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