PET - Plain English Taxonomy

Attribute: R11860
Concept:
Label: Outstanding Claims Provision
Concept Guidance:
This is the value, as at the relevant date, of the outstanding claims provision (OCP), gross of any recoveries, determined in accordance with relevant prudential standards.The OCP relates to all claims incurred prior to the valuation date, whether or not they have been reported to the insurer. The value of the OCP must include an amount in respect of the expenses that the insurer expects to incur in settling these claims. The value of OCP must not include any Government charges directly imposed on the insurer such as levies, duties and taxes, but must be gross of input tax credit recoveries.The OCP will be measured as the present value of the future expected payments, i.e. discounted for future investment income, plus a risk margin determined in accordance with relevant prudential standards. 
Dimensions
Dimension Member Description
(ContinentalEurope)
This dimension categorises the reported information according to where items of income/expense are on risk, assets are invested and liabilities are located.
The region is Continental Europe, being all countries in Europe excluding UK.