Premiums from direct business are recognised during the year upon issuance of
debit notes. Premiums in respect of risks incepted for which debit notes have not been
issued as of the date of the statement of financial position are accrued at that date as
pipeline premiums.
Inward treaty reinsurance premiums are recognised on the basis of periodic advices
received from ceding insurers.
Outward reinsurance premiums are recognised in the same accounting period as the
original policy to which the reinsurance relates.