Page 35 - Insurance Times July 2022

Company Gross Net URR as
Direct Premium URR Deficiency a % of Net
Premium Premium
Rupees in Crs
The New India Assurance Co. Ltd. 29715.06 24487.05 11687.33 0.00 48
Oriental Insurance Co. Ltd. 13996.01 10988.69 5342.47 0.00 49
Raheja QBE General Insurance Co. Ltd. 158.12 140.11 94.07 0.00 67
Reliance General Insurance Co. Ltd. 7465.04 3933.62 1374.55 0.00 35
Royal Sundaram General Insurance Co. Ltd. 3666.96 2355 1215.06 0.00 52
Shriram General Insurance Co. Ltd. 2466.18 2305.26 1261.97 0.00 55
Star Health and Allied Insurance Co. Ltd. 6865.14 5239.47 2619.73 0.00 50
Tata AIG General Insurance Co. Ltd. 7384.53 4727 2573.73 0.00 54
United India Insurance Co. Ltd. 17515.09 13740.03 6939.67 0.00 51
Universal Sompo General Insurance Co. Ltd. 2859.05 1470.14 786.76 0.00 54
Total 216452.31 163435.11 76476.68 2476.66 47

Annexure B premium written which is attributable to and allocated to
succeeding accounting period. Reserve for unexpired risk is
Relevant Extract from Annual Reports (Year 2019-20) of
calculated on the basis of 50% of net written premium of
Indian Non-life Insurers relating to Unexpired Risks Reserves.
preceeding 12 months.
Acko General Insurance Ltd.
Premium Deficiency is recognised for the company at the
Premium and cessation thereof are recognised over the
segmental level . Premium deficiency is recognised if the sum
period of risk or the contract period in respective revenue
of the expected claim costs, related expenses and
account, based on 1/365 method which ever is appropriate
maintenance cost (relating to claims handling) exceeds
on a gross basis net of goods and service tax.
related reserve for unexpired risk. The expected claim cost
is calculated and duly certified by the appointed Actuary.
Reserve for unexpired risks : Reserve for unexpired risks is
recognised net of reinsurance ceded and represents
premium written that is attributable to and is to be Bajaj Allianz General Insurance
allocated to succeeding accounting periods. Premium net of goods and service tax includes
reinstatement premium on direct business and reinsurance
Premium Deficiency : is recognised at segmental revenue accepted is recognised as income at the commencement of
account level when the sum of expected claim costs and risk over the contract period or the period of risk which ever
related expenses and maintenance costs related to claims is appropriate on a gross basis and for installment cases it is
handling exceed the reserve for unexpired risks. The recognised on installment due dates.
premium deficiency is calculated and duly certified by the
appointed actuary. In case of longterm motor insurance policies premium is
recognised on a yearly basis as mandated by IRDAI.
Aditya Birla Health
Premium including reinsurance accepted (Net of Goods and Reserve for unexpired risks represents that part of the net
Service Tax) is recognised as income over the contract premium (i.e premium net of reinsurance ceded ) which is
period or period of risk as appropriate after adjusting for attributable to and set aside for subsequent risks to be borne
unearned premium (Unexpired risk). by the company under the contractual obligations on
contract period basis or risk period basis whichever is
Reinsurance premium ceded on unearned premium is
appropriate subject to a minimum of 100% in case of marine
carried forward to the period of risk and is set off against
hull business and in case of other lines of business based on
related unearned premium.
net premium written on all unexpired policies at balance
Reserve for Unexpired Risk represents that part of the net sheet date by applying 1/365th method on unexpired period

The Insurance Times, July 2022 35