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de retención

English translation: gross net earned premiums (GNEP) less ceded claims

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Spanish term or phrase:de retención
English translation:gross net earned premiums (GNEP) less ceded claims
Entered by: patyjs
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14:05 Apr 1, 2018
Spanish to English translations [PRO]
Bus/Financial - Accounting / For an insurance company
Spanish term or phrase: de retención
This is from the Accounting Policies of a Mexican insurance company.

Primas Devengadas de Retención.
Estos ingresos deben representar los efectos de la celebración de los contratos de seguros y reaseguro interrelacionados, de tal forma que deben reconocerse:
a. las primas a cargo del cliente (primas emitidas)
b. la porción de las primas emitidas que la aseguradora se obligó a ceder a sus reaseguradores (primas cedidas)
c. la estimación de las obligaciones asumidas por riesgos en curso, neto de la porción estimada a cargo de reaseguradores (incremento neto de reserva de riesgos en curso).

I can find a few references to Retained Accrued Premiums but they are all in connection with Mexican companies and that makes me wonder whether the translation is correct. Is there a better translation?
patyjs
Mexico
Local time: 09:16
gross net earned premiums (GNEP) less ceded claims
Explanation:
(The insurance industry has other variants of this, but I have chosen to stick with the author, there being no good reason not to.) (I did not invent the seemingly self-contradictory term GNEP, the insurance industry did.)
---
http://www.hamilton-recruitment.com/portfolio-items/insuranc...
Since reinsurance with another insurance company has been bought to spread risk, ceded premium will be deducted, to show Net Earned Premium
Moving to claims, actuaries will form a view as to what the expected total final claims liability will be on the policies sold by the insurance company, and these are known as Incurred Losses. This balance is made up of Paid Losses + Loss Reserves for claims that have not been specifically identified or paid out yet:
Again, since the risk has been spread, there will be a deduction to reflect the ceded claims to be borne by the other insurer.
---
Gross Net Written Premium Income - Investopedia
https://www.investopedia.com/terms/g/gross-net-written-premi...

If earned premiums are chosen, the calculation uses gross net earned premium income (GNEPI) as the base. ... The premiums are “net,” meaning that any cancellations, refunds, and premiums paid for reinsurance are deducted, and “gross” because expenses are not deducted.
Selected response from:

TechLawDC
United States
Grading comment
Thank you! Your answer is very informative.
4 KudoZ points were awarded for this answer



Summary of answers provided
4gross net earned premiums (GNEP) less ceded claims
TechLawDC
3net premiums earned
bigedsenior


Discussion entries: 2





  

Answers


4 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
net premiums earned


Explanation:

'Accrued' could be added, but all insurance accounting is n an accrual basis.

https://www.fool.com/investing/general/.../insurance-industr...
Dec 4, 2006 - These reinsurance costs must be subtracted from gross premiums, and the result equals net insurance premiums. Just as net sales are a better measure of a retail customer's business, net premiums are a more accurate measure of an insurance company's business. Net premiums earned. Accrual-based ..

bigedsenior
Local time: 07:16
Works in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 183
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19 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
primas devengadas de retención
gross net earned premiums (GNEP) less ceded claims


Explanation:
(The insurance industry has other variants of this, but I have chosen to stick with the author, there being no good reason not to.) (I did not invent the seemingly self-contradictory term GNEP, the insurance industry did.)
---
http://www.hamilton-recruitment.com/portfolio-items/insuranc...
Since reinsurance with another insurance company has been bought to spread risk, ceded premium will be deducted, to show Net Earned Premium
Moving to claims, actuaries will form a view as to what the expected total final claims liability will be on the policies sold by the insurance company, and these are known as Incurred Losses. This balance is made up of Paid Losses + Loss Reserves for claims that have not been specifically identified or paid out yet:
Again, since the risk has been spread, there will be a deduction to reflect the ceded claims to be borne by the other insurer.
---
Gross Net Written Premium Income - Investopedia
https://www.investopedia.com/terms/g/gross-net-written-premi...

If earned premiums are chosen, the calculation uses gross net earned premium income (GNEPI) as the base. ... The premiums are “net,” meaning that any cancellations, refunds, and premiums paid for reinsurance are deducted, and “gross” because expenses are not deducted.


TechLawDC
United States
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 12
Grading comment
Thank you! Your answer is very informative.
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