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A catastrophic loss is a severe event that results in losses that are larger than usual. Examples of catastrophic losses that occurred in 2018 are: Hurricanes Florence and Michael, and the November Woolsey and Camp fires.
As an insurance company collects premiums, it establishes a liability for future claims and holds assets to fund those liabilities. If insurance policies are ceded to another insurance company, the assets that are held to fund the future claims on those policies may also be transferred to the insurance company assuming the policies. Transfers of reserves, for the purposes of reporting on BEA surveys, SHOULD NOT be included in premiums reported on the BE-45 and BE-140 insurance surveys.
There have been a few changes to the BE-140 survey since it was last conducted for fiscal year 2013.
The changes that occurred will result in more detailed data used to compile the U.S. international transactions and national income and product accounts, help support U.S. international economic policy and to analyze the impact of that policy and the policies of foreign countries on international trade in services. These changes include:
One BE-140 survey should be completed on behalf of the consolidated domestic U.S. Reporter, which is the fully consolidated domestic U.S. enterprise consisting of (i) the U.S. corporation whose voting securities are not owned more than 50 percent by another U.S. corporation, and, proceeding down each ownership chain from that U.S. corporation, (ii) any U.S. corporation whose voting securities are more than 50 percent owned by the U.S. corporation above it. The fully consolidated domestic U.S. enterprise excludes foreign branches and other foreign affiliates.
The country transactions are based on the domicile of the foreign parties.
Estimates are allowed to be used if actual data are not available and estimates are labeled as such.
Report data in U.S. dollars rounded to thousands (omitting 000). For example, $1,455,328 should be reported as 1,455 and $2,328,596 should be reported as 2,329. Amounts less than $500 round to 0 and should, therefore, be omitted.
According to our conventions, international organizations (such as the United Nations, the World Bank, and the International Monetary Fund) are considered foreign entities, even if they are located in the United States. Insurance transactions with these organizations should be reported on the BE-140. Enter “International Organization” in the country details sections on Schedules A or B and enter the data for each transaction type for which you had transactions.
No. We collect data by country, not by region.