Claims paid - cashflow basis (as a proxyClaims paid - cashflow basis (as a proxy the basis required by AASB 1026 can be used)

Claims paid - cashflow basis (as a proxy the basis required by AASB 1026 can be used)

Report the amount of claims actually paid over the reporting period (on a year-to-date basis) in aggregate for direct written business and re-insurance business (i.e. disclosure of claims paid in relation to individual class of business is not required). This relates to all claims paid on a cashflow basis in the current financial year, regardless of the financial year in which the claim may have been recognised as an expense (i.e. a prior financial year).

Related party disclosure

Amounts due from or payable to a related entity to the insurer are to be disclosed where indicated in the form – at the bottom of the table. Specifically disclosure is required of total claims expense and total reinsurance recoveries that are with the following related parties:

1. Parent entity

(Note: for the consolidated insurance group this is applicable if the ultimate parent entity is not included in the consolidated insurance group)

Of the total premium revenue and reinsurance expense that is reported as required by this form, disclose amounts that are with/from the parent entity of the licensed insurer or of the consolidated insurance group.

2. Controlled entities/Controlled entities of the parent entity

(Note: this is not applicable for the consolidated insurance group)

For branches, the line item “Controlled entities/Controlled entities of the parent entity” is to be interpreted as amounts in relation to “Controlled entities of the parent entity”, and for licensed insurance entities amounts are in relation to “Controlled entities” of the reporting insurer.

Of the total premium revenue and reinsurance expense that is reported as required by this form, disclose amounts that are with/from these entities.

3. Associates/Joint Ventures

Of the total premium revenue and reinsurance expense that is reported as required by this form, disclose amounts that are with/from Associates or Joint Ventures of the licensed insurer, or of the consolidated insurance group. Associates and Joint Ventures are defined in accordance with AASB 1006 Joint Ventures and AASB 1016 Equity accounting for investments in associates.

4. Other related parties

Of the total premium revenue and reinsurance expense that is reported as required by this form, disclose amounts that are with/from any other related entity of the licensed insurer or of the consolidated insurance group that is not specifically identified above. Refer to the definition of related parties as defined in the general section of this instruction guide.