1040:
countries around the world. In such situations, the insurance company may find a local insurance company which is authorised in the relevant country, arrange for the local insurer to issue an insurance policy covering the risks in that country, and enter into a reinsurance contract with the local insurer to transfer the risks to itself. In the event of a loss, the policyholder would claim against the local insurer under the local insurance policy, the local insurer would pay the claim and would claim reimbursement under the reinsurance contract. Such an arrangement is called "fronting". Fronting is also sometimes used where an insurance buyer requires its insurers to have a certain financial strength rating and the prospective insurer does not satisfy that requirement: the prospective insurer may be able to persuade another insurer, with the requisite credit rating, to provide the coverage to the insurance buyer, and to take out reinsurance in respect of the risk. An insurer which acts as a "fronting insurer" receives a fronting fee for this service to cover administration and the potential default of the reinsurer. The fronting insurer is taking a risk in such transactions, because it has an obligation to pay its insurance claims even if the reinsurer becomes insolvent and fails to reimburse the claims.
1031:
basis. A continuous contract has no predetermined end date, but generally either party can give 90 days notice to cancel or amend the treaty for new business. A term agreement has a built-in expiration date. It is common for insurers and reinsurers to have long-term relationships that span many years. Reinsurance treaties are typically longer documents than facultative certificates, containing many of their own terms that are distinct from the terms of the direct insurance policies that they reinsure. However, even most reinsurance treaties are relatively short documents considering the number and variety of risks and lines of business that the treaties reinsure and the dollars involved in the transactions. They rely heavily on industry practice. There are not "standard" reinsurance contracts. However, many reinsurance contracts do include some commonly used provisions and provisions imbued with considerable industry common and practice.
708:, which is negotiated separately for each insurance policy that is reinsured. Facultative reinsurance is normally purchased by ceding companies for individual risks not covered, or insufficiently covered, by their reinsurance treaties, for amounts in excess of the monetary limits of their reinsurance treaties and for unusual risks. Underwriting expenses, and in particular personnel costs, are higher for such business because each risk is individually underwritten and administered. However, as they can separately evaluate each risk reinsured, the reinsurer's underwriter can price the contract more accurately to reflect the risks involved. Ultimately, a facultative certificate is issued by the reinsurance company to the ceding company reinsuring that one policy, and is used for high-value or hazardous risks.
1027:. Facultative reinsurance can be written on either a proportional or excess of loss basis. Facultative reinsurance contracts are commonly memorialized in relatively brief contracts known as facultative certificates and often are used for large or unusual risks that do not fit within standard reinsurance treaties due to their exclusions. The term of a facultative agreement coincides with the term of the policy. Facultative reinsurance is usually purchased by the insurance underwriter who underwrote the original insurance policy, whereas treaty reinsurance is typically purchased by an outwards reinsurance manager, or other senior executive at the insurance company.
160:
133:
36:
2946:
956:
example, an insurance company issues homeowners' policies with limits of up to $ 500,000 and then buys catastrophe reinsurance of $ 22,000,000 in excess of $ 3,000,000. In that case, the insurance company would only recover from reinsurers in the event of multiple policy losses in one event (e.g., hurricane, earthquake, flood).
1030:
The reinsurer's liability will usually cover the whole lifetime of the original insurance, once it is written. However the question arises of when either party can choose to cease the reinsurance in respect of future new business. Reinsurance treaties can either be written on a "continuous" or "term"
955:
excess of loss, the cedent's retention is usually a multiple of the underlying policy limits, and the reinsurance contract usually contains a two risk warranty (i.e. they are designed to protect the cedent against catastrophic events that involve more than one policy, usually very many policies). For
947:
risks with policy limits up to $ 10 million, and then buy per risk reinsurance of $ 5 million in excess of $ 5 million. In this case a loss of $ 6 million on that policy will result in the recovery of $ 1 million from the reinsurer. These contracts usually contain event limits to prevent their misuse
904:
the reinsurer only pays out if the total claim(s) suffered by the insurer exceed a stated amount, which is called the "retention" or "priority". For instance the insurer may be prepared to accept a total loss up to $ 1 million, and purchases a layer of reinsurance of $ 4 million in excess of this $ 1
1039:
Sometimes insurance companies wish to offer insurance in jurisdictions where they are not licensed, or where it considers that local regulations are too onerous: for example, an insurer may wish to offer an insurance programme to a multinational company, to cover property and liability risks in many
990:
All claims from cedent underlying policies incepting during the period of the reinsurance contract are covered even if they occur after the expiration date of the reinsurance contract. Any claims from cedent underlying policies incepting outside the period of the reinsurance contract are not covered
875:
The arrangement may be "quota share" or "surplus reinsurance" (also known as surplus of line or variable quota share treaty) or a combination of the two. Under a quota share arrangement, a fixed percentage (say 75%) of each insurance policy is reinsured. Under a surplus share arrangement, the ceding
867:
