M.Sc., B. Eng. (Mech) & Minor in Technopreneurship, National University of Singapore Quality Assurance San Diego United States
Gross written premium (GWP), The total premium on insurance underwritten by an insurer or reinsurer during a specified period, before deduction of reinsurance premium. Gross Written Premium (GWP) — the total premium (direct and assumed) written by an insurer before deductions for reinsurance and ceding commissions. In the insurance industry, gross premiums written is the sum of both direct premiums written (see next paragraph) and assumed premiums written, before deducting ceded reinsurance. Gross net written premium income is the base to which the reinsurance premium rate is applied, taking into account cancellations, refunds, and premiums paid for reinsurance coverage. 6 days ago · A written premium is an accounting term in the insurance industry used to describe the total amount customers are required to pay for insurance. The exact definition of GWP “Gross Written Premium” is often shrouded in mystery.