PET - Plain English Taxonomy

Attribute: R13432
Concept:
Label: Single event loss event
Concept Guidance:
This is the value, as at the relevant date, of single event loss, as determined in accordance with relevant prudential standards. Single event loss is the loss arising from the occurrence of a single event where that loss is not less than the whole-of-portfolio annual loss with a probability of occurrence stated in the relevant prudential standards. 
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).