This paper, guides the reader through the steps of restructuring an existing traditional reinsurance program using quantitative models of the risks. This is done by means of a case study in which concrete insurance lines are analyzed in a sample portfolio. The use of a model helps in understanding the...
U.S. firms' reinsurance premium receipts from overseas countries increased 307% during the years 1987 to 1999. It is important to understand to which countries this rapid increase in exports of reinsurance services is taking place. Using the period 1987 to 1998, this study found that U.S. reinsurance exports take place...
The sixth largest reinsurance group in the world, Gerling Global Life Reinsurance sought to transform its hard copy underwriting manuals into a power-packed resource for clients and employees worldwide. The 45-year-old reinsurance group engaged Dunedain Multimedia to develop an interactive underwriting guide and risk management tool on CD-ROM. To transform...
The eReinsure platform is a web-hosted system that enables an insurer to manage the placement of reinsurance with chosen markets. We term it a "Transactional Negotiation" system as it provides for both the process of a transaction and the collaboration necessary between two parties to agree the terms of a...
SCOR, one of the top reinsurers worldwide, has written Euro 4,890 million in premiums in 2001. SCOR operates worldwide through some 30 branches and subsidiaries and shows a balanced portfolio between P&C, Life & A&H and Specialty (large risks, credit & surety and alternative risks) reinsurance. SCOR works with a...
A consultant from Business Process Outsourcing met with the FD to understand his requirements. Working with the client, the consultant obtained an understanding of the business, developed the internal infrastructures and assisted the FD with other internal requirements. At the same time the consultant communicated requirements and assisted the outsourcing...
This paper furnishes ten steps in detail on how to shield against dubious reinsurers. The paper states every assertion made by a reinsurer can, and should be, verified, validated, and ultimately disproved. Taking such action prior to placing business with such a company can eliminate phenomenally costly and highly...
SCOR, one of the top reinsurers worldwide, has written Euro 4,890 million in premiums in 2001. SCOR operates worldwide through some 30 branches and subsidiaries and shows a balanced portfolio between P&C, Life & A&H and Specialty (large risks, credit & surety and alternative risks) reinsurance. More than 50% of...
Reinsurers play a key role in absorbing major risks in the insurance sector. For some time, a discussion has been under way with regard to the systemic risk inherent in reinsurance. It questions the reinsurer's role during capacity shortages and the effects this has on the primary insurance sector, examines...
A leading global reinsurance provider needed a solution for the challenges like: new hires needed to more quickly grasp the complex terminology, concepts, purposes and types of reinsurance to be effective on the job, they wanted to engage their people in the realities of the business, but avoid overwhelming them...
At the apex is the individual who owns a home but does not have the financial resources to sustain a large loss. The individual insured pays a premium to an insurance company and in exchange, the company agrees to pay for any loss over a deductible. That's insurance. In exchange...
There are two main types of reinsurance: Treaty & Facultative. Treaty reinsurance focuses on a specified portfolio (i.e. large number of policies) of a cedant's business. While treaty re insurers do not pick and choose between risks, they do pick and choose between broad classes of businesses or categories of...
In recent years, industries across the globe have wrestled with the transition to a paperless environment. In the world of reinsurance, electronic - or e-commerce systems promise increased efficiency, faster and more accurate transactions processing, lower overhead costs and improved productivity. But the road to e-commerce in the reinsurance industry...
Having recently undergone a major global expansion of its business through acquisition, PartnerRe needed to consolidate and optimize the administration of its worldwide reinsurance operations and processes on a single platform. Following an extensive evaluation of the available offerings in the marketplace, it chose CSC's SICS/nt solution as the global...
This paper encapsulates and gives information about The Willis Group RoboMon. The Willis Group provides wide variety of specialized insurance and reinsurance products and services to companies on a global basis. The Willis Group is able to meet their clients' needs in managing and reducing the cost of risk to...
This article reviews an unprecedented case law decision the New York's Court of Appeals has held, which says that many environmental claims from a single insured at different sites do not constitute a single loss for purposes of excess of loss treaty reinsurance policies. It further states that consolidation of...
This article is on the terrorism reinsurance legislation in Canada. The proposed terrorism reinsurance legislation could include a definition of terrorist acts that would not only define the scope of the act, but also clarify the distinction between terrorist acts and war risk. Legislation would also determine whether or not...
This article tries to shed some light on the reinsurance legislation in the US post September 11. At the end of December 2001, terrorism reinsurance legislation had not been completed. The proposals discussed in Congress revolved around providing a temporary federal reinsurance backstop for the insurance industry while the markets...
This article explains the importance of reinsurance. Risk managers and other purchasers of insurance rarely think about how reinsurance affects their company or the insurance they purchase for their company. Buyers of insurance mainly focus on the direct insurers -- the primary, excess, and umbrella carriers that provide the coverage....
This article is on the review of the US reinsurance industry for the year 2002. Without a doubt, the single most significant event of 2001 was the terrorist attack of September 11, 2001. This unprovoked tragedy marks the beginning of what will be several years of legislative and judicial activity...
