Policy Liabilities (SF.BS.PolicyLiabilities) refers to the Payables for claims and losses to policyholders, and other liabilities related to insurance policies.
Only liabilities when the amounts of claims and losses is already decided are included.
Policy Liabilities (SF.BS.PolicyLiabilities) includes:
- Claims outstanding, unpaid claims and losses, claims and losses payable (to policyholders) – accident, health, life benefits, etc.
- Claims adjustment expenses payable
- Annuity benefits payable
Policy Liabilities (SF.BS.PolicyLiabilities) does not include:
- Payables to reinsurers (classified as Reinsurance – Liability (SF.BS.Reinsurance_Liability))
- Reserve created for future policy benefits on life policies and annuity in life insurance companies (classified as Insurance Reserve (SF.BS.InsuranceReserves)
- Unearned/unexpired premiums (classified as Unearned Premium/Unearned Revenue (SF.BS.UnearnedPremium_UnearnedRevenue))
- Technical/mathematical provision (classified as Insurance Reserve (SF.BS.InsuranceReserves))