Financial Sector (Collection of Data) (reporting standard) determination No. 88 of 2008 - GRS 440.0 (2008) - Claims Development Tables
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Specific instructions
Direct insurance business must be completed based on accident year. Reinsurance business must be completed on an underwriting year basis. These terms are explained below.
Accident Year
This refers to the financial year of the insurer that the losses/claims are incurred. For example, the 2007 accident year for an insurer with a balance date of 30 June will relate to claims with dates of loss (regardless of notification date) occurring between 1 July 2006 and 30 June 2007.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 financial year of the insurer in which the policy incepts, regardless of when the premiums and claims are actually reported, booked or paid. For example, the 2005 underwriting year for an insurer with a 30 June balance date includes premiums and claims (both paid and outstanding) attaching to policies incepting in the period 1 July 2005 to 30 June 2006. For an insurer with a 31 December balance date, the 2005 underwriting year includes premiums and claims (both paid and outstanding) attaching to policies incepting in the period 1 January 2005 to 31 December 2005. The form is to be completed for each of the following years:
- 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.