Glossary
Choose a letter
P
- Pending claims reserve
- Reserve for claims reported but not yet settled. These are estimated by ceding companies and communicated to the reinsurer.
- Political risk
- All political or administrative events, actions or decisions that could lead to losses for companies contracting or investing abroad.
- Premiums net of cancellations
- Premium written by an insurer after deduction of cancelled premiums.
- Premiums net of retrocession
- Gross premiums less the portion of premiums paid for retrocession. As opposed to gross premiums.
- Primary insurer
- An insurance company that issues insurance contracts to the public generally or to certain non-insurance entities.
- Probable Maximum Loss
- The estimated anticipated maximum loss, taking into account ceding company and contract limits, caused by a single catastrophe affecting a broad contiguous geographic area, such as that caused by a hurricane or earthquake of such a magnitude that it is expected to recur once during a given return period, such as every 50, 100 or 200 years.
- Property & casualty (p&c) classes
- All insurance classes other than Life.
- Property insurance
- Insurance that provides coverage to a person with an insurable interest in tangible property for that person's property loss, damage or loss of use.
