Communication No. D.151: Equalization and Catastrophe Provision

Brussels, 6 December 1996
80097/PERMPF/RB
COMMUNICATION NO. D.151
Subject: Equalization and Catastrophe Provision

1. Risks subject to the provision
   The risks subject to the establishment of an equalization and catastrophe provision are determined by Article 11, § 1, A, 3° of the Royal Decree governing the general regulation for the supervision of insurance companies.

2. Theoretical amount, funding, and withdrawal
   The theoretical amount of this provision, its funding method, and the conditions for withdrawal from this provision vary according to the calculation method chosen, which depends on the nature of the risks.

2.1. Theoretical amount
The theoretical amount is the target amount. The provision is funded each year as long as this amount is not reached or is no longer reached.

2.1.1. This amount is fixed as follows (except in the cases referred to in point 2.1.2):

• credit: see Regulation No. 8 of the Office (OCA).
• nuclear risks:
  The theoretical amount is equal to the smaller of the following 2 amounts:

• 100% of the highest net insured amounts after cessions or retrocessions in reinsurance per nuclear installation;
• 25% of the sum of the net insured amounts after cessions or retrocessions in reinsurance for all nuclear installations.

• other risks:
  The theoretical amount is determined by one of the following 2 methods, at the choice of the company. However, if the Office considers that the actuarial method cannot be used for statistical reasons, it may impose the application of the fixed-rate method.

• Actuarial method:
  Method inspired by Method No. 3 of Regulation No. 8 of the OCA but adapted as follows:

• The theoretical amount is equal to the higher of the following 2 amounts:
  4.5 x standard deviation x net written premiums;
  or
  4.5 x standard deviation x gross written premiums x (net claims / gross claims)
  These various elements are defined as follows:

• standard deviation: standard deviation of the claim ratio for the observation period;

• net written premiums: net written premiums after cessions or retrocessions in reinsurance;

• gross written premiums: gross written premiums after cessions or retrocessions in reinsurance;

• net claims / gross claims: average ratio during the observation period between the net claim charge after cessions or retrocessions in reinsurance and the gross claim charge after cessions or retrocessions in reinsurance.
  For the precise definition of these notions, refer to point 5 of this communication; the gross claim charge is not listed there but is easily deduced from the net charge by adding or subtracting the reinsurers' shares.

• The observation period must be at least 10 years; it is then completed up to 15 years.

• The theoretical amount of the equalization and catastrophe provision may be reduced when the comparison of the average net claim ratio during the observation period with the average gross expense ratio of the 3 most recent years of this period shows that the premiums include a safety loading. In this case, the cited amount is multiplied by the inverse of the result obtained by increasing the safety loading by one unit.

• Fixed-rate method:
  The theoretical amount is fixed as a percentage of the higher of the following 2 amounts:

• net written premiums;
• gross written premiums x (net claims / gross claims)
  For the definition of these notions, refer to the actuarial method above. The observation period regarding the claim charge consists of the current year and the 9 preceding years. The percentage to be applied is 500% for pollution liability and product liability risks, and 350% for other risks.

2.1.2. The determination of the theoretical amount does not follow the rules set out in point 2.1.1. in the following 2 cases:

• cessation of underwriting but run-off of claims;
• decrease in net written premiums of more than 30% over the last 3 years.
  In these cases, the theoretical amount is equal to the highest of the theoretical amounts of previous years for which a provision for incurred but not reported (IBNR) claims is still justified.

2.2. Funding
The funding rules described below determine a mandatory minimum funding. Companies may add a supplement to reach the theoretical amount of the provision more quickly.

• credit: see Regulation No. 8 of the OCA.

• nuclear risks:
  An amount equal to 30% of the theoretical amount is paid each year to the provision. However, this amount is limited to the net balance before investment income and before any withdrawal from and funding of the equalization and catastrophe provision (*).

• other risks:

• Actuarial method:
  Method inspired by Method No. 3 of Regulation No. 8 of the OCA but adapted as follows:
  For each year, the amount of claim bonuses must be paid to the equalization provision, until the provision reaches or again reaches the theoretical amount. There is a claim bonus when the net claim ratio of the year is lower than the average net claim ratio of the observation period. The amount of the bonus is equal to the difference between these two ratios, multiplied by the net written premiums of the year. However, a minimum funding of 3.5% of the theoretical amount is always required, whether the aforementioned bonus amount is lower than these 3.5% or if there is a claim deficit.

