Reinsurance: Insurance to Insurers'1 L N COLLEGE OF MANAGEMENT & TECHNOLOGY Guided By:- Prof. Mrs....
-
Upload
judith-wilson -
Category
Documents
-
view
215 -
download
1
Transcript of Reinsurance: Insurance to Insurers'1 L N COLLEGE OF MANAGEMENT & TECHNOLOGY Guided By:- Prof. Mrs....
Reinsurance: Insurance to Insurers' 1
L N COLLEGE OF MANAGEMENT &
TECHNOLOGY
Guided By:- Prof. Mrs. Sucheta Pawar
Presented By:- Piyush Goyal (11)
Reinsurance: Insurance to Insurers'
Reinsurance: Insurance to Insurers' 2
DEFINITONS
Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium.
INSURANCE
RE-INSURANCE
Reinsurance: Insurance to Insurers' 3
HISTORY Achener Ruck in 1852
Reinsurance: Insurance to Insurers' 4
Reinsurance: Insurance to Insurers' 5
Types Of Reinsurance
Treaty
Facultative
Retrocession
Reinsurance: Insurance to Insurers' 6
Reinsurance
Treaty Facultative
Non-ProportionalProportional
Reinsurance: Insurance to Insurers' 7
oIndividual risk review No individual risk scrutiny by the reinsurer
oRight to accept or reject each risk on its own merit
oObligatory acceptance by the reinsurer of covered business
A contract or certificate is written to confirm each transaction
One contract encompasses all subject risks
oA profit is expected by the reinsurer in the short and long term, and depends primarily on the reinsurer’s risk selection process
oA long-term relationship in which the reinsurer’s profitability is expected, but measured and adjusted over an extended period of time
Reinsurance: Insurance to Insurers' 8
Reinsurance In India
GIC only Reinsurer Min. of 10% reinsured with GIC Insurer to maintain Max. Retention Inter company cession between four PSU
Reinsurance: Insurance to Insurers' 9
Rank Company Net premiums written
1 Swiss Re Group $27,680,199,200
2 Munich Re Group $23,760,161,400
3 Hannover Re Group $9,661,392,406
4 Berkshire Hathaway/Gen
Re Group$9,491,000,000
5 Lloyd's of London $6,948,466,800
6 XL Re $5,012,910,000
7 Everest Re Group Ltd. $3,972,041,000
8 PartnerRe Ltd. $3,615,878,000
9 Transatlantic Holdings
Inc. $3,466,353,000
10 ACE Tempest
Reinsurance Ltd.$2,848,758,000
GIC $10,55,00,000
Top 10 Reinsurers of the World
Reinsurance: Insurance to Insurers' 10
Government Regulations
The Insurance Act, 1938 Insurance Regulatory and Development
Authority (IRDA) Act, 1999 26% FDI Min. 200Cr Paid up capital Regulated by IRDA
Reinsurance: Insurance to Insurers' 11
Suggestions
Increase FDI Deregulate Market Completely Amendments in Insurance acts Market forces form Policies Minimise Formalities
Reinsurance: Insurance to Insurers' 12
Reinsurance: Insurance to Insurers' 13
Earthquakes Tsunami Floods Hurricanes Terrorist Attacks
Setbacks to the Industry
Reinsurance: Insurance to Insurers' 14
Reinsurance: Insurance to Insurers' 15
Reinsurance: Insurance to Insurers' 16
Customer awareness
Underwriting
Distribution
Investmentmanagement
Operations
Infrastructure
Regulations
Regulator
Government
Players
Industry bodies
• Consistency & stability
• Support information
• Consumer awareness
• Property rights
• Information
• Increase customer awareness
• Product design and product coverage
• Extend reach
• Increase customer awareness
• Information
Reinsurer
Reinsurance: Insurance to Insurers' 17
I DONT WANT INSURANCE
Reinsurance: Insurance to Insurers' 18
Thank You
Questions
&
Suggestions