They will provide you with more current information on the groups strategy, financial situation and results. The ceding company and the reinsurer enter into a reinsurance agreement which details the conditions upon which the reinsurer would pay a. Gary myers, cpcu, are lost woods re, llc centralia, mo. Every reinsurance transaction, regardless of whether it is yrt, coinsurance, modified coinsurance or a combination of the above, will impact both the ceding company and the reinsurer financially. An introduction to reinsurance through facultative reinsurance. Insurance the insurer insures the individual or the corporation reinsurance the reinsurer insures the insurance company reinsurance placement mechanisms direct insurance vs. Feb 10, 2017 reinsurance importance to ratings quantitative basis capital model. Oct 31, 2017 subscribe today and give the gift of knowledge to yourself or a friend reinsurance reinsurance. An introduction to reinsurance insurance journal research. The reinsurer agrees to indemnify the cedant insurer for a specified share of specified types of insurance claims paid by the cedant for a single insurance policy or for a specified set of.
Introduction to financial reinsurance banking reinsurance product offerings and provider of financing products debt or equity yrt, coinsurance, modco, coins funds withheld, hybrid forms duration short flexible covenants restrictive flexible appetite for insurance risk low high execution time 36 months months. Download ppt reinsurance introduction types of reinsurance types of reinsurers. Introduction to reinsurance powerpoint ppt presentation. In this indepth guide, swiss re introduces the concepts of reinsurance and highlights the essential function reinsurance has in enabling progress and contributing to the stability of the economy and society. This school of thought defines insurance in terms of.
What reinsurance does it converts the risk of loss of an insurer o incurred by the reinsured under its policies according to its own needs. The reinsurance section presents life and annuity reinsurance seminar august 14. Reinsurance both concerned with future contingencies both require underwriting skills risk both involve transfer of risk both require payment of premium both provide protection both subject to some regulation reinsurance. The indian contract act 1872 a contract is an agreement between two or more parties to do or to abstain from doing an act and which is intended to create a legally binding relationship an agreement enforceable by law is a contract. Chapter pdf available january 2002 with 8,298 reads how we measure reads a read is counted each time someone views a publication summary such. This interactive workshop provides an excellent introduction to reinsurance covering both its terminology and operation within the context of the business. This introduction to reinsurance accounting should be seen as a training document which strips the various accounting and statistical methods down to the bare essentials and presents them in an easytofollow way. Introduction to reinsurance english the world bank. An introduction to reinsurance, technical publishing, 2002. The second being mapfre res interest in incorporating into one single. Reinsurance ppt free download as powerpoint presentation. Basic forms of reinsurance facultative and obligatory.
Intro to reinsurance why reinsurance types of reinsurance reinsurance plans risk characteristics reinsurance treaty reinsurance calculations. Compiled from diverse sources and enriched with examples and illustrations, it also says a good deal about the way swiss re does business. Introduction to life reinsurance 101 5 assumption reinsurance, by some people, isnt reinsurance at all. Reinsurance recoverables are charged in light of credit hazard and measure of recoverable chronicled misfortune. Now by way of introduction, my name is russell fisher and i work for general reinsurance, and im currently in the treaty underwriting department,so i have been about two years away from the reserving side, and before that i spent about 8 years in. An introduction to captive insurance plans selffunding success. The calamity presentation charge 1250 net total property pml is connected on a net premise in this way, reinsurance is connected and diminishes this pml. Reinsurance is a contract of insurance whereby one insurer called the reinsurer or. Insurance companies buy reinsurance for two related reasons as an alternative to capital and to reduce the volatility of their results. It will explore various types and structures of reinsurance, key principles and terminology, and the numerous reinsurance markets. The primary objective of fin re is the achievement of a specific business goal. Bensoussan shaun downey michele jacobson jeffrey stanton katz, fsa, maaa david r. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. We will discuss important issues necessary for company management to assemble an appropriate, successful reinsurance program.
Introduction to financial reinsurance basic types coinsurance original terms reinsurer participates proportionally in premiums, claims, reserves and the accumulation of reservebacking funds coinsurance funds withheld like coinsurance, but the funds backing the reinsured reserves are deposited back with the cedant. Introduction to insurance principles of insurance 18 the insured is the person or firm or company confronted by risk and the insurer is a person or firm or company, which specializes in the assumption of risk. Starting out as an independent agent 45 years ago, garys progressed through various company ranks. The company who requests for the cover is called o the cedant and the reinsurer is called the ceded. Reinsurance in india after nationalisation in 1972, general insuarance corporation became the indian reinsurer. In this presentation it has been explained very well. Tim earned his bachelor of business administration and holds a certified public accounting cpa license. Reinsurance introduction types of reinsurance types of reinsurers. Intro to reinsurance prepared by tai orland park, illinois. Di meo hannover life reassurance company of america soa valuation symposium indianapolis, september 20 and related accounting considerations todays agenda overview of financial reinsurance structures transaction objectives sample financial reinsurance structures. The primary business of the insurer is risk assumption for a fee. Jon morris jon is an account executive for inpoint in the area of reinsurance administration. Introduction types of reinsurance types of reinsurers uses of reinsurance new developments.
