Page 21 - Insurance Times July 2019

Participation Clauses or Co-Reinsurance Warranties may
Conclusion
be insisted on continuity of negative treaty’s renewal.
In insurance and reinsurance risks are written and
8. Services of a Professional Reinsurance Broker with underwritten with good or bad rates.
Expertise and Value Added services must be utilized in
developing a Foreign Inward Reinsurance Portfolio.
In direct writing, a risk price is fixed before the cost becomes
9. Travelling is a must in establishing first hand Market known! The rating levels of direct insurers in a market
contacts. Travelling and Appointments may be co- decide reinsurance premium in proportional treaty. But in
ordinated with Placing Broker whenever necessary. a excess of loss of treaty, XL premiums are quoted by
International Forums of AIO, OESAI, Monte Carlo etc. reinsurers. Reinsurers therefore, prefer excess of loss treaty
may be attended regularly. method to cover aog perils exposures of direct insurers.
10. Global news of insurance and reinsurance
Minimum rating levels are also prescribed by reinsurers as
developments must be closely noted through
bad rating levels continue after catastrophic losses.
Periodicals, Press Cutting, SIGMA Reports of Swiss Re
and Pamphlets of Munich Re with experts overview
must be available. Retro protections are advisable only in strong currency like
us$ and not original currencies of markets.
11. In-house workshops and training seminars must be
regularly held. Personnel must be encouraged to pass
Reinsurers must exercise CARE – CAUTION AND
technical exams and attend international seminars.
CONSERVATISM.
12. Retro Programmes:
A foreign inward reinsurance portfolio of treaties and
In our borderless world of all economies, the global
fac re needs protection by retro programme to create
reinsurers have created a united world of reinsurers. The
retro capacity.
security rating agencies like s & p and am best provide list
Crises of confidence and shrinking capacity make of first 25 reinsurer of the world who act as leaders/leading
retrocessions very difficult.
reinsurers worldwide.
Thererfore, net retained premiums of reinsurers reach
85% to 90% which means portfolio of risks Actually, all global reinsurers are providers of PRE DISASTER
underwritten is not fully protected. MANAGEMENT as well as POST DISASTER MANAGEMENT.

Insurance Quiz

1. Form when will the standalone OD cover be effected?
2. Name the bank with whom TATA AIG has entered into bancassurance agreement?

3. How many general insurers are there in India?

4. Which insurance group will launch global avaition brokerage unit?
5. What is new rate of ESI contribution for industrial workers?

6. Which insurer has launched new insurance product for senior citizen?

7. Name the two health insurance products that have been introduced for UK citizen?
The answers of the quiz are from this issue itself. Just go through our journal and you will find the answers. Send your
answers by Email to insurance.kolkata@gmail.com and you can get a chance to win an attractive gift. The gift will be
offered to the person giving all the correct answers. If we receive more than one entry with all correct answers the
name of winner will be drawn from lottery. The last date of receipt of entry is 25th July, 2019.
So Hurry and Submit your entry at the earliest !!!!

The Insurance Times, July 2019 21