Insurance premiums refer to payments made for a legal contract in which an insurer promises to pay a specified amount to a party, the insured, if a particular event (known as a peril) happens and the insured suffers a financial loss as a result. The insured's part of the contract is to promise to pay an amount of money, known as a premium, either at once or at regular intervals. In order for an insurance contract to be valid, the insured must have an insurable interest.Excludes workers' compensation insurance premiums/costs and compulsory third party motor vehicle insurance premiums.