Policy year accounts
vertical line
Amounts in USD 000's     Consolidated accounts
Policy year   2015 2014 2013
Premiums and calls        
Premiums   546,084 610,643 532,934
      546,084 610,643 532,934
Additional calls debited     18,396 54,210
Estimated deferred call   55,425   0
Total premiums and deferred calls   601,509 629,039 587,144
Reinsurance premiums   (128,522) (139,139) (144,201)
Net premium earned   472,987 489,900 442,943
Incurred claims net        
Claims paid   139,149 226,653 276,956
Estimates on outstanding claims   204,713 167,782 87,834
IBNRs   99,132 16,605 11,047
Unallocated Loss Adjustment Expenses   14,420 6,932 2,339
Incurred claims net   457,414 417,972 378,176
Acquisition cost and net operating expenses   50,494 53,034 43,396
Technical result   (34,921) 18,894 21,372
Notes to the consolidated policy year accounts        
1 Premiums, supplementary calls, reinsurances and claims are credited/charged to the policy year to which they relate.  Operating expenses are charged/credited to the same policy year as the financial year in which they are brought to account.
2 The annual accounts include the 15 per cent deferred call levied for the 2015 policy year. The original estimate for the year was set to 25 per cent.
3 The approximate yield of a 10 per cent supplementary call on the open policy years would be:    
  2013 policy year USD   34.8 million        
  2014 policy year USD   37.3 million        
  2015 policy year USD   36.9 million        
4 Incurred claims net comprises claims paid net of reinsurance recoveries, together with contributions to otherP&I associations under the Group Pooling arrangement and net estimates for outstanding and unreported claims.Estimates on outstanding claims refer to those incidents which have been notified to the Association (RBNS) and on which estimates of the expected exposure have been placed. Incurred but not reported claims (IBNRs) have beencalculated on a basis approved by the Company’s actuary.
  Due to the characteristics of P&I claims, both RBNS and IBNR, in particular in respect of the more recent years, may change substantially.
5 Provision for outstanding and unreported claims for closed years before policy year 2013, USD 304.5 million, consistsof estimated outstanding claims in the amount of USD 271.1 million and estimates for IBNR claims of USD 33.4 million.