Definition: Prepayments of insurance premiums and reserves for outstanding claims

ESA 1995

Technical provisions established by insurance corporations and (autonomous and non-autonomous) pension funds for: 

a) the amount representing that part of gross premiums written which is to be allocated to the following accounting period (prepayments of insurance premiums); 

b) the total estimated ultimate cost of settling all claims arising from events which have occurred up to the end of the accounting period, whether reported or not, less amounts already paid in respect of such claims (provisions for outstanding claims).
Eurostat, "European System of Accounts - ESA 1995", Office for Official Publications of the European Communities, Luxembourg, 1996

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