Policy year accounts
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Amounts in USD 000's    Consolidated accounts
Policy year 2016 2015 2014
Premiums and calls      
Premiums 528,431 553,444 567,253
Total premiums 528,431 553,444 567,253
Additional calls debited 851 18,824 56,044
Estimated deferred call 0 0 0
Total premiums and deferred calls 529,282 609,515 623,297
Reinsurance premiums (129,273) (124,783) (135,370)
Net premium earned 400,009 484,732 487,927
Incurred claims net      
Claims paid 108,723 257,658 286,029
Estimates on outstanding claims 158,719 156,449 107,523
IBNRs 96,275 10,881 7,294
Unallocated Loss Adjustment Expenses 8,255 7,071 4,588
Incurred claims net 371,972 432,059 405,434
Acquisition cost and net operating expenses 50,752 50,494 53,034
Technical result (22,715) 2,180 29,458
Notes to the consolidated policy year accounts      
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.

The annual accounts include 0 per cent deferred call levied for the 2016 policy year. The original estimate for the year was 25 per cent.   

3 The approximate yield of a 10 per cent supplementary call on the open policy years would be:    
  2014 policy year USD   37.3 million      
  2015 policy year USD   36.9 million      
  2016 policy year USD   36.0 million      

Incurred claims net comprises claims paid net of reinsurance recoveries, together with contributions to other P&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 been calculated 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.   

Provision for outstanding and unreported claims for closed years before policy year 2014, USD 334.3 million, consists of estimated outstanding claims in the amount of USD 271.6 million and estimates for IBNR claims of USD 62.7 million.