CCIR Instructions Flashcards
10.60 “Summary of Selected Financial Data for 5 yrs”
Adjusted Equity
= Equity - Capital required for CAT - Re ceded to unregistered insurer - Non-controlling interest
10.60 “Summary of Selected Financial Data for 5 yrs”
Gross claims incurred
= Claims incurred incl. adj. expenses Direct (60.20) +
+ Claims incurred incl. adj. expenses Re Assumed (60.20)
10.60 “Summary of Selected Financial Data for 5 yrs”
Claims ratio by accident year
= { Paid during t + UCAE end of t + IBNR end of t - II from UCAE and IBNR }(60.41) / Net EPR (20.30)
10.60 “Summary of Selected Financial Data for 5 yrs”
Claims ratio by account year
= { Paid during t + (UCAE end of t - UCAE end of t-1) + (IBNR end of t - IBNR end of t-1) - II from UCAE and IBNR}(60.41) / Net EPR (20.30)
10.60 “Summary of Selected Financial Data for 5 yrs”
Expense ratio
From (20.30)
= {Gross Commissions - Ceded Commissions + Taxes + Other + General Expenses} / Net EPR
10.60 “Summary of Selected Financial Data for 5 yrs”
Net investment income from operations
= MIN[ NII ; Investment yield * (A+B+C+D-E-F)]
A = avg. net UCAE (60.30) B = avg. UEPR (60.20) C = avg. unearned commissions (80.10) D = avg. premium deficiency (20.20) E = avg. DPAE (20.10) F = avg. receivables from agents, brokers, PHs and instalment premiums
- Insurer may use another method but must disclose it
- UCAE and UEPR net of Re and salvage/subrogation
10.60 “Summary of Selected Financial Data for 5 yrs”
Net Investment Income - other
= NII - NII from operations
10.60 “Summary of Selected Financial Data for 5 yrs”
Investment yield
= 2 * NII / (Vb + Ve - NII)
V = cash + II due and accrued + total investments(20.10)
10.60 “Summary of Selected Financial Data for 5 yrs”
Return on equity (ROE)
= 2 * NI / (Eb + Ee)
NI = NI after tax for the year (20.30) E = equity(20.20)
10.60 “Summary of Selected Financial Data for 5 yrs”
Agent and brokers balances and amounts due from subsidiaries and associates as % of adjusted equity
= {Receivables of unaffiliated agents and broker+
Receivables - subsidiaries, associates and joint ventures
}(20.10) / Adjusted Equity
10.60 “Summary of Selected Financial Data for 5 yrs”
Claims Development as a % of Adjusted Equity
= Excess (deficiency) (60.41) / Adjusted equity
10.60 “Summary of Selected Financial Data for 5 yrs”
Gross Risk ratio
Net Risk ratio
= Gross WP / Adjusted Equity
= Net WP / Adjusted Equity
20.20 “Liabilities and Equity”
Unearned premiums
= Direct UEPR (60.10) + Re assumed UEPR (60.10)
20.20 “Liabilities and Equity”
Unpaid claims and AE
= Direct IBNR (60.30) + Assumed IBNR (60.30) + Other recoverable on UC (20.10) - SIR portion of UC (50.50)
SIR = Self-Insured Retention
20.30 “Statement of Income”
Total Underwriting Revenue (TUR)
= Net EP + Service Charges
NPE = Net WP - (Net UEPRe - Net UEPRb)
