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.