GAREAT’s premium rates are reinsurance premium rates and not insurance premium rates. So, the terrorism rates and premiums charged by Insurers to the Policyholders can be different to GAREAT’s premium and rates.
The GAREAT premium rates in respect of the Large Risks Section vary depending on the amount of the Sum Insured, and these rates apply to the Property Damage premiums under the policies ceded to GAREAT (with the exception of Nuclear risks, for which a fixed rate applies to the Property Damage premiums regardless of the amount of the Sum insured).
The GAREAT premium rates in respect of the Small and Medium-sized Risks Section vary depending on the category of the risks ceded only : they apply to the premiums collected by the cedant in the category relevant, from which are deducted, where applicable, the premiums ceded to the Large Risks Section.