Page 46 - Insurance Times July 2022

The above graph shows the total reinsurance claims
experience (CR) FY 2017-21, it can be seen that both Indian
& foreign reinsurers received higher claims in FY2019-20
covid-19 would be the main cause of the higher premium.

6. Agriculture reinsurance Conclusion - systematic review
This comprises farmers' production and financial risks, as well Reinsurance businesses are experts in risk management,
as other stakeholders' shortfall risks, such as input suppliers drawing on their extensive study and knowledge of risk
and grain processors. Multi-peril crop, hail, and named peril causes from throughout the world. Reinsurance businesses
insurance, which covers both production and revenue combine risks from a variety of insurers and price them
changes from catastrophic occurrences, are among their accordingly. To ensure their risks, they collect premiums from
main requirements. insurance firms. When a client's reinsurance business
receives a claim, they pay the insurance company their
portion of the risk insured, which then settles the claim with
the consumer. Insurance and reinsurance businesses can
share high-value or sub-standard risks in this way.
The COVID-19 pandemic has added to the sector's
uncertainty, which was already seeing an increase in loss
activities as a rise in claims portion. The COVID-19 pandemic
has a significant impact on the aviation sector throughout
the world, with airline operations being halted for most of
2020-21.

Going Concern On the basis of their assessment of the
reinsurance companies' financial positions and after making
appropriate enquiries, the report reasonably expect that the
companies have adequate resources to continue in
operational existence for the foreseeable future. The report
Reinsurance - Claims has considered the impact of Covid-19 and believed that,
due to participating on multiple syndicates and thus
diversifying their risk, it will not impact on the companies'
ability to continue as a going concern.

Economic issues caused by Covid-19 could lead to large losses
in some lines and an increase reinsurance purchases.
Reduced claims in some areas like motor insurance may lead
to insurers purchasing less reinsurance. These competing
forces mean that the longer-term impact on reinsurance
remains highly uncertain.

Reference
Various sources

46 The Insurance Times, July 2022