Reinsurance. The Nuts and Bolts - Third Edition

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BP101938
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Number of Pages:
269
Book Height:
235 mm
Book Width:
155 mm
Weight:
0.7 kg
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This publication provides guidance on the various types of reinsurance and why these are needed. Financial aspects, such as premium and loss portfolio transfers, are expanded upon and treaty wordings are given in detail. Emphasis is given to clauses such as period and termination, self-insured obligations and errors and omissions.

This edition has been updated to reflect the change of reinsurance brokers’ working practices. As the title suggests, it offers operational guidance on subjects such as what to do if treaty limits fluctuate, how to allocate profit commission and how to understand treaty wordings. Market evolution is also explained in the context of catastrophic events, showing the adaptability of the reinsurance market.

Chapter 1 What is Reinsurance and Why do we Need It?
Chapter 2 Types of Reinsurance

2.1 Facultative

2.2 Ultimate Net Loss Clause

2.3 Treaties

2.4 Cessions to Treaties

2.5 Distribution of Premiums and Claims over a Proportional Programme
Chapter 3 Treaty Reinsurance – Financial Aspects

3.1 Premiums

3.2 Commission

3.3 Tax

3.4 Premium Reserves

3.5 Loss Reserves

3.6 Interest on Reserves

3.7 How Reserves are Accounted

3.8 Losses
3.9 Cash Loss Refunds

3.10 Premium and Loss Portfolio Transfers

3.11 Profit Commission
Chapter 4 Proportional Treaty Wordings and Clauses

4.1 Period and Termination

4.2 Special Termination and Reinsurer Downgrade

4.3 Errors and Omissions

4.4 Self-insured Obligations

4.5 Inspection of Records

4.6 Arbitration

4.7 Bordereau
Chapter 5 Designing a Property Reinsurance Programme from Historical Data

5.1 Data

5.2 Constructing a Spreadsheet
Chapter 6 Excess of Loss Covers
Chapter 7 Excess of Loss Reinsurance – Financial Aspects

7.1 Premium

7.2 Loss Payments

7.3 Reinstatement Premiums

7.4 Burning Cost Rating
Chapter 8 Excess of Loss Rating

8.1 Exposure Rating

8.2 Constructing a Property Risk Excess Rating Model

8.3 Catastrophe Rating

8.4 Constructing a Catastrophe Rating Model
Chapter 9 Market Evolution
Chapter 10 Miscellaneous

10.1 Retrocession Treaties

10.2 Reinstatement Premium Protections

10.3 Additional Reinstatement Covers

10.4 Alternative Reinsurance

10.5 Thinking Things Through

10.6 The Market Reform Contract (MRC)

Witherbys
Witherbys titles are developed using scripts developed by technical experts that are peer reviewed within work groups. Typically, they seek to improve understanding of the regulations, recommendations and guidelines issued by Industry.

Witherbys staff have significant expertise in the fields of navigation and hazardous cargoes as well as in the presentation of complex subjects in a graphic and easy to understand manner.


Keith Riley

Keith Riley has worked in the insurance industry since 1973, travelling throughout Latin America, the Middle East and Europe. He began his career in the Facultative Reinsurance Department of Sedgwick Forbes. Between 2015 and 2017, Keith was Vice President and Wordings Consultant in the Asia Pacific Division of Guy Carpenter. He then became Reinsurance Training Consultant at Kemma Training Consultancy Ltd.

Number of Pages:
269
ISBN:
9781856095365
Binding Format:
Paperback
Book Height:
235 mm
Book Width:
155 mm
Weight:
0.7 kg
Author:

Keith Riley and Witherbys