Introduction to Reinsurance.pdf - Prince Lobel
Introduction to Reinsurance.pdf - Prince Lobel Introduction to Reinsurance.pdf - Prince Lobel
Insurance/Reinsurance Differences Insurance: Reinsurance: Buyers have varying knowledge levels Responds to an event Provides Defense and Indemnification Pays on behalf of Mainly a domestic enterprise Highly regulated Buyers assumed to be knowledgeable –no contra proferentem Provides Indemnification only Reimbursement contract International Unregulated
How Reinsurance Works It spreads the risk of loss incurred by the reinsured under its policies and redistributes the premiums received by the reinsured, according to the reinsured’s own business needs: Shifts risks from one insurer to another Allows “sharing” of risks to reduce burden on a carrier Frees up capacity for a carrier Allows coverage of large risks or books of business Reinsurance is often a “subscription” market
- Page 1 and 2: April 4, 2008 Introduction to Reins
- Page 3 and 4: Overview What is Reinsurance Insu
- Page 5: Insurance/Reinsurance Similarities
- Page 9 and 10: April 4, 2008 Types and Characteris
- Page 11 and 12: Characteristics of The Reinsurance
- Page 13 and 14: Forms of Reinsurance Pro Rata (“
- Page 15 and 16: Per Occurrence Excess Multiple Risk
- Page 17 and 18: The Anatomy of a Reinsurance Claim
- Page 19 and 20: The Anatomy of a Reinsurance Claim
- Page 21 and 22: The Anatomy of a Reinsurance Claim
- Page 23 and 24: The Anatomy of a Reinsurance Claim
- Page 25 and 26: April 4, 2008 Two Key Principles in
- Page 27 and 28: “Uberrimae Fides” or the Duty o
- Page 29 and 30: April 4, 2008 Common Problems and I
- Page 31 and 32: Right of Inspection: Virtually all
- Page 33 and 34: Non-Congruence of Insurance and Rei
- Page 35 and 36: Declaratory Judgment Actions: Alth
- Page 37 and 38: Agreements to Arbitrate and Confide
- Page 39 and 40: Agreements to Arbitrate and Confide
- Page 41 and 42: The Loss - Scenario A Mitchell's N
- Page 43 and 44: The Reinsurance Claim Big Heart In
How <strong>Reinsurance</strong> Works<br />
It spreads the risk of loss incurred by the reinsured under its policies<br />
and redistributes the premiums received by the reinsured, according<br />
<strong>to</strong> the reinsured’s own business needs:<br />
Shifts risks from one insurer <strong>to</strong> another<br />
Allows “sharing” of risks <strong>to</strong> reduce burden on a carrier<br />
Frees up capacity for a carrier<br />
Allows coverage of large risks or books of business<br />
<strong>Reinsurance</strong> is often a “subscription” market
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