Document ID: chunk:federal_register_of_legislation:F2023L00718:front:0:p7
Version: federal_register_of_legislation:F2023L00718
Segment Type: other
Provision Reference: 
Character Range: 17153–20488

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.

R
Reinsurance business  This refers to the reinsurance business written by the reporting insurer, reported in accordance with the reinsurance classes of business in GPS 001 and GPS 115.  For reinsurance business, the classes of business are to be aggregated by the category and reinsurance type as per Table 2 of Attachment A in GPS  115.

T
Total gross ultimate cost (IUD)  This refers to the total gross ultimate cost (inflated & undiscounted) of claims, as at the relevant date.

                                 It is calculated as the sum of:

                                    * gross claim payments;
                                    * gross case estimates; and
                                    * gross IBNR / IBNER.
Total net ultimate cost (IUD)    This refers to the total net ultimate cost (inflated & undiscounted) of claims, as at the relevant date.

                                 It is calculated as the sum of:

                                    * net claim payments;
                                    * net case estimates; and
                                    * net IBNR / IBNER.

U
Underwriting year  This 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.

Y
Years  This refers to the relevant accident year or underwriting year to be reported. Individual years from current year to 10 years previous are required to be reported. More than 10 years previous are to be combined and reported.

Specific instructions

Table 1: Claims Development Table – Direct business

Reporting basis

Report direct classes of business only. In relation to the reporting basis:

    * Data underlying direct classes of business (other than lenders mortgage insurance) must be based on accident year.

    * Data underlying lenders