Under proportional reinsurance, one or more reinsurers take a stated percentage share of each policy that an insurer issues ("writes"). The reinsurer will then receive that stated percentage of the premiums and will pay the stated percentage of claims. In addition, the reinsurer will allow a "ceding
962:
XL affords a frequency protection to the reinsured. For instance if the company retains $ 1 million net any one vessel, $ 5 million annual aggregate limit in excess of $ 5m annual aggregate deductible, the cover would equate to 5 total losses (or more partial losses) in excess of 5 total losses (or
887:
The ceding company may seek surplus reinsurance to limit the losses it might incur from a small number of large claims as a result of random fluctuations in experience. In a 9 line surplus treaty the reinsurer would then accept up to $ 900,000 (9 lines). So if the insurance company issues a policy
1043:
Many reinsurance placements are not placed with a single reinsurer but are shared between a number of reinsurers. For example, a $ 30,000,000 excess of $ 20,000,000 layer may be shared by 30 or more reinsurers. The reinsurer who sets the terms (premium and contract conditions) for the reinsurance
681:
purchases from another insurance company to insulate itself (at least in part) from the risk of a major claims event. With reinsurance, the company passes on ("cedes") some part of its own insurance liabilities to the other insurance company. The company that purchases the reinsurance policy is
1089:
effect insurance/cedent companies can have on society, reinsurers can indirectly have societal impact as well, due to reinsurer underwriting and claims philosophies imposed on those underlying carriers which affects how the cedents offer coverage in the market. However, reinsurer governance is
853:
By choosing a particular type of reinsurance method, the insurance company may be able to create a more balanced and homogeneous portfolio of insured risks. This would make its results more predictable on a net basis (i.e. allowing for the reinsurance). This is usually one of the objectives of
828:
The reinsurer may have a more diverse portfolio of assets and especially liabilities than the cedent. This may create opportunities for hedging that the cedent could not exploit alone. Depending on the regulations imposed on the reinsurer, this may mean they can hold fewer assets to cover the
772:
needed to provide coverage. The risks are spread, with the reinsurer or reinsurers bearing some of the loss incurred by the insurance company. The income smoothing arises because the losses of the cedent are limited. This fosters stability in claim payouts and caps indemnification costs.
718:
under which the reinsurer covers the specified share of all the insurance policies issued by the ceding company which come within the scope of that contract. The reinsurance contract may obligate the reinsurer to accept reinsurance of all contracts within the scope (known as "obligatory"
883:
to prudently retain all of the business that it can sell. For example, it may only be able to offer a total of $ 100 million in coverage, but by reinsuring 75% of it, it can sell four times as much, and retain some of the profits on the additional business via the ceding commission.
905:
million. If a loss of $ 3 million were then to occur, the insurer would bear $ 1 million of the loss and would recover $ 2 million from its reinsurer. In this example, the insurer also retains any loss over $ 5 million unless it has purchased a further excess layer of reinsurance.
1044:
contract is called the lead reinsurer; the other companies subscribing to the contract are called following reinsurers. Alternatively, one reinsurer can accept the whole of the reinsurance and then retrocede it (pass it on in a further reinsurance arrangement) to other companies.
845:, or the reinsurer's ability to set an appropriate premium, in regard to a specific (specialised) risk. The reinsurer will also wish to apply this expertise to the underwriting in order to protect their own interests. This is especially the case in Facultative Reinsurance.
719:
reinsurance), or it may allow the insurer to choose which risks it wants to cede, with the reinsurer obligated to accept such risks (known as "facultative-obligatory" or "fac oblig" reinsurance). These types of contracts are typically annual.
999:
A Reinsurance treaty under which all claims occurring during the period of the contract, irrespective of when the underlying policies incepted, are covered. Any losses occurring after the contract expiration date are not covered.
876:
company decides on a "retention limit": say $ 100,000. The ceding company retains the full amount of each risk, up to a maximum of $ 100,000 per policy or per risk, and the excess over this retention limit is reinsured.
813:
Reinsurers will often have better access to underwriting expertise and to claims experience data, enabling them to assess the risk more accurately and reduce the need for contingency margins in pricing the
747:
Almost all insurance companies have a reinsurance program. The ultimate goal of that program is to reduce their exposure to loss by passing part of the risk of loss to a reinsurer or a group of reinsurers.
693:
The reinsurer may be either a specialist reinsurance company, which only undertakes reinsurance business, or another insurance company. Insurance companies that accept reinsurance refer to the business as
1321:
Marcos
Antonio Mendoza, "Reinsurance as Governance: Governmental Risk Management Pools as a Case Study in the Governance Role Played by Reinsurance Institutions", 21 Conn. Ins. L.J. 53, 68-70, 129 (2014)
731:
the reinsurer's liability is based on the aggregate claims incurred by the ceding office. In the past 30 years there has been a major shift from proportional to non-proportional reinsurance in the
682:
referred to as the "ceding company" or "cedent". The company issuing the reinsurance policy is referred to as the "reinsurer". In the classic case, reinsurance allows insurance companies to remain
1023:
Most of the above examples concern reinsurance contracts (treaty contracts) that cover more than one policy. Reinsurance can also be purchased on a per policy basis, in which case it is known as
1003:
As opposed to claims-made or risks attaching contracts. Insurance coverage is provided for losses occurring in the defined period. This is the usual basis of cover for short tail business.
