a form of reporting for general insurance business used in the Accounting and Statements Rules, according to the underwriting year in which the business incepts (compare with accident basis).

The maximum amount an insurer or reinsurer is willing to accept in the event of a single loss in a given period. It also refers to the aggregate amount accepted in any one location or in a given period of time. The limit may be set by internal guidelines, by the regulatory authorities, or by restrictions agreed with a reinsurer or co-insurer.

An alternative term for working cover excess of loss.

an individual who assumes risks in the Lloyd’s market; underwriting members, or names, are grouped in syndicates; they may not accept business except through underwriting agents or active underwriters.

Obliges a reinsured to consult with, or seek approval from, the reinsurer when proposing to make material changes to established acceptance and underwriting practices.

Money earned or lost by an insurer in its underwriting activities as distinct from money earned from investments. Also called a technical profit calculated by earned premiums less losses, loss adjustment costs and other underwriting expenses incurred.

The risk that underwriting results will deviate adversely from the risk allowed for in assessing the premiums required to cover the pure risks accepted by the insurer. Poor underwriting decisions have an adverse impact on profitability.
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the possibility that the amount which a general insurer will have to pay to indemnify policy holders in respect of the perils covered by the insurance will exceed the amount anticipated in calculating the premiums (in life insurance this definition only applies to the mortality risk).

For accounting and classification purposes it is the treaty year in which a contract was written or renewed. Applies to proportional reinsurance. See UNDERWRITING YEAR SYSTEM.
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The calendar year during which the risk attaches on the original Insurance.
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the accounting year of an insurer or Lloyd’s syndicate to which insurance business relates, usually determined by the date of inception; reinsurance contracts may be written by reference to the insurer’s business of a particular underwriting year, and will remain in force until all the claims referable to that underwriting have been settled.

Method in proportional treaty reinsurance whereby all premiums and losses relating to an underwriting year are accounted to that year regardless of when such losses arise or when such premiums and losses are paid.