Document ID: chunk:federal_register_of_legislation:F2023L00730:front:0:p8
Version: federal_register_of_legislation:F2023L00730
Segment Type: other
Provision Reference: 
Character Range: 20145–23332

this item.
Net claims incurred                  This is the value of claims incurred over the reporting period. This item is net 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 OCL.
                                     The definition of claims incurred is outlined in gross claims incurred.
                                     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 claims paid                      This is the value of claims paid over the reporting period. This item is net 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.
Net premiums 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 net 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.
Non-reinsurance recoveries incurred  This is the value of non-reinsurance recoveries incurred over the reporting period. This must be consistent with the value used to calculate net claims incurred.
                                     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.
Non-reinsurance recoveries received  This is the value of non-reinsurance recoveries received over the reporting period.
                                     This relates to all non-reinsurance recoveries received on a cash flow basis in the reporting period, regardless of the reporting period in which the non-reinsurance recoveries may have been incurred.
Number of risks written              For direct business, report the number of risks written during the relevant period, on a financial year to date basis. Where a policy covers multiple APRA classes of business and the premium is apportioned between these classes, one risk must be reported in each APRA class of business to which premium was allocated. For example, a home and contents policy with a domestic liability component must have premium allocated to both the householders class of business, and the public liability class of business. For this policy, one risk must be reported for the householders class of business (even if this business may be further split internally into building and contents risks), and one risk must be reported for the public liability class of business.

R
Reinsurance business              This refers to the reinsurance