These are actual claims, benefits, and surrender values.
Expenses comprise both local and international charges.
- Local charges
Local charges cover the acquisition and administrative costs incurred by the network members.
- International charges
They relate to the costs for managing the worldwide pooling programme. These charges vary according to the volume of the pool.
When local companies use the services of a broker, commissions are paid.
These are premium taxes and/or stamp duties payable.
Local Profit Sharing (LPS)
The local client is often eligible to participate in the profits of the local insurer. The local profit sharing can be paid out directly, or may be used to increase benefits. It can also be used as a premium reduction for the following year.
Non-rated part of the earned premium
This represents the part of the premium relating to the potential claims above the Peak Amounts.
Reserves - End of Period
See Reserves beginning of period.