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Financial Sector (Collection of Data) (reporting standard) determination No. 96 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:Premiums received minus A plus B, where:A equals Premiums in advance at the end of the specified period - Premiums in advance at the start of the specified period; andB equals Unpaid premiums at the end of the specified period – 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. |
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| Gross claims incurred | This is the value of claims incurred over the reporting period. This item is gross of any associated reinsurance recoveries incurred and non-reinsurance recoveries incurred. The basis of this item must reflect the basis used for the GPS 340 outstanding claims liabilities (OCL).Claims incurred is defined as:Claims paid minus A plus B, where:A equals GPS 340 OCL and the start of the period; andB equals GPS 340 OCL at the end of the 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 claims paid | This is the value of claims paid over the reporting period. This item is gross of any associated reinsurance recoveries received and non-reinsurance recoveries received.It relates to all claims paid on a cashflow basis in the reporting period, regardless of the reporting period in which the claims may have been incurred. |
| Gross premium received | This is value of premiums received over the reporting period. This item includes fire service levies but excludes other taxes imposed by state and territory governments (e.g. stamp duties). This item is gross of any associated outwards reinsurance expense incurred.It relates to all premiums received on a cashflow basis in the reporting period, regardless of the reporting period in which the premiums may have been accrued. |
| Gross 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 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. |