1067:) have argued that the number of active reinsurers in a given national market should be approximately equal to the square-root of the number of primary insurers active in the same market.
807:
Reinsurers may operate under weaker regulation than their clients. This enables them to use less capital to cover any risk, and to make less conservative assumptions when valuing the risk.
1312:
Venezian, E. C., Viswanathan, K. S., and Jucá, Iana B., 2005, "A 'Square-Root Rule' for
Reinsurance? Evidence from Several National Markets," Journal of Risk Finance, 6, 4, 319-334.
892:(1 line each). The maximum automatic underwriting capacity of the cedent would be $ 1,000,000 in this example. Any policy larger than this would require facultative reinsurance.
888:
for $ 100,000, they would keep all of the premiums and losses from that policy. If they issue a $ 200,000 policy, they would give (cede) half of the premiums and losses to the
2384:
760:
can issue policies with higher limits than would otherwise be allowed, thus being able to take on more risk because some of that risk is now transferred to the re-insurer.
1074:
Ceding companies often choose their reinsurers with great care as they are exchanging insurance risk for credit risk. Risk managers monitor reinsurers' financial ratings (
781:
Proportional
Treaties (or "pro-rata" treaties) provide the cedent with "surplus relief"; surplus relief being the capacity to write more business and/or at larger limits.
2159:
872:" to the insurer to cover the costs incurred by the ceding insurer (mainly acquisition and administration, as well as the expected profit that the cedent is giving up).
1303:
Powers, M. R. and Shubik, M., 2006, "A 'Square-Root Rule' for
Reinsurance," Revista de Contabilidade e Finanças (Review of Accounting and Finance), 17, 5, 101-107.
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1439:
1419:
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1090:
voluntarily accepted by cedents via contract to allow cedents the opportunity to rent reinsurer capital to expand cedent market share or limit their risk.
657:
1545:
1237:
2377:
983:
A basis under which reinsurance is provided for claims arising from policies commencing during the period to which the reinsurance relates. The
2873:
2720:
2179:
2582:
2164:
1262:"The Breadth and Scope of the Global Reinsurance Market and the Critical Role Such Market Plays in Supporting Insurance in the United States"
524:
2537:
1434:
793:
in purchasing reinsurance coverage at a lower rate than they charge the insured for the underlying risk, whatever the class of insurance.
1261:
2949:
2522:
1380:
963:
more partial losses). Aggregate covers can also be linked to the cedent's gross premium income during a 12-month period, with limit and
1164:
768:
Reinsurance can make an insurance company's results more predictable by absorbing large losses. This is likely to reduce the amount of
2592:
2370:
1575:
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1504:
119:
943:, the cedent's insurance policy limits are greater than the reinsurance retention. For example, an insurance company might insure
1570:
2937:
2753:
2527:
2149:
1540:
1530:
650:
690:, reinsurance is sometimes used to reduce the ceding company's capital requirements, or for tax mitigation or other purposes.
2154:
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57:
626:
448:
100:
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2437:
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1560:
1461:
72:
53:
2129:
1826:
1772:
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723:
There are two main types of treaty reinsurance, 'proportional and non-proportional, which are detailed below. Under
2973:
2773:
1777:
1641:
1535:
643:
400:
137:
79:
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after major claims events, such as major disasters like hurricanes or wildfires. In addition to its basic role in
46:
2432:
1856:
1745:
1555:
1456:
869:
509:
2229:
1981:
1851:
1831:
1499:
1451:
1120:
2783:
1886:
879:
The ceding company may seek a quota share arrangement for several reasons. First, it may not have sufficient
86:
2547:
2032:
1821:
1689:
1636:
1494:
1484:
1373:
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knows there is coverage during the whole policy period even if claims are only discovered or made later on.
329:
2828:
2725:
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1757:
1585:
1100:
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132:
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2025:
1954:
1809:
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68:
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1075:
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2552:
2248:
2191:
1814:
1794:
1621:
1509:
1429:
1110:
796:
In general, the reinsurer may be able to cover the risk at a lower premium than the insurer because:
453:
356:
2695:
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2307:
2302:
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914:
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822:
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386:
303:
181:
169:
2665:
159:
2798:
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2507:
2462:
2204:
2074:
1966:
1930:
1920:
1881:
1871:
1799:
1789:
1719:
1056:
1052:
678:
554:
549:
539:
484:
310:
278:
2735:
825:
than the cedent if it thinks the premiums charged by the cedent are excessively conservative.
