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Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 91 of 2023.

Reporting Standard GRS 440.0

Claims Development Table

General instructions

Reporting tables

Tables described in this reporting standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.

Any specific combination of values in a table must not appear on more than one row in that table when reported.

Definitions

Terms highlighted in bold italics indicate that the definition is provided in these instructions.

A

Accident year	This refers to the financial year that the losses/claims associated with individual policies are incurred.
Accident year or underwriting year	This refers to whether the year associated is an accident year or underwriting year.

C

Class of business

This refers to the direct or reinsurance classes of business in accordance with Prudential Standard GPS 001 Definitions (GPS 001).In respect of the ‘Other’ class of business as per GPS 001 for direct business, the Appointed Actuary is required to determine the most appropriate category (i.e. category A, B or C) as per Table 1 of Attachment A in Prudential Standard GPS 115 Capital Adequacy: Insurance Risk Charge (GPS 115) that this business falls within. The choice must be based on the underlying risk characteristics of the business being written. The amounts reported in the Other direct - category A, Other direct - category B or Other direct - category C line items are to follow this basis.For reinsurance business, the classes of business in are to be aggregated by the Category and Reinsurance Type as per Table 2 of Attachment A in GPS 115.

D

Direct business	This refers to insurance business written directly by the reporting insurer and is to be reported in accordance with the direct classes of business in GPS 001.

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.

Net 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 net of any associated outwards reinsurance expense incurred.The definition of accrued premium is outlined in gross accrued premium.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.
Net case estimates (net of reinsurance and non-reinsurance recoveries)	This refers to net case estimates included in the GPS 340 OCL.
Net claim payments (net of reinsurance and non-reinsurance recoveries)	This refers to insurance claims payments, reported net of any associated reinsurance and non-reinsurance recoveries. This includes reinsurance and non-reinsurance recoveries that have been received or are expected to be received only in relation to claims already paid.
Net IBNR / IBNER (net of reinsurance and non-reinsurance recoveries)	This refers to the net IBNR / IBNER included in the GPS 340 OCL.
Net written premium	This is the amount charged in relation to accepting risk from the insured over the reporting period. This item includes any fire service levy or 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 net 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.
Number of claims reported	This is the accumulated number of insurance claims reported, as at the relevant date.
Number of claims outstanding	This is the number of outstanding claims, including the actuarial gross central estimate of the number of insurance claims outstanding, as at the relevant date.

Net 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 net of any associated outwards reinsurance expense incurred.The definition of accrued premium is outlined in gross accrued premium.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.

Net case estimates (net of reinsurance and non-reinsurance recoveries)

This refers to net case estimates included in the GPS 340 OCL.

Net claim payments (net of reinsurance and non-reinsurance recoveries)

This refers to insurance claims payments, reported net of any associated reinsurance and non-reinsurance recoveries. This includes reinsurance and non-reinsurance recoveries that have been received or are expected to be received only in relation to claims already paid.

Net IBNR / IBNER (net of reinsurance and non-reinsurance recoveries)

This refers to the net IBNR / IBNER included in the GPS 340 OCL.

Net written premium

This is the amount charged in relation to accepting risk from the insured over the reporting period. This item includes any fire service levy or 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 net 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.

Number of claims reported

This is the accumulated number of insurance claims reported, as at the relevant date.

Number of claims outstanding

This is the number of outstanding claims, including the actuarial gross central estimate of the number of insurance claims outstanding, as at the relevant date.

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.

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