Gross gross > gross net > net net.
Casualty folks don’t track paid premium???
I don’t recall ever having looked directly at paid premiums, but I do make use of “premium receivable” in some calculations, and “earned but unbilled premium” is a thing.
I don’t think this likely has anything to do with paid premium. Sounds like reinsurance contract terminology.
P&C people do pay attention to paid premium, but it’s not generally an actuarial function. Most of the contracts are annual or less. If premiums are being paid on installments, there are folks that cancel the contract if payments are missed.
Any chance this is the premium subject to a reinsurance treaty, which might be gross less facultative cessions?
It certainly could be, but it sounded more like property cat where there are often underlying per risk or QS placements that inure to the benefit of the cat cover
Wait, these numbers actually get paid?!?!
Something like that, it’s net of other inuring reinsurance. I hate having to use the phrase “to the benefit of” because I always have to look up which direction it applies to.
It’s fun to pronounce it as a word, including the g. guh nep eee…