2793:
2362:
2317:
2272:
2217:
2209:
2199:
1976:
1900:
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1714:
1699:
1606:
1424:
1406:
1105:
601:
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569:
439:
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371:
351:
315:
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151:
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2329:
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2003:
1998:
1945:
1940:
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1661:
1626:
1140:
1064:
687:
559:
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320:
258:
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2823:
93:
2813:
2710:
2685:
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2640:
2482:
2235:
2084:
1767:
1631:
1525:
1471:
1125:
574:
479:
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283:
230:
224:
204:
199:
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2908:
2868:
2818:
2803:
2758:
2680:
2615:
2457:
2447:
2038:
1959:
1907:
1846:
1684:
1550:
1060:
514:
489:
341:
288:
1345:
2833:
2542:
2472:
2287:
2099:
2094:
2054:
2015:
1068:
727:
the reinsurer's share of the risk is defined for each separate policy, while under
616:
591:
361:
253:
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209:
1190:
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2700:
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2277:
1950:
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611:
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273:
190:
35:
2715:
2705:
2675:
2635:
2600:
2557:
2497:
2221:
2213:
2089:
2010:
1971:
1915:
1352:
1086:
964:
880:
810:
Reinsurers may operate under a more favourable tax regime than their clients.
2898:
2743:
2467:
2394:
2263:
2079:
2049:
2020:
1762:
1389:
790:
674:
1271:. Federal Insurance Office, U.S. Department of the Treasury. December 2014
2918:
2863:
2808:
2670:
2650:
2492:
2414:
1987:
683:
336:
17:
714:
means that the ceding company and the reinsurer negotiate and execute a
2923:
2913:
2645:
2610:
2502:
1925:
1861:
1079:
586:
529:
2858:
2660:
2477:
1580:
841:
The insurance company may want to avail itself of the expertise of a
1323:
967:
expressed as percentages and amounts. Such covers are then known as
2625:
2605:
2452:
2427:
2422:
2240:
991:
even if they occur during the period of the reinsurance contract.
268:
131:
2577:
2572:
1935:
832:
The reinsurer may have a greater risk appetite than the insurer.
494:
2366:
1362:
1339:
849:
Creating a manageable and profitable portfolio of insured risks
2630:
29:
1015:
within the policy period irrespective of when they occurred.
1358:
1238:"Facultative and treaty reinsurance: What's the difference?"
800:
The reinsurer may have some intrinsic cost advantage due to
1071:
has provided empirical support for the Powers-Shubik rule.
854:
reinsurance arrangements for the insurance companies.
1291:
928:
XL" (Working XL), "Per
Occurrence or Per Event XL" (
2846:
2734:
2591:
2413:
2406:
2190:
2115:
1899:
1728:
1670:
1599:
1518:
1470:
1405:
1396:
908:The main forms of non-proportional reinsurance are
817:Even if the regulatory standards are the same, the
60:. Unsourced material may be challenged and removed.
1293:. Thomson Reuters DRI. 2015. pp. Chapter 6.
1011:A policy which covers all claims reported to an
1209:"What is Assumption Reinsurance? - Definition"
2378:
1374:
651:
8:
1191:"Cedent: Overview and Examples in Insurance"
1082:, etc.) and aggregated exposures regularly.
701:There are two basic methods of reinsurance:
27:Insurance purchased by an insurance company
2945:
2410:
2385:
2371:
2363:
1402:
1381:
1367:
1359:
789:The insurance company may be motivated by
658:
644:
142:
120:Learn how and when to remove this message
1153:
466:
438:
399:
296:
238:
189:
150:
2874:General Insurance Corporation of India
2721:Varma Mutual Pension Insurance Company
2583:Western & Southern Financial Group
948:as a substitute for Catastrophe XLs.
7:
2538:Ohio National Life Insurance Company
1231:
1229:
1159:
1157:
924:reinsurance can have three forms - "
58:adding citations to reliable sources
2950:List of largest insurance companies
2523:Nationwide Mutual Insurance Company
1420:Accidental death and dismemberment
25:
2884:Instituto de Resseguros do Brasil
1324:https://ssrn.com/abstract=2573253
1236:Moorcraft, Bethan (Jun 3, 2019).
2944:
1546:Directors and officers liability
1189:Kagan, Julia (August 18, 2023).
158:
34:
2754:China Pacific Insurance Company
2528:New York Life Insurance Company
1269:U.S. Department of the Treasury
1169:Insurance Information Institute
401:Over-the-counter (off-exchange)
45:needs additional citations for
1:
1344:Reinsurance, by Gary Patrick
1126:Life insurance securitization
627:Sustainable development goals
2904:Reinsurance Group of America
2749:China Life Insurance Company
2438:American International Group
2313:Savings and loan association
902:non-proportional reinsurance
821:may be able to hold smaller
729:non-proportional reinsurance
1746:Insurance-linked securities
2990:
2774:Life Insurance Corporation
1435:Total permanent disability
1242:Insurance Business America
138:Munich Reinsurance Company
2932:
2784:MS&AD Insurance Group
2433:American Family Insurance
2338:
2175:Health insurance coverage
1440:Business overhead expense
1355:, by Sebastian Lischewski
836:
804:or some other efficiency.