• Fixed-rate method:
  The funding is equivalent to the amount of the net balance before investment income and before any withdrawal from and funding of the equalization and catastrophe provision (*). However, a minimum funding of 3.5% of the theoretical amount is always required, whether the aforementioned balance is lower than these 3.5% or is negative.

2.3. Withdrawal

• credit: see Regulation No. 8 of the OCA.

(*) This balance is equal to the sum of a statistical item and balance S2, adapted for calculation purposes:
S2. Gross balance before investment income (before any withdrawal or funding of the equalization and catastrophe provision)

• 9. Balance of ceded reinsurance

• nuclear risks:
  If the net balance before investment income and before any withdrawal from and funding of the equalization and catastrophe provision (*) is negative, an amount equal to this balance is withdrawn from the provision. This amount cannot exceed the provision established at the end of the previous year.

• other risks:

• Actuarial method:
  Method inspired by Method No. 3 of Regulation No. 8 of the OCA but adapted as follows:
  If a claim deficit occurred during a year, the amount of this deficit must be withdrawn from the equalization provision.
  The amount withdrawn from the equalization and catastrophe provision may be reduced when the comparison of the average net claim ratio during the observation period with the average gross expense ratio of the 3 most recent years of this period shows that the premiums include a safety loading. In this case, the cited amount is multiplied by the inverse of the result obtained by increasing the safety loading by one unit.

• Fixed-rate method:
  If the net balance before investment income and before any withdrawal from and funding of the equalization and catastrophe provision (*) is negative, an amount equal to this balance is withdrawn from the provision. This amount cannot exceed the provision established at the end of the previous year.

(*) This balance is equal to the sum of a statistical item and balance S2, adapted for calculation purposes:
S2. Gross balance before investment income (before any withdrawal or funding of the equalization and catastrophe provision)

• 9. Balance of ceded reinsurance

3. Practical calculation methods
   3.1. Which columns of the statistical forms subject to the equalization and catastrophe provision?
   Regarding natural catastrophes, only lines 8 and 9 are subject to the establishment of an equalization and catastrophe provision.
   The table below lists the statistical columns concerned by risk. The numbering of the columns refers to the statistics of direct business in Belgium. Regarding direct business abroad and business accepted in reinsurance, the risks or sets of risks determined below are also subject to an equalization and catastrophe provision.

RISKS or SETS OF RISKS COLUMN NO. (1)
(direct business in Belgium)
1.1 storm and hail 34, 40, 46, 52, 59
1.2 floods (35), (41), (47), (53), (60)
1.3 earthquakes, landslides and subsidence (35), (41), (47), (53), (60)
1.4 natural elements affecting crops ((65))
1.5 attacks and labor conflicts 37, 43, 49, 55, 62
2 nuclear risks ((70)) and 82
3 pollution liability 81
4 product liability ((80))
5 aviation and space risks ((30)) and ((32))
6 credit 88

(1) Columns whose numbers are enclosed in single parentheses group several risks subject to equalization; columns whose numbers are enclosed in double parentheses are only partially subject to equalization. Communication D.95 (Annex 1) is amended by this document regarding the classification of hail risk: figures relating to hail risk must now be charged to the "storm" columns, whether this risk is principal or accessory to any other risk in lines 8 and 9.

3.2. Calculations and statistical allocations
Calculations (theoretical amount, funding, or withdrawal) must be performed separately for each of the 6 risks or sets of risks numbered 1 to 6 in the table in point 3.1. (the set of risks 1.1 to 1.5 can therefore be subject to a single calculation). They must also be performed separately for each type of business, namely: direct business in Belgium, direct business abroad, and business accepted in reinsurance. Beyond this double obligation, the company may perform separate calculations by column or set of columns (see table 3.1.) and by country or set of countries. Whatever level of calculation is chosen by the company, the amount of the provision must be allocated among the different columns of the statistical forms required by regulation, pro rata to gross written premiums or net written premiums if the company has determined the latter.

3.3. Calculation schemes
The calculation schemes relating to the actuarial method (Annex A), the fixed-rate method (Annex B), and the method applicable to nuclear risks (Annex C) are attached to this communication: they must be used for the calculation of the equalization and catastrophe provision for each risk or set of risks. Companies practicing credit risk calculate the provision according to their own scheme. This must be as clear and precise as possible.

