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Subdivision G - Financial Sector (Collection of Data) (reporting standard) determination No. 91 of 2023 - G | Zoe

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Financial Sector (Collection of Data) (reporting standard) determination No. 91 of 2023

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G

Gross accrued premium	This is the value of premiums accrued over the reporting period. This item includes fire service levy and other levies imposed by state and territory governments and excludes amounts collected on behalf of third parties (i.e. government stamp duty and taxes). This item is gross of any associated outwards reinsurance expense incurred.Accrued premium is defined as:, where:A equals Premiums in advance at the end of the specified period minus Premiums in advance at the start of the specified period; andB equals Unpaid premiums at the end of the specified period minus Unpaid premiums at the start of the specified period.Insurers may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome from applying the outlined definition) to report this item.
Gross claim payments (net of non-reinsurance recoveries)	This refers to gross claim payments, reported gross of any associated reinsurance recoveries, but net of any associated non-reinsurance recoveries.
Gross case estimates (net of non-reinsurance recoveries)	This refers to gross case estimates included in the Prudential Standard GPS 340 Insurance Liability Valuation (GPS 340) outstanding claims liabilities (OCL).
Gross IBNR / IBNER (net of non-reinsurance recoveries)	This refers to gross incurred but not reported (IBNR) / incurred but not enough reported (IBNER) included in the GPS 340 OCL.
Gross written premium	This is the amount charged in relation to accepting risk from the insured over the reporting period. This item includes fire service levy and other levies imposed by state and territory governments and excludes amounts collected on behalf of third parties (i.e. government stamp duty and taxes). This item is gross of any associated outwards reinsurance expense.This includes business sourced through insurance intermediaries such as co-insurance, underwriting pools or joint ventures, or portfolio transfers.