725:proportional reinsurance,
510:Diversification (finance)
1576:Protection and indemnity
1121:Industry Loss Warranties
2940:ranking by Total Assets
2548:Progressive Corporation
2033:Explanation of benefits
1505:Variable universal life
1025:facultative reinsurance
706:Facultative Reinsurance
2829:Taikang Life Insurance
2726:Zurich Insurance Group
2621:Assicurazioni Generali
2170:Health insurance costs
1571:Professional liability
1353:"What is Reinsurance?"
1101:Assumption reinsurance
995:Losses occurring basis
756:With reinsurance, the
475:Alternative investment
140:
2026:Out-of-pocket expense
1887:Workers' compensation
1541:Collateral protection
1531:Business interruption
1116:Financial reinsurance
1051:modeling, Professors
979:Risks attaching basis
837:Reinsurer's expertise
607:Investment management
520:Environmental finance
135:
2769:Kyobo Life Insurance
2553:Prudential Financial
2249:Corpus Juris Civilis
1111:Catastrophe modeling
1069:Econometric analysis
858:Types of reinsurance
716:reinsurance contract
136:Headquarters of the
54:improve this article
2696:RSA Insurance Group
2533:Northwestern Mutual
2518:National Life Group
2308:Rochdale Principles
2303:Mutual savings bank
2298:Mutual organization
2283:Cooperative banking
2200:Mesopotamian banker
1480:Longevity insurance
1136:Stop-loss insurance
1131:Reinsurance sidecar
945:commercial property
696:assumed reinsurance
632:Sustainable finance
146:Part of a series on
2889:Korean Reinsurance
2854:Arch Capital Group
2764:Great Eastern Life
2691:Royal London Group
2568:UnitedHealth Group
2563:Sun Life Financial
2488:Markel Corporation
2443:Berkshire Hathaway
2060:Insurable interest
1561:Payment protection
1462:Payment protection
823:actuarial reserves
802:economies of scale
712:Treaty Reinsurance
622:Speculative attack
387:Structured product
141:
2974:Actuarial science
2956:
2955:
2942:
2894:Lloyd's of London
2842:
2841:
2799:Ping An Insurance
2779:Meiji Yasuda Life
2508:Mutual of America
2463:CUNA Mutual Group
2360:
2359:
2205:Code of Hammurabi
2180:Vehicle insurance
2075:Replacement value
1967:Actual cash value
1931:Adverse selection
1921:Actuarial science
1895:
1894:
1827:Kidnap and ransom
1800:Extended warranty
1447:Income protection
1057:Temple University
1053:Michael R. Powers
1007:Claims-made basis
932:or Cat XL), and "
679:insurance company
668:
667:
495:Banks and banking
485:Asset (economics)
311:Credit derivative
279:Stock certificate
152:Financial markets
130:
129:
122:
104:
16:(Redirected from
2981:
2948:
2947:
2934:
2824:T&D Holdings
2794:Income Insurance
2411:
2387:
2380:
2373:
2364:
2318:Social insurance
2273:Friendly society
2165:Health insurance
1993:Short rate table
1741:Catastrophe bond
1642:Lenders mortgage
1403:
1383:
1376:
1369:
1360:
1326:
1319:
1313:
1310:
1304:
1301:
1295:
1294:
1287:
1281:
1280:
1278:
1276:
1266:
1258:
1252:
1251:
1249:
1248:
1233:
1224:
1223:
1221:
1220:
1205:
1199:
1198:
1186:
1180:
1179:
1177:
1176:
1161:
1106:Catastrophe bond
896:Non-proportional
764:Income smoothing
660:
653:
646:
602:Impact investing
597:Growth investing
330:Foreign exchange
316:Futures exchange
264:Registered share
162:
143:
125:
118:
114:
111:
105:
103:
62:
38:
30:
21:
2989:
2988:
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2958:
2957:
2952:
2943:
2928:
2838:
2730:
