PET - Plain English Taxonomy

Attribute: R13441
Concept:
Label: Aggregate offset
Concept Guidance:
This is the value, as at the relevant date, of aggregate offset as per agreed methodology with APRA. This represents the amount of potential reinsurance recoverables from aggregate reinsurance cover, as per contractual agreements with the reinsurer(s). 
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).
(FourthEvent)
This dimension categorises the reported information by the impact from the occurrence of multiple natural peril events of a certain size.
The reported information relates to the impact from the occurrence of the fourth natural perils event of a certain size, determined in accordance with relevant prudential standards.