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Italian to English translations [PRO] Bus/Financial - Insurance
Italian term or phrase:premi stornati
La Riserva Premi a carico dei Riassicuratori è calcolata tenendo conto del rapporto di cessione in essere sui premi diretti, escludendo dal conteggio i premi ceduti in eccesso ed i premi stornati.
= The "Provision for unearned premiums attributed to reinsurers has been calculated taking into account the cession relationship/ratio on direct premiums, excluding from the calculation premiums ceded in terms of excess and XXX premiums ???
Explanation: I agree that although 'riserva premi' normally translates as 'premium reserve', in this case it refers to the 'riserva premi a carico di riassicuratori' therefore the translation changes to 'unearned premium reserve) (sometimes known as the 'reinsurance reserve').
In Insurance 'storno' is equivalent to 'return premium'.
This is an entry from a leading insurance glossary:
return premium
The amount due to the insured if the actual cost of a policy is less than what the insured has previously paid, e.g., if the limits are reduced, the estimated exposure at inception is greater than the audited exposure, or the policy is canceled.
And an explanation from Wikipedia:
Return Premium
When a policy is canceled before its expiration date a return premium may be owed to the insured. The return premium is generally calculated using a wheel calculator. The return premium is calculated by calculating the unearned premium and then subtracting any unpaid premium and penalty for early cancelation. Short rate (old short rate) and short rate (90% pro rata) are penalty methods of calculating the return premium.
STORNO
Operazione contabile che consiste nell'annullamento di una partita relativa ad una rata di premio o all'importo che risulta da un'appendice di polizza, per l'impossibilità di conseguire l'incasso o per altri motivi (sostituzione della polizza ecc.).
For what it is worth, whatever the correct translation in this reinsurance context, where "cessione" is actually translated with "cession", a "storno" almost always involves the reversal of an accounting entry.
Yes, there's two main types of reinsurance - in an excess treaty, the reinsurer pays the insurer's losses over a certain amount, and in proportional reinsurance they pay a proportion of all losses. That's why I suggested "excess premiums ceded".
You say "unearned premiums" - this may be correct, I don't know, but the Italian doesn't specifically say unearned.
Phil I thought the "premi ceduti in eccesso" might mean that the premiums have been ceded under a contract between the insurer and reinsurer in which the latter would pay the insurer's losses in terms of excess of excess of loss (or proportional to loss) - but then again, I am not familiar with this field!
I used to work for a reinsurance company, and I'm still having problems with this sentence. But could "premi ceduti in eccesso" be "excess premiums ceded"? "Rappporto di cessione" is "cession ratio". "Premi stornati"may be "transferred premiums".
Although the "Riserva premi" and "riserve" in general are in fact liabilities and technically provisions, I believe the term "reserves" is actually used, at least for "claims reserves". The reason is probably historical and because of the absolutely huge size of them. http://www.google.com/search?source=ig&hl=en&rlz=&=&q="claim...
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Answers
5 hrs confidence:
written-off premiums
Explanation: A volte è utilizzato anche il termine "reversal" per indicare lo storno
kappa96 Local time: 19:59 Native speaker of: Italian
Explanation: I agree that although 'riserva premi' normally translates as 'premium reserve', in this case it refers to the 'riserva premi a carico di riassicuratori' therefore the translation changes to 'unearned premium reserve) (sometimes known as the 'reinsurance reserve').
In Insurance 'storno' is equivalent to 'return premium'.
This is an entry from a leading insurance glossary:
return premium
The amount due to the insured if the actual cost of a policy is less than what the insured has previously paid, e.g., if the limits are reduced, the estimated exposure at inception is greater than the audited exposure, or the policy is canceled.
And an explanation from Wikipedia:
Return Premium
When a policy is canceled before its expiration date a return premium may be owed to the insured. The return premium is generally calculated using a wheel calculator. The return premium is calculated by calculating the unearned premium and then subtracting any unpaid premium and penalty for early cancelation. Short rate (old short rate) and short rate (90% pro rata) are penalty methods of calculating the return premium.
STORNO
Operazione contabile che consiste nell'annullamento di una partita relativa ad una rata di premio o all'importo che risulta da un'appendice di polizza, per l'impossibilità di conseguire l'incasso o per altri motivi (sostituzione della polizza ecc.).
The translation workplace 