2666:Mutua Madrileña
2587:
2513:Mutual of Omaha
2402:
2391:
2361:
2356:
2334:
2330:Insurance cycle
2293:Fraternal order
2186:
2117:
2111:
2070:Proximate cause
2065:Insurance fraud
2045:General average
2004:Claims adjuster
1946:Risk management
1941:Risk assessment
1905:
1902:
1891:
1857:Prize indemnity
1724:
1672:
1666:
1595:
1556:Over-redemption
1514:
1466:
1457:National health
1398:
1392:
1387:
1338:Captive Review
1335:
1330:
1329:
1320:
1316:
1311:
1307:
1302:
1298:
1289:
1288:
1284:
1274:
1272:
1264:
1260:
1259:
1255:
1246:
1244:
1235:
1234:
1227:
1218:
1216:
1213:Insuranceopedia
1207:
1206:
1202:
1188:
1187:
1183:
1174:
1172:
1163:
1162:
1155:
1150:
1145:
1141:Year loss table
1096:
1085:Because of the
1065:Yale University
1037:
1021:
1009:
997:
981:
898:
865:
860:
851:
839:
787:
779:
766:
754:
745:
688:risk management
664:
505:Climate finance
434:
420:
348:
347:
327:
326:
321:Hybrid security
259:Preferred stock
229:
220:High-yield debt
215:Government bond
126:
115:
109:
106:
63:
61:
51:
39:
28:
23:
22:
15:
12:
11:
5:
2987:
2985:
2977:
2976:
2971:
2961:
2960:
2954:
2953:
2933:
2930:
2929:
2927:
2926:
2921:
2916:
2911:
2906:
2901:
2896:
2891:
2886:
2881:
2876:
2871:
2866:
2861:
2856:
2850:
2848:
2844:
2843:
2840:
2839:
2837:
2836:
2831:
2826:
2821:
2816:
2814:SOMPO Holdings
2811:
2806:
2801:
2796:
2791:
2786:
2781:
2776:
2771:
2766:
2761:
2756:
2751:
2746:
2740:
2738:
2732:
2731:
2729:
2728:
2723:
2718:
2713:
2708:
2703:
2698:
2693:
2688:
2686:Prudential plc
2683:
2678:
2673:
2668:
2663:
2658:
2653:
2648:
2643:
2641:CNP Assurances
2638:
2633:
2628:
2623:
2618:
2613:
2608:
2603:
2597:
2595:
2589:
2588:
2586:
2585:
2580:
2575:
2570:
2565:
2560:
2555:
2550:
2545:
2540:
2535:
2530:
2525:
2520:
2515:
2510:
2505:
2500:
2495:
2490:
2485:
2483:Liberty Mutual
2480:
2475:
2470:
2465:
2460:
2455:
2450:
2445:
2440:
2435:
2430:
2425:
2419:
2417:
2408:
2404:
2403:
2392:
2390:
2389:
2382:
2375:
2367:
2358:
2357:
2355:
2354:
2351:List of topics
2347:
2339:
2336:
2335:
2333:
2332:
2327:
2326:
2325:
2320:
2315:
2310:
2305:
2300:
2295:
2290:
2285:
2280:
2266:
2261:
2260:
2259:
2245:
2244:
2243:
2238:
2236:Burial society
2226:
2225:
2224:
2218:§235–238; §240
2210:§100–105; §126
2202:
2196:
2194:
2188:
2187:
2185:
2184:
2183:
2182:
2177:
2172:
2167:
2162:
2160:Climate change
2152:
2150:United Kingdom
2147:
2142:
2137:
2132:
2127:
2121:
2119:
2113:
2112:
2110:
2109:
2108:
2107:
2097:
2095:Underinsurance
2092:
2087:
2085:Self-insurance
2082:
2077:
2072:
2067:
2062:
2057:
2052:
2047:
2042:
2035:
2030:
2029:
2028:
2023:
2018:
2008:
2007:
2006:
1996:
1995:
1994:
1991:
1979:
1974:
1969:
1964:
1963:
1962:
1957:
1948:
1943:
1938:
1933:
1928:
1918:
1912:
1910:
1897:
1896:
1893:
1892:
1890:
1889:
1884:
1879:
1874:
1869:
1864:
1859:
1854:
1852:Political risk
1849:
1844:
1839:
1834:
1832:Legal expenses
1829:
1824:
1819:
1818:
1817:
1807:
1802:
1797:
1792:
1787:
1782:
1781:
1780:
1775:
1765:
1760:
1755:
1750:
1749:
1748:
1743:
1732:
1730:
1726:
1725:
1723:
1722:
1717:
1712:
1707:
1702:
1697:
1692:
1687:
1682:
1676:
1674:
1668:
1667:
1665:
1664:
1659:
1654:
1649:
1644:
1639:
1634:
1629:
1624:
1619:
1614:
1612:Builder's risk
1609:
1603:
1601:
1597:
1596:
1594:
1593:
1588:
1583:
1578:
1573:
1568:
1563:
1558:
1553:
1548:
1543:
1538:
1536:Business owner
1533:
1528:
1522:
1520:
1516:
1515:
1513:
