Glossary

Our glossary explains technical terms from the areas finance and reinsurance. We hope it facilitates the understanding of our texts, publications and annual reports. If you have comments or suggestions, please use our feedback form!

• UK Modern Slavery Act
  The UK Modern Slavery Act enacted in 2015 imposed new reporting obligations. Irrespective of where their head office is located, companies that do business in the United Kingdom must disclose what steps they take to counter human trafficking and forced labour in their supply chain.
• Underwriting
  process of examining, accepting or rejecting (re-)insurance risks and classifying those selected in order to charge the proper premium for each. The purpose of underwriting is to spread the risk among a pool of (re-)insureds in a manner that is equitable for the (re-)insureds and profitable for the (re-)insurer.
• Unearned premium reserve
  cf. provision for unearned premiums: premiums written in a financial year which are to be allocated to the following period on an accrual basis. This item is used to defer written premiums.