PET - Plain English Taxonomy

Label:	Income Insurance Claims Gross Reserve Releases Not Discounted Amount
TREF ID:	DE8573
Data Type:	xbrli:monetaryItemType
Period Type:	duration
Balance Type:	credit
Business Description & Guidance:	This is the value of the reduction in claims expense recognised for the relevant period which is due to prior period reserve releases. This item refers to movements in outstanding claims provisions due to changes in the assumptions used to calculate outstanding claims in prior periods that result in decreases in the provision. It includes the impact of changes in the probability of sufficiency, and the release of risk margin as claims are paid.This item is determined in accordance with the relevant accounting standards, except that it is not discounted as required by those accounting standards.

Usage

Form	Labels
GRF_410_0_L	Label: Guidance:	Reserve Releases Reserve release refers to those occasions when a provision that was created/posted at the end of the previous financial year, is subsequently found to be more than is required to cover both the related claim payments made in the current financial year and the re-estimated value of outstanding future claim payments (including risk margin) at the end of the current financial year. Reserve release is assessed for particular accident years for direct writers of insurance and underwriting years for reinsurance writers. In these instances where the opening provision is more than sufficient, the insurer releases these excess provisions to reflect the lower costs expected from this particular prior accident / underwriting year. This becomes a rise in profit (i.e. a fall in the claims expense) in the current financial year. Claim payments (that are debited out of the OCL for accounting purposes) are not to be classified as a reserve release for the purposes of this form. Enter reserve releases as a positive figure.

Form

Labels

GRF_410_0_L

Label:

Guidance:

Reserve Releases
Reserve release refers to those occasions when a provision that was created/posted at the end of the previous financial year, is subsequently found to be more than is required to cover both the related claim payments made in the current financial year and the re-estimated value of outstanding future claim payments (including risk margin) at the end of the current financial year. Reserve release is assessed for particular accident years for direct writers of insurance and underwriting years for reinsurance writers.

In these instances where the opening provision is more than sufficient, the insurer releases these excess provisions to reflect the lower costs expected from this particular prior accident / underwriting year.  This becomes a rise in profit (i.e. a fall in the claims expense) in the current financial year.

Claim payments (that are debited out of the OCL for accounting purposes) are not to be classified as a reserve release for the purposes of this form.

Enter reserve releases as a positive figure.