Reinsurance: Insurance to Insurers'1 L N COLLEGE OF MANAGEMENT & TECHNOLOGY Guided By:- Prof. Mrs. Sucheta Pawar Presented By:- Piyush Goyal (11) Reinsurance:

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Presentation transcript:

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'

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

5 Types Of Reinsurance Treaty Facultative Retrocession

Reinsurance: Insurance to Insurers'6 Reinsurance TreatyFacultative Non-Proportional Proportional

Reinsurance: Insurance to Insurers'7 o Individual risk review No individual risk scrutiny by the reinsurer o Right to accept or reject each risk on its own merit o Obligatory acceptance by the reinsurer of covered business A contract or certificate is written to confirm each transaction One contract encompasses all subject risks o A profit is expected by the reinsurer in the short and long term, and depends primarily on the reinsurer’s risk selection process o A 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 RankCompanyNet premiums written 1Swiss Re Group$27,680,199,200 2Munich Re Group$23,760,161,400 3Hannover Re Group$9,661,392,406 4 Berkshire Hathaway/Gen Re Group $9,491,000,000 5Lloyd's of London$6,948,466,800 6XL Re$5,012,910,000 7Everest Re Group Ltd.$3,972,041,000 8PartnerRe Ltd.$3,615,878,000 9 Transatlantic Holdings Inc. $3,466,353, 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, % 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 Under writing Distribution Investment management 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 WANTINSURANCE

Reinsurance: Insurance to Insurers'18 Thank You Questions & Suggestions