4. Which documents must be sent to the Office?
   The documents referred to in points 4.1. and 4.2. below will be sent to the Office on computer media at the same time as the statistics referred to in Article 11bis of the Royal Decree governing the general regulation for the supervision of insurance companies. The format of the schemes in the annex may be modified according to computer requirements.

4.1. For the calculation of the provision
Companies must complete the calculation schemes referred to in point 3.3., in accordance with the provisions of point 3.2.

4.2. For statistical reasons
To establish a statistical base, companies are required to provide supplementary data for risks other than credit and nuclear: whatever the method chosen (actuarial or fixed-rate), the mandatory entries of each scheme (Annexes A and B) must be completed separately for each risk (namely 1.1, 1.2, 1.3, 1.4, 1.5, 3, 4, and 5), in all cases (thus even if the observation period for the actuarial method does not reach 10 years or has only just begun).

5. Interpretation of the actuarial method
   Certain notions, encountered in the calculation scheme in Annex A, deserve some explanations (these notions must be interpreted analogously for Method No. 3 of Regulation No. 8 of the Office):

• observation period: this period does not include the last year, i.e., the year for which calculations are performed;
• actuarial loss: there is an actuarial loss if the actuarial result, namely the sum of the gross expense ratio and the net claim ratio of a year, is greater than 100%;
• gross expense ratio: ratio between gross reinsurance expenses and gross written reinsurance premiums.
  The gross expense ratio intervenes in the determination of the actuarial loss and the safety loading. Its calculation gives the company the possibility to demonstrate:
• on the one hand, that it has not suffered any actuarial loss during the observation period, which allows it to waive the establishment of the equalization provision (applicable only in credit insurance);
• on the other hand, that the premiums include a safety loading, which allows it to reduce the theoretical amount of the provision and the withdrawal.

Gross written reinsurance premiums and gross reinsurance expenses are defined as follows from the statistical items:

• gross written premiums:
  I. Premiums and ancillary items

• 3.1.A. Provision for unearned premiums and risks in force as of 12/31/X-1

• 3.1.Z. Provision for unearned premiums and risks in force as of 12/31/X

• 3.1.T.a. Provision for unearned premiums and risks in force transferred - received

• 3.1.T.b. Provision for unearned premiums and risks in force transferred - ceded
• gross expenses:
  2.3. Internal claim management expenses
• 3.2.A.3. Provision for internal claim management expenses as of 12/31/X-1

• 3.2.Z.3. Provision for internal claim management expenses as of 12/31/X
• IV. Other technical charges and income
• V. Participations in profits and rebates
• VI. Acquisition expenses and commissions
• VII. Administrative expenses

• net claim ratio: ratio between the net claim charge after reinsurance and net written reinsurance premiums.
  These 2 elements are also defined from the statistical items, except for items related to reinsurance, defined on the basis of the annual account items (in italics). However, companies have the option to use statistics by year of occurrence or underwriting to determine the claim charge. In this case, this charge will be determined by analogy with the definition below.

• net written premiums:
  I. Premiums and ancillary items

• Ceded premiums (710.2)

• 3.1.A. Provision for unearned premiums and risks in force as of 12/31/X-1

• 3.1.Z. Provision for unearned premiums and risks in force as of 12/31/X

• 3.1.T.a. Provision for unearned premiums and risks in force transferred - received

• 3.1.T.b. Provision for unearned premiums and risks in force transferred - ceded
  +/- Share of reinsurers in the variation of the provision for unearned premiums and risks in force (710.4)

• net claim charge:
  2.1. Benefits

• 2.2. External claim management expenses

• Share of reinsurers in benefits and external claim management expenses (610.121)
• 2.4. Recoverable technical charges

• Share of reinsurers in recoverable technical charges (610.122)

• 3.2.A.1. Provision for reported claims as of 12/31/X-1
• 3.2.A.2. Provision for IBNR claims as of 12/31/X-1

• 3.2.Z.1. Provision for reported claims as of 12/31/X
• 3.2.Z.2. Provision for IBNR claims as of 12/31/X

• 3.2.T.a. Provision for claims transferred - received

• 3.2.T.b. Provision for claims transferred - ceded
  +/- Share of reinsurers in the variation of the provision for claims (610.221, 610.222, 610.223)
• 3.3.A. Recoverable technical charges as of 12/31/X-1

