Earned & Audit Premiums
Money leaves the carrier every day through unrecovered earned and audit premium. TGA recovers it.
Areas inside this service line
Earned Premiums
The portion of a premium the insurer has earned by providing coverage for a specific period, reflecting revenue.
Audit Premiums
Adjustments made after a policy concludes (traditionally, but not limited to, on workers compensation and/or general liability policies) to align estimated costs with actual payroll or sales data. Results in extra charges or refunds.
In both situations, it is common for money to be owed back to the insurer on commercial line policies. The recovery opportunity is often uncovered during the review for accuracy (where audit premiums ensure the final earned premium reflects the true risk the insurer managed over the policy term) and during the review for financial impact (where these adjustments are significant enough for insureds to accurately reflect revenue in their financial statements). When one or both are misaligned, the deficit appears and the recovery opportunity presents itself.
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