PET - Plain English Taxonomy

Attribute:	R14421
Concept:	Financial Risk Mortgages Adjustment To Probable Maximum Loss Amount
Label:	Adjustment to the PML
Concept Guidance:	This is the value, as at the relevant date, of the adjustments made to the Probable Maximum Loss (PML) for the reporting party, as determined in accordance with relevant Prudential Standards.This item is reported to reflect a decrease in the sum insured and therefore PML as a result of the expiration of existing policies.Probable Maximum Loss (PML) is the largest gross loss to which an insurer will be exposed (within the realms of possibility) due to a concentration of risk exposures, without any allowance for potential reinsurance assets.

Dimensions

Dimension	Member	Description
CounterpartyTypeDimension	(LendersMortgageInsurer)	This dimension categorises the reported information in accordance with the type of counterparty the entity has transacted with. The counterparty in relation to the information is a Lenders Mortgage Insurer (LMI). Lenders mortgage insurer means an insurer that has written or reinsured, or proposes to write or reinsure, policies of lenders mortgage insurance.Lenders mortgage insurance has its ordinary commercial meaning and includes insurance under a policy that protects a lender from losses in the event of borrower default on a loan secured by a mortgage over residential or other property.
PrescribedStressScenarioDimension	(PMLYear3)	This dimension categorises the reported information according to the relevant years of the prescribed stress scenario, which is in the form of economic or property downturn. The probability of maximum loss allocations are based on the year in this downturn scenario. The information reported is in the 3rd year of the economic or property downturn. The probability of maximum loss is allocated in accordance with relevant prudential standards.

Dimension

Member

Description

CounterpartyTypeDimension

(LendersMortgageInsurer)

This dimension categorises the reported information in accordance with the type of counterparty the entity has transacted with.
The counterparty in relation to the information is a Lenders Mortgage Insurer (LMI). Lenders mortgage insurer means an insurer that has written or reinsured, or proposes to write or reinsure, policies of lenders mortgage insurance.Lenders mortgage insurance has its ordinary commercial meaning and includes insurance under a policy that protects a lender from losses in the event of borrower default on a loan secured by a mortgage over residential or other property.

PrescribedStressScenarioDimension

(PMLYear3)

This dimension categorises the reported information according to the relevant years of the prescribed stress scenario, which is in the form of economic or property downturn. The probability of maximum loss allocations are based on the year in this downturn scenario.
The information reported is in the 3rd year of the economic or property downturn. The probability of maximum loss is allocated in accordance with relevant prudential standards.