PET - Plain English Taxonomy

Attribute: OI11460
Concept:
Label: Basis for determination of NP VR (Gross/Net)
Concept Guidance:
The basis used for determination as at the relevant date.Valid values are:Gross = The basis used to calculate the reported information was gross of reinsurance recoveries. Net = The basis used to calculate the reported information was net of reinsurance recoveries. 
Dimensions
Dimension Member Description
(NaturalPerilsHorizontalRequirement)
This dimension categorises the reported information based on the methods used to calculate insurance concentration risk charge, as determined in accordance with relevant prudential standards.
The reported information relates to the natural perils horizontal requirement method used to calculate insurance concentration risk charge and is determined in accordance with relevant prudential standards. Natural perils are all natural events, such as earthquakes, storms and cyclones as well as man-made disasters, such as bushfires, that affect property risks and other classes of business to which an insurer is exposed to. Horizontal requirement refers to the impact of a multiple small events with a cumulative high impact.
(H3)
This dimension categorises the reported information by the extent/level of loss caused by a natural perils event.
The reported information relates to three times loss caused by a natural perils event (H3).