Industry Loss Warranties (ILWs)
10 June

Industry Loss Warranties – ILWs

This is a short summary explaining Industry Loss Warranties (ILWs). ILW is explained in detailed in Actuarial SP7 subject (formerly ST7). Definition of ILW Industry loss warranties (ILWs) are a type of reinsurance contract where the basis of cover is not indemnity, i.e. repayment of actual losses suffered. Protection is based on the total loss arising from an event to the entire insurance industry rather than individual insured company’s own losses.  Trigger Event for ILWs The original size of the industry loss is used as a trigger for eligibility to a recovery. …

Unearned Premium UPR
15 May

Understanding Unearned Premium Reserve (UPR)

What Is Unearned Premium? Unearned premium is the premium which is corresponding to the time period remaining on an insurance policy. These are proportionate to the unexpired portion of the insurance premium paid and …