• 3.3.Z. Recoverable technical charges as of 12/31/X
  +/- Share of reinsurers in the variation of recoverable technical charges (610.224)

6. Entry into force
   This communication enters into force as of the 1997 accounting year.
   It goes without saying that insurance companies may use the methods set out above as of the 1996 year.
   The President,
   Willy P. LENAERTS

[Annex A: Actuarial Method Calculation Scheme]

1. Data
   1.1. All amounts must be indicated in thousands of francs
   1.2. Net written premiums of reinsurance
   1.3. Gross written premiums of reinsurance
   1.4. Gross written premiums

II. MANDATORY ENTRIES
Actuarial method
EQUALIZATION AND CATASTROPHES:
PROVISION FOR
YEAR: 1996 ANNEX A

4. Theoretical amount of the provision
   4.1. Based on net premiums
   4.1.1. Without reduction quotient
   4.5 x standard deviation x net written premiums
   4.1.2. With reduction quotient
   4.5 x standard deviation x reduction quotient x net written premiums
   4.2. Based on gross premiums
   4.2.1. Without reduction quotient
   4.5 x standard deviation x gross written premiums x average ratio between net and gross claim charges (2)
   4.2.2. With reduction quotient
   4.5 x standard deviation x reduction quotient x gross written premiums x average ratio between net and gross claim charges (2)

The higher of the 2 amounts (6) and (7), calculated as follows:
4.5 x standard deviation x reduction quotient x gross written premiums x average ratio between net and gross claim charges (2)
with reduction quotient
(7)
4.5 x standard deviation x gross written premiums x average ratio between net and gross claim charges (2)
without reduction quotient
(6)

5. Funding of the provision
(taux moyen de sinistres nets (3) - taux de sinistres nets de l'exercice) x primes acquises nettes without reduction quotient (3)) (taux de sinistres nets de l'exercice - taux moyen de sinistres nets) x primes acquises nettes with reduction quotient (6.1) (taux de sinistres nets de l'exercice - taux moyen de sinistres nets) x reduction quotient x primes acquises nettes (6.2)

6. Withdrawal from the provision
(8)
6. Withdrawal from the provision
(8)
6.2. Quotient of reduction
1 - (taux moyen de sinistres nets (3) + taux moyen de dépenses brutes (5))
3.1. Safety loading:
(Le calcul du quotient de réduction est facultatif) Quotient of reduction

• 1. =
     3.
     /(somme des carrés des écarts(4)) / (nombre d'observations inutiles)
     2.3. Standard deviation
     (I) comptable / de survenance / de souscription (barrer les mentions inutiles)

III. TO BE COMPLETED ONLY IF USING THIS METHOD
Reduction
= 3.2. Quotient of
1 - (,,,,,.,,,,,,,,,..,,..,,...,..... + . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...)
1 - (taux moyen de sinistres nets (3) + taux moyen de dépenses brutes (5))
3.1. Chargement de sécurité :
(Le calcul du quotient de réduction est facultatif) Quotient de réduction

• 1. =
     3.
     /(somme des carrés des écarts(4)) / (nombre d'observations inutiles)
     2.3. Écart-type
     (I) comptable / de survenance / de souscription (barrer les mentions inutiles)

[Annex B: Fixed-Rate Method Calculation Scheme]

II. ENTRIES
All amounts must be indicated in thousands of francs Fixed-rate method EQUALIZATION AND CATASTROPHES:
PROVISION FOR
YEAR: 1996 ANNEX B

1. Data
   1.1. Premiums
   1.2. Net written premiums of reinsurance
   1.3. Gross written premiums of reinsurance
   1.4. Gross written premiums

II. MANDATORY ENTRIES
Fixed-rate method
EQUALIZATION AND CATASTROPHES:
PROVISION FOR
YEAR: 1996 ANNEX B

3. Theoretical amount of the provision
   3.1. Based on net premiums
   350% or 500% of net written premiums
   3.2. Based on gross premiums
   3.2.1. Average ratio between net and gross claim charges (3)
   3.2.2. 350% x gross written premiums x average ratio between net and gross claim charges (3)
   350% x gross written premiums x average ratio between net and gross claim charges (3) The higher of the 2 amounts (2) and (4) (1)

III. TO BE COMPLETED ONLY IF USING THIS METHOD
350% x . . . x =
350% x . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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