How is PAMIA financed?
PAMIA is financed by premiums and investment income earned on its reserves. Each member’s premium is calculated in accordance with a common rating structure which takes account of their fee income and the nature and level of cover they require. All the premium is paid into a fund in which the members retain an immediate interest. To protect its funds from large losses, PAMIA purchases reinsurance, which is placed by the brokers, Willis.