PET - Plain English Taxonomy

Attribute: R13107
Concept:
Label: Premium Revenue
Concept Guidance:
This is the value of premium revenue earned during the relevant period according to where the risk is located. This item is to be determined in accordance with the relevant accounting standards. That is premium revenue shall be recognised from the attachment date as soon as there is a basis on which it can be reliably estimated over the period of the general insurance contract, in accordance with the pattern of the incidence of risk expected under the general insurance contract..Premium revenue must be discounted where it is to be received beyond the current year of cover under an insurance/reinsurance contract. In these cases, use the discount rate as required in calculating insurance liabilities in accordance with prudential Audit and Actuarial Reporting and Valuation. Premium revenue excludes amounts collected on behalf of third parties i.e. government stamp duty and taxes.Levies charged to insured, such as fire service levies, are to be included as premium revenue.Premium refunds and rebates are to be deducted from premium revenue. For instalment premium policies, the amount of the annualised premium is to be used. Where premium is calculated on an adjustment basis, the estimated annual premium is to be brought to account, with the estimated premium being replaced by the actual amount as it becomes known. Where premium is accepted on a deposit basis, the full annual premium is to be brought into account. Premium revenue must be gross of reinsurance expense. Premium revenue includes premium receivable on unclosed business. This includes the business which has been accepted by the insurer/reinsurer prior to the balance date but there is insufficient information to fully identify the business. 
Dimensions
Dimension Member Description
(ReinsuranceBusiness)
This dimension is used to categorise information according to business activity.
Report where the class of business relates to reinsurance contracts.Reinsurance contracts are insurance contracts where the policyholder is an insurer or reinsurer. Policyholder means a party that has a right to compensation under an insurance contract if an insured event occurs.
(UnitedStates)
This dimension categorises the reported information according to where items of income/expense are on risk, assets are invested and liabilities are located.
The country is United States