Specific instructions

Specific instructions

General insurers that are writers of reinsurance business must complete this form based on underwriting year while general insurers that are writers of direct insurance business must complete this form based on accident year basis. These terms are explained below.

Accident Year

This refers to the year that the losses/claims associated with individual policies are incurred. The form is to be completed for each of the following years:

• current accident year;
• accident year, 1 year previous;
• accident year, 2 years previous;
• accident year, 3 years previous;
• accident year, 4 years previous;
• accident year, 5 years previous;
• accident year, 6 years previous;
• accident year, 7 years previous;
• accident year, 8 years previous;
• accident year, 9 years previous;
• accident year, 10 years previous; and
• accident year, more than 10 years previous.

Underwriting Year

Underwriting year refers to the year that the individual policy attaches and the subsequent risk associated with this policy accepted by the insurer, regardless of when the premiums and losses are actually reported, booked or paid. For example the 2001 underwriting year includes results in calendar year 2001 and all future calendar years on business bound in 2001.

• current underwriting year;
• underwriting year, 1 year previous;
• underwriting year, 2 years previous;
• underwriting year, 3 years previous;
• underwriting year, 4 years previous;
• underwriting year, 5 years previous;
• underwriting year, 6 years previous;
• underwriting year, 7 years previous;
• underwriting year, 8 years previous;
• underwriting year, 9 years previous;
• underwriting year, 10 years previous; and
• underwriting year, more than 10 years previous.

Each of the years in this form are complete years reported on a financial year to date basis as at the last business day of the financial year of the insurer. No adjustments are required to be made to prior year reported information.

Where possible insurers are requested to complete the entire series of years.

Classes of Insurance Business

1. Direct Business

The classes of business for companies that are not specialist reinsurers are as follows:

(I). Houseowners/Householders (H & H)

This class covers the common H & H policies inclusive of:

• Contents;
• Personal property;
• Arson; and
• Burglary.

Public liability normally attaching to these products are to be separated and included in Public and Product Liability class of business – item 8.

(II). Commercial Motor Vehicle

Motor vehicle insurance (including third party property damage) other than insurance covering vehicles defined below under Domestic Motor Vehicle. It includes long and medium haul trucks, cranes and special vehicles and policies covering fleets.

(III). Domestic Motor Vehicle

Motor vehicle insurance (including third party property damage) covering private use motor vehicles including utilities and lorries, motor cycles, private caravans, box and boat trailers and other vehicles not normally covered by business or commercial policies.

(IV). Travel

Insurance against losses associated with travel including loss of baggage and personal effects, losses on flight cancellations and overseas medical costs.

(V). Fire and Industrial Special Risks (ISR)