Premium Liabilities. Melissa Yan
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1 Premium Liabilities Melissa Yan
2 Short definition Introduction Liabilities arising from the insurer s unexpired risk at the balance date Regulatory reporting since July 2002 Determine minimum capital requirement for Australian insurers and reinsurers Statutory reporting for reporting periods on or after 1 January 2005 Revised AASB1023 issued in July Subsequent amendment issued in May Liability Adequacy Test ( LAT )
3 Presentation Structure Definition of Premium Liabilities Impact on Insurers Current Approaches Selection of Assumptions Adequacy Assessment Risk Margin
4 Liability Adequacy Test (UEP DAC Def RI) Less Premium Liability (incl risk margin) If greater than 0 => disclosure requirement If less than 0 => unexpired risk liability + disclosure requirement Performed on broadly similar risks that are managed together as a single portfolio
5 Definition - Similarities Premium Liabilities defined as Future Claim Costs + Claims Handling Expenses + Policy Administration Expenses + Future Reinsurance Costs - Future Recoveries (Reinsurance and Third Party) + Risk Margin
6 Definition - Differences Risk margin APRA: 75 % of probability of adequacy AASB1023: no specific requirement. Treatment Groupings APRA: Class of business AASB1023: broadly similar risks and are managed together as a single portfolio Recognition APRA: Always a APRA balance sheet item AASB1023: Only when LAT fails (that is UEP DAC Def RI < Premium Liabilities)
7 APRA Impact on Insurers No impact on published profits and losses Impact only on reported insurance liabilities to APRA for minimum capital requirement assessment. Revised AASB1023 Only impact published profits and losses when LAT fails Recent hard market cycle + good claims experience LAT likely to produce a surplus If the market cycle turns LAT may produce a deficit => unexpired risk liability
8 Current Approaches Technical guidance note prepared in 2002 suggested two approaches Premium approach UEP less profit margin + adjustment of inflation and discounting Claims approach Average claim size * Claim Frequency Loss Ratio * UEP ( Loss Ratio ) Other approaches Stochastic modelling (eg risks with low frequency and high incurred costs) Premium refunds Common Approach: Loss Ratio Approach
9 Selection of Assumptions Central Estimate Premium Liability Gross claims cost Other non expense cash outflows Future recoveries Future reinsurance cost Claims handling expense Policy administration expense Gross Claims Cost - Focus on Loss Ratio Approach
10 Selection of Assumptions Loss Ratio Examine historical loss ratios trends Definition of premium used to determine historical loss ratios May include items which distort claims experience analysis Output tax liability, FSL, Stamp duty Considerations for historical and future claims and exposure changes Other considerations Seasonality Large claims / Catastrophic events Portfolios with no working losses Allocation of premium
11 Selection of Assumptions UEP at Balance Date Ledger or Recalculate from policy unit records Ultimate UEP for Premium Liability include UEP at balance date Unclosed business Premium adjustments Unclosed business: projection / manual adjustment Premium adjustments: specific to policy conditions Monthly renewable Contractual obligation Retrospective rated policies
12 Selection of Assumptions Other types of Non Expense Cash Outflows Premium Refunds Refund claims or Expenses Can be significant in Consumer Credit and Personal Lines Policy termination rates Special recovery items Commission clawback Stamp duty rebates Different expense rate
13 Selection of Assumptions Endorsements In or out? Out: A new policy Not a obligation under the general insurance contracts In: Standard business practice Unless specified, historical claims and premium experience includes endorsements If the ultimate UEP which loss ratio applies to include endorsement premium liabilities include endorsements
14 Selection of Assumptions Future Recoveries GST, Third Party, Reinsurance GST, Third Party: % of gross central estimate Reinsurance: % of gross central estimate gross and net loss ratios Future Reinsurance Cost Cost and arrangements generally known at assessment date Need to understand payment arrangement and accounting accruals to avoid double counting Other factors to note Run off pattern of unexpired risk Profit Commission / Reinstatement Premium
15 Selection of Assumptions Claim Handling Expense (CHE) Common approach : same rate for outstanding claims and premium liabilities Vary over the life of a claim depending of level of activity Higher at initial stages of a reported claim Premium liabilities Claims are yet to be established => CHE for premium liabilities should be higher
16 Selection of Assumptions Policy Administration Expense Definition open to subjective interpretation Include: Administration of monthly premium payments Policy maintenance General enquiries Portion of overheads Largest component: allowance for overheads Range between 1% and 8% of gross unearned premium Detailed analysis: expense allocation exercise Other approximate methods
17 Adequacy Assessment Explicit requirement in FCR and AASB1023 FCR requirement A Financial Condition Report must include an assessment of the adequacy of past estimates of insurance liabilities (including both outstanding claims and premium liabilities) against subsequent actual claims experience. Any impacts on current estimates arising out of the review of historic estimates must be commented on. AASB1023 requirement Explanation of Recognised Amounts (paragraph 17.6) Amount, Timing and Uncertainty of Cash Flows (paragraph 17.7)
18 Adequacy Assessment The specification of FCR requirement is broad Insurance Liabilities vs Outstanding Claims vs Premium Liabilities Adequacy Assessment: Rolling Basis? Type of Comments? Insurance Liabilities/Outstanding Claims/Premium Liabilities Separate analysis: feed back into assumption setting Straightforward for outstanding claims A bit more complex for premium liabilities
19 Adequacy Assessment Previous Valuation at 30 June 2004 Premium liability estimate - policies with attachment dates on and before 30 June 2004 and earned in the year ending 30 June 2005 Claims arising from policies with attachment dates on and before 30 June 2004 and earned in the year ending 30 June 2005 Current Valuation at 30 June 2005 O/s claims liability estimate - accident year ending 30 June 2005 Claims arising from policies with attachment dates after 30 June 2004 and earned in the year ending 30 June 2005
20 Adequacy Assessment Adequacy Assessment: Rolling basis? Outstanding Claims Liabilities: Outstanding Claims Liabilities ($'000) Development Year Accident Year Ending 30 June ,000 7,500 7,000 7, June ,000 6,200 6, June ,500 5, June ,500 Accident year ending 30 June 2003, development 1 6,200 = Reassessment of O/s claims liability at 30 June Payments made in year ending 30 June 2004
21 Adequacy Assessment Premium Liabilities: Premium Liabilities ($'000) Valuation Date Underwriting Year 30 June June June June June ,000 2,500 2,700 2,800 Premium Liability O/s Claims O/s Claims O/s Claims At valuation date 30 June 2002, 2,000 = Premium liabilities at 30 June 2002 At valuation date 30 June 2003, 2,500 = O/s claims liabilities at 30 June Claim Payments made in the year
22 Adequacy Assessment Type of Comments?
23 APRA requirements Risk Margin 75% probability of adequacy for insurance liabilities AASB1023 requirements Risk margins are required No particular probability of adequacy targeted Probability of adequacy for premium liabilities different from that for outstanding claims liabilities => comments/justifications disclosed in financial statements
24 Risk Margin Board and management: decide probability of adequacy Actuary: determines the risk margin based on Board decision Auditor: assess reasonableness A distinction between liabilities for events occurring before and after the balance date? Premium liability risk margin subject to higher degree of scrutiny
25 THE END
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