Insurance Terms Net Written Premium

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Net premiums written is the sum of premiums written by an insurance company over the course of a period of time minus premiums ceded to reinsurance companies plus any reinsurance assumed.

Insurance terms net written premium. Written premium the contractually determined amount charged by the reporting entity to the policyholder for the effective period of the contract based on the expectation of risk policy benefits and expenses associated with the coverage provided by the terms of the insurance contract. Related terms earned premium ep. The total of net commission and operating expenses incurred in the generation of net earned premium and often expressed as a percentage of net earned premium. One it refers to the portion of the premium needed to pay for future losses.

Back to the top. Net premiums written can be used as an evaluation tool to rate how well an insurance company is doing. Looking for information on net written premium. Back to the top.

Written premium this is the premium registered on the books of an insurer or a reinsurer at the time a policy is issued and paid for. Admitted insurance insurance written by an insurer that is admitted or licensed to do business in the us state in which the policy was sold. Similarly if this number is low then it could mean the company is losing revenue somewhere or assuming too many risks. Premiums are the amounts policyholders pay for insurance coverage to protect them against financial loss.

Irmi offers the most exhaustive resource of definitions and other help to insurance professionals found anywhere. Net premium is a term that can have various meanings. Net premiums and gross premiums are terms used to describe the income an insurance company receives in exchange for the risks it assumes under insurance contracts. If an insurer experiences a high amount for net premiums written then this means that it is making substantial profits.

Back to the top. Two it also refers to the resulting amount after deducting the agent s commissions from the gross premium. Click to go to the 1 insurance dictionary on the web.

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