 25 |
|  |  |  |  | 39 |  |  |  |  |  | 37 |
Incurred but not reported claims a |  |  |  |  | 18 |  |  |  |  |  | 20 |
Reported but not settled claims |  |  |  |  | 21 |  |  |  |  |  | 17 |
|  |  |  |  | 39 |  |  |  |  |  | 37 |
a. | Includes unallocated loss expenses.
Of the total reserves, $15m (2023: $19m) relates to international general liability and $17m (2023: $14m) relates to workers’ compensation. The utilisation of IBNR reserves is dependent on the timing of claims being reported and ultimately being settled; based on historical experience the majority are expected to be settled within five years (2023: five years). The maximum liabilities of the last five policy years is $71m (2023: $49m). Actual claims have not significantly differed from estimates in the last five years.
|  |  |  | 2024 $m |  |  |  |  | 2023 $m |
Revenue from insurance activities |  |  |  |  | 23 |  |  |  |  |  | 21 |
Insurance expenses (inclusive of overhead costs) |  |  |  |  | (29 | ) |  |  |  |  | (23 | )
Insurance result |  |  |  |  | (6 | ) |  |  |  |  | (2 | )

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- Definition The entire disclosure for insurance contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 17 -IssueDate 2024-01-01 -Section Disclosure -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2024-en-r&doctype=Standard&dita_xref=IFRS17_g93-132_TI -URIDate 2024-03-27 + Details
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- Definition Insurances abstract. + References No definition available. + Details
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