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Note 8: Payables

Notes A to D: Payables
  2013 2012
  $'000 $'000
Note 8A. Suppliers Trade creditors and accruals 13,089 14,764
Total supplier payables 13,089 14,764
Supplier payables expected to be settled within 12 months: Related entities 1,476 881
External parties 11,613 13,883
Total supplier payables 13,089 14,764
Settlement is usually made within 30 days.    
Note 8B. Unearned Premiums Unearned premiums 18,443 15,557
Premium received in advance 948 1,077
Insurance agency revenue received in advance 172 188
Total unearned premiums 19,563 16,822
Unearned premiums are expected to be settled in: No more than 12 months 19,563 16,822
More than 12 months - -
Total unearned premiums 19,563 16,822
Note 8C. Revenue Received in Advance Revenue received in advance 766 598
Total revenue received in advance 766 598
Revenue received is expected to be settled in: No more than 12 months 766 598
Total revenue received in advance 766 598
Note 8D. Movement in Unexpired Risk Liability Unexpired risk liability as at 1 July - 1,816
Release of unexpired risk liability - (1,816)
Total unexpired risk liability - -
Deficiency recognised in the statement of comprehensive income Movement in unexpired risk liability - (1,816)
Total deficiency recognised in statement of comprehensive income - (1,816)
Calculation of deficiency Expected future claims per actuary report - 13,417
Less: recorded unearned premiums - (15,557)
Deficiency - (2,140)
Note 8E: Outstanding Claims
  2013 2013
  $'000 $'000
Note 8E. Outstanding Claims Gross outstanding claims 13,676 14,8823
Less: reinsurer’s liability (2,706) (3,671)
Net outstanding claims 10,970 11,211
Outstanding claims are expected to be settled in: No more than 12 months 9,679 10,209
More than 12 months 1,291 1,002
Net outstanding claims 10,970 11,211

DSHIS has incurred claims during 2012-13 for which recoveries have and will be made in accordance with reinsurances treaties, which were in force at the date of loss (Note 6C). The effect of these treaties is taken into account in calculating the outstanding claims.

In determining the gross claims outstanding, the actuary has applied a prudential margin of 9% (2012: 9%), to a central estimate of the expected present value of future payments for claims incurred of $13,676,439 (2012:$14,882,078), resulting in a risk margin component of $1,129,247 (2012: $1,228,796).

Note 8F: Other payables
  2013 2012
Note 8F. Other Payables $'000 $'000
     
Wages and Salaries 4,460 4,504
Superannuation 738 674
Reinsurance premiums 592 1,291
Separation and redundancies 195 3,630
Total other payables 5,985 10,099
Total other payables are expected to be settled in: No more than 12 months 5,985 10,099
Total other payables 5,985 10,099
Average: 1 (3 votes)