CA-2.1.13
The
Gross Premium Written X Reinsurance Allowance X Risk Factor (for each class of business)
Where:
Gross Premium Written =
Premium written in the financial year (or annualised where the financial year is other than 12 months)
Reinsurance Allowance (Premium basis) = (calculated on total business)
the higher of 0.5 or (Total Net Premium Written /Total Gross Premium Written)
Risk Factor =
| Class of insurance | Risk Factor (general insurance) | Risk Factor (Category C1 captive) | Risk Factor (Category C2 captive) |
| (a) Fire | 15% | 12% | 12% |
| (b) Damage to property | 15% | 12% | 12% |
| (c) Miscellaneous financial loss | 15% | 12% | 12% |
| (d) Marine cargo, marine hull | 20% | 20% | 20% |
| (e) Aviation | 20% | 20% | 20% |
| (f) Motor | 20% | 20% | 20% |
| (g) Engineering | 20% | 20% | 20% |
| (h) Liability | 20% | 20% (Category C2) | 20% |
| (i) Medical (short term ≤ 1 year) | 20% | 20% | 20% |
| (j) Other | 20% | 20% | 20% |
Amended: January 2007