Okuzeka
Insurance vocabulary · Insurance Market & Finance

Gross written premium

Meaning in insurance, with examples

nounCommon term

In insurance, gross written premium means: The total premium from all policies an insurer writes in a period, before the share passed to reinsurers is deducted.

In Turkish: brüt yazılan prim, prim üretimi

How it is used

The main size measure in market rankings, often shortened to GWP. Companies grow, report and are ranked by GWP; 'net written premium' is what remains after reinsurance. Turkish professionals often call it 'üretim' (production).

Example sentences

  1. Gross written premium rose 45 percent, but most of the growth came from inflation.

  2. By gross written premium, the company is now the third largest non-life insurer in the market.

Common collocations

  • gross written premium growth
  • net written premium
  • GWP
  • earned premium
  • premiumThe amount of money a customer pays to an insurance company for a policy, usually once a year or in monthly instalments.
  • non-life insuranceAll types of insurance other than life insurance, such as motor, property, liability, health and travel insurance.
  • loss ratioClaims costs divided by earned premiums, shown as a percentage; it shows how much of the premium was spent on paying losses.
  • combined ratioThe loss ratio plus the expense ratio. Below 100 percent means the insurer made an underwriting profit; above 100 percent means an underwriting loss.

More terms: Insurance Market & Finance

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This page explains English vocabulary for learners. It is not financial advice.