An introduction to reinsurance is designed as a training text. Reinsurance is a financial transaction by which risk is transferred ceded from an insurance company cedant to a reinsurance company reinsurer in exchange of a payment reinsurance premium. The main objective was to maximise aggregate domestic retention of premium to secure best terms consistent with the quality of business ceded to minimise the drain of foreign exchange however, oil, satellites and financial risks have always been reinsured in the. Introduction to reinsurance nlcrisc trustee conference may 2011 presentation agenda types of reinsurance and costsharing options the key doctrines of reinsurance. Ppt an introduction to reinsurance powerpoint presentation. Reinsurance program is a temporary program 20142016 all health insurance issuers and selfinsured plans must make contributions only nongrandfathered individual market plans are eligible for payments the state can choose to operate its own reinsurance program or have hhs operate the program on its behalf. A form of reinsurance whereby the insurer retains all losses up to a predetermined amount, and is then indemnified beyond that amount, to a predetermined amount, by reinsurers. The topic reinsurance is insurance for insurance companies. The forms of the reinsurance contracts depend upon the manner in which the. An introduction to reinsurance 1 an introduction to reinsurance 2 the history of insurance and reinsurance.
The public was first introduced to reinsurance in the mid1980s, during what has now become. Reinsurance is one of the major risk and capital management tools available to primary. Gary myers is a familiar figure to many in the propertycasualty insurance industry. A veteran panel of underwriters, brokers and actuaries will discuss the current state of the medical liability insurance market and present expert opinion on the impact of the affordable care act aca in 2015. A single building, oil rig, or board of directors can be insured by multiple insurers that each buy reinsurance from multiple reinsurers. This session will provide an introduction and broad overview of the world of reinsurance. This page contains presentations of the munich re group given at analysts conferences and meetings of investors. As we have seen the possibility of loss creates uncertainty, which has undesirable economic and psychological effect. A training document should certainly not cover everything, but is intended to complement seminars, onthejob training etc. A reinsurance contract is legally an insurance contract. If so, share your ppt presentation slides online with.
Reinsurance ppt reinsurance insurance free 30day trial. Definition of reinsurance reinsurance is a contract of insurance whereby one insurer called the reinsurer or assuming company agrees, for a portion of the premium, to indemnify another insurer called the reinsured or ceding company for losses paid by the reinsured under insurance policies issued by the reinsured to its policyholders. The fundamental requirement for the ex istence of insurance contracts is the. Reinsurance is insurance that is purchased by an insurance company directly or through a broker as a means of risk management, sometimes in practice including tax mitigation and other reasons described below. When we speak of methods of handling risks we are talking about efforts to reduce uncertainty. It is structured in modules which can be consulted separately for specific purposes or used for a progressive and solid understanding of reinsurance business. The content has been designed for those who are new to insurance or reinsurance and those who have worked in the.
Ppt an introduction to reinsurance powerpoint presentation free. We trust that this brief introduction to reinsurance will allow the reader not to lose sight of the essence of this business and that it will provide basic criteria for analysing risks properly, enabling wellsupported decisions to be taken using basic business principles and common sense. A method for protecting selffunded health plans against large claims, captive insurance is a risk management solution that represents another alternative to traditional, fully inured plans. Introduction to captives 2010 3 risk transfer versus risk retention a risk financing programme should optimise the use of available funds by achieving the correct balance between risks that are transferred to the traditional insurance market and risks that are retained, either as an operating cost, or through other forms of risk funding. Unlike other forms of reinsurance, if i have a block of business that i give by assumption reinsurance to another company, i am now severed from that business. Insurance explained how do insurance companies make money and how do they work duration.
Fundamentals of reinsurance for directors tuesday, may 8, 1. Providers of reinsurance are professional reinsurers which are entities exclusively. An introduction to reinsurance is the property of its rightful owner. Reinsurance in india since deregulation, gic has assumed the role o of the markets only professional reinsurer. Introduction to reinsurance pfeiffer, christoph on. The ceding company and the reinsurer enter into a reinsurance agreement whi. Introduction to insurance diploma in insurance services 2. By learning about and using these tools, crop and livestock producers can build the confidence needed to deal with risk and exciting opportunities of the future. We trust that this brief introduction to reinsurance will allow the reader not to lose sight of the essence of this business and that it will provide basic criteria for analysing risks properly, enabling wellsupported decisions to be taken. A free powerpoint ppt presentation displayed as a flash slide show on id. Reinsurance is a financial transaction by which risk is transferred from an insurance company to a reinsurance company in exchange of a payment reinsurance premium.967 545 942 721 955 629 555 549 1351 1535 234 1354 1186 270 866 699 865 245 371 53 1482 201 302 61 1045 1539 1494 1041 1219 402 889 843 1220 1435 234 402 1348 619 977 269 931 1100 542 756 1202