Global systemically important financial institution, as determined by the FSB. The FSB defines G-SIFIs as “institutions of such size, market importance, and global interconnectedness that their distress or failure would cause significant dislocation in the global financial system and adverse economic consequences across a range of countries.”

Global systemically important insurer, as determined under the IAIS’s assessment methodology. G-SIIs are one class of G-SIFIs.

The Group of 20 is the name given to the group of 20 finance ministers and central bank governors from 20 of the world’s largest economies. It includes 19 countries and the E.U. (which itself is composed of 27 member states). A list of G20 companies can be found at: https://www.g20.org/about_g20/g20_members .

The amount of a ceding insurer’s loss irrespective of any reinsurance recoveries due.

GNEPI represents the earned premiums of the primary company for the lines of business covered net, meaning after cancellation, refunds and premiums paid for any reinsurance protecting the cover being rated, but gross, meaning before deducting the premium for the cover being rated.

To indicate the original gross premium of the portfolio protected by the treaty less the premium ceded by way of Reinsurance in priority to and for the benefit of the excess of loss treaty.

Generally, gross written premium less only returned premiums and less premiums paid for reinsurance that inure to the benefit of the cover in question. Its purpose is to create a base to which the reinsurance rate is applied.

The total amount of loss sustained by the ceding company before taking into account the credit(s) due from reinsurance recoverable(s).
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The entire amount of an insurance loss, including deductibles, before application of any retention or reinsurance. The original loss to the insured, after recognizing known salvage and subrogation.

In Reinsurance, the term refers to the gross amount of loss occurring to the reinsured, beginning with the first rupee of los and after the application of deductions required by the reinsurance agreement (which can be several in number) (a) the reinsured’s retention in excess of loss covers, (b) other inuring reinsurance says, such as quota share, surplus share, per risk excess, facultative, or common account coverage, or (c) the uncollectibility of any reinsurance. For example, ground up losses subject to a per risk excess treaty protecting the reinsured’s net retention would equal the net loss beginning with the first rupee after reduction of the gross loss by recoveries from other treaties such as surplus covers and facultative placements, but before the application of the deductible in the per risk excess cover itself.