1512:
1507:
1502:
1500:Universal life
1497:
1492:
1487:
1482:
1476:
1474:
1468:
1467:
1465:
1464:
1459:
1454:
1452:Long-term care
1449:
1444:
1443:
1442:
1437:
1427:
1422:
1417:
1411:
1409:
1400:
1394:
1393:
1388:
1386:
1385:
1378:
1371:
1363:
1357:
1356:
1348:
1347:
1342:
1340:Captive Review
1334:
1333:External links
1331:
1328:
1327:
1314:
1305:
1296:
1282:
1253:
1225:
1200:
1181:
1152:
1151:
1149:
1146:
1144:
1143:
1138:
1133:
1128:
1123:
1118:
1113:
1108:
1103:
1097:
1095:
1092:
1049:game-theoretic
1036:
1033:
1020:
1017:
1008:
1005:
996:
993:
980:
977:
922:Excess of loss
910:excess of loss
897:
894:
864:
861:
859:
856:
850:
847:
838:
835:
834:
833:
830:
826:
815:
811:
808:
805:
786:
783:
778:
777:Surplus relief
775:
765:
762:
753:
750:
744:
741:
721:
720:
709:
666:
665:
663:
662:
655:
648:
640:
637:
636:
635:
634:
629:
624:
619:
614:
609:
604:
599:
594:
589:
584:
583:
582:
577:
572:
567:
562:
557:
552:
547:
542:
537:
527:
522:
517:
512:
507:
502:
497:
492:
487:
482:
480:Angel investor
477:
469:
468:
464:
463:
462:
461:
456:
451:
443:
442:
436:
435:
433:
432:
427:
421:
419:
418:
413:
407:
404:
403:
397:
396:
395:
394:
392:Swap (finance)
389:
384:
379:
374:
369:
364:
359:
354:
346:
345:
339:
332:
328:
325:
324:
318:
313:
306:
302:
299:
298:
294:
293:
292:
291:
286:
284:Stock exchange
281:
276:
271:
266:
261:
256:
251:
243:
242:
236:
235:
234:
233:
231:Securitization
227:
225:Municipal bond
222:
217:
212:
207:
205:Corporate bond
202:
200:Bond valuation
194:
193:
187:
186:
185:
184:
172:
164:
163:
155:
154:
148:
147:
128:
127:
42:
40:
33:
26:
24:
14:
13:
10:
9:
6:
4:
3:
2:
2986:
2975:
2972:
2970:
2967:
2966:
2964:
2951:
2941:
2939:
2936:Methodology:
2931:
2925:
2922:
2920:
2917:
2915:
2912:
2910:
2909:RenaissanceRe
2907:
2905:
2902:
2900:
2897:
2895:
2892:
2890:
2887:
2885:
2882:
2880:
2877:
2875:
2872:
2870:
2869:Everest Group
2867:
2865:
2862:
2860:
2857:
2855:
2852:
2851:
2849:
2845:
2835:
2832:
2830:
2827:
2825:
2822:
2820:
2819:Sumitomo Life
2817:
2815:
2812:
2810:
2807:
2805:
2804:QBE Insurance
2802:
2800:
2797:
2795:
2792:
2790:
2787:
2785:
2782:
2780:
2777:
2775:
2772:
2770:
2767:
2765:
2762:
2760:
2759:Dai-ichi Life
2757:
2755:
2752:
2750:
2747:
2745:
2742:
2741:
2739:
2737:
2733:
2727:
2724:
2722:
2719:
2717:
2714:
2712:
2709:
2707:
2704:
2702:
2699:
2697:
2694:
2692:
2689:
2687:
2684:
2682:
2681:Phoenix Group
2679:
2677:
2674:
2672:
2669:
2667:
2664:
2662:
2659:
2657:
2654:
2652:
2649:
2647:
2644:
2642:
2639:
2637:
2634:
2632:
2629:
2627:
2624:
2622:
2619:
2617:
2614:
2612:
2609:
2607:
2604:
2602:
2599:
2598:
2596:
2594:
2590:
2584:
2581:
2579:
2576:
2574:
2571:
2569:
2566:
2564:
2561:
2559:
2556:
2554:
2551:
2549:
2546:
2544:
2541:
2539:
2536:
2534:
2531:
2529:
2526:
2524:
2521:
2519:
2516:
2514:
2511:
2509:
2506:
2504:
2501:
2499:
2496:
2494:
2491:
2489:
2486:
2484:
2481:
2479:
2476:
2474:
2471:
2469:
2466:
2464:
2461:
2459:
2458:CNA Financial
2456:
2454:
2451:
2449:
2446:
2444:
2441:
2439:
2436:
2434:
2431:
2429:
2426:
2424:
2421:
2420:
2418:
2416:
2412:
2409:
2405:
2400:
2396:
2388:
2383:
2381:
2376:
2374:
2369:
2368:
2365:
2353:
2352:
2348:
2346:
2345:
2341:
2340:
2337:
2331:
2328:
2324:
2321:
2319:
2316:
2314:
2311:
2309:
2306:
2304:
2301:
2299:
2296:
2294:
2291:
2289:
2286:
2284:
2281:
2279:
2276:
2275:
2274:
2270:
2267:
2265:
2262:
2258:
2257:
2253:
2252:
2251:
2250:
2246:
2242:
2239:
2237:
2234:
2233:
2232:
2231:
2227:
2223:
2219:
2215:
2211:
2208:
2207:
2206:
2203:
2201:
2198:
2197:
2195:
2193:
2189:
2181:
2178:
2176:
2173:
2171:
2168:
2166:
2163:
2161:
2158:
2157:
2156:
2155:United States
2153:
2151:
2148:
2146:
2143:
2141:
2138:
2136:
2133:
2131:
2128:
2126:
2123:
2122:
2120:
2114:
2106:
2103:
2102:
2101:
2098:
2096:
2093:
2091:
2088:
2086:
2083:
2081:
2078:
2076:
2073:
2071:
2068:
2066:
2063:
2061:
2058:
2056:
2053:
2051:
2048:
2046:
2043:
2041:
2040:
2039:Force majeure
2036:
2034:
2031:
2027:
2024:
2022:
2019:
2017:
2014:
2013:
2012:
2009:
2005:
2002:
2001:
2000:
1997:
1992:
1990:
1989:
1985:
1984:
1983:
1980:
1978:
1975:
1973:
1970:
1968:
1965:
1961:
1960:Value of life
1958:
1956:
1952:
1949:
1947:
1944:
1942:
1939:
1937:
1934:
1932:
1929:
1927:
1924:
1923:
1922:
1919:
1917:
1914:
1913:
1911:
1909:
1904:
1898:
1888:
1885:
1883:
1880:
1878:
1875:
1873:
1870:
1868:
1865:
1863:
1860:
1858:
1855:
1853:
1850:
1848:
1845:
1843:
1840:
1838:
1835:
1833:
1830:
1828:
1825:
1823:
1822:Interest rate
1820:
1816:
1813:
1812:
1811:
1808:
1806:
1803:
1801:
1798:
1796:
1793:
1791:
1788:
1786:
1783:
1779:
1776:
1774:
1771:
1770:
1769:
1766:
1764:
1761:
1759:
1756:
1754:
1751:
1747:
1744:
1742:
1739:
1738:
1737:
1734:
1733:
1731:
1727:
1721:
1718:
1716:
1713:
1711:
1708:
1706:
1703:
1701:
1698:
1696:
1693:
1691:
1690:Inland marine
1688:
1686:
1685:GAP insurance
1683:
1681:
1678:
1677:
1675:
1673:Communication
1669:
1663:
1660:
1658:
1655:
1653:
1650:
1648:
1645:
1643:
1640:
1638:
1635:
1633:
1630:
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1625:
1623:
1620:
1618:
1615:
1613:
1610:
1608:
1605:
1604:
1602:
1598:
1592:
1589:
1587:
1584:
1582:
1579:
1577:
1574:
1572:
1569:
1567:
1564:
1562:
1559:
1557:
1554:
1552:
1549:
1547:
1544:
1542:
1539:
1537:
1534:
1532:
1529:
1527:
1524:
1523:
1521:
1517:
1511:
1508:
1506:
1503:
1501:
1498:
1496:
1495:Unitised fund
1493:
1491:
1488:
1486:
1485:Mortgage life
1483:
1481:
1478:
1477:
1475:
1473:
1469:
1463:
1460:
1458:
1455:
1453:
1450:
1448:
1445:
1441:
1438:
1436:
1433:
1432:
1431:
1428:
1426:
1423:
1421:
1418:
1416:
1413:
1412:
1410:
1408:
1404:
1401:
1395:
1391:
1384:
1379:
1377:
1372:
1370:
1365:
1364:
1361:
1354:
1350:
1349:
1346:
1343:
1341:
1337:
1336:
1332:
1325:
1318:
1315:
1309:
1306:
1300:
1297:
1292:
1286:
1283:
1275:September 11,
1270:
1263:
1257:
1254:
1243:
1239:
1232:
1230:
1226:
1215:. 9 June 2023
1214:
1210:
1204:
1201:
1196:
1192:
1185:
1182:
1170:
1166:
1165:"Reinsurance"
1160:
1158:
1154:
1147:
1142:
1139:
1137:
1134:
1132:
1129:
1127:
1124:
1122:
1119:
1117:
1114:
1112:
1109:
1107:
1104:
1102:
1099:
1098:
1093:
1091:
1088:
1083:
1081:
1077:
1072:
1070:
1066:
1062:
1061:Martin Shubik
1058:
1054:
1050:
1045:
1041:
1034:
1032:
1028:
1026:
1018:
1016:
1014:
1006:
1004:
1001:
994:
992:
988:
986:
978:
976:
974:
972:
966:
961:
957:
954:
949:
946:
942:
937:
935:
931:
927:
923:
919:
917:
916:
911:
906:
903:
895:
893:
891:
885:
882:
877:
873:
871:
862:
857:
855:
848:
846:
844:
831:
827:
824:
820:
816:
812:
809:
806:
803:
799:
798:
797:
794:
792:
784:
782:
776:
774:
771:
763:
761:
759:
752:Risk transfer
751:
749:
742:
740:
738:
734:
730:
726:
717:
713:
710:
707:
704:
703:
702:
699:
697:
691:
689:
685:
680:
676:
672:
661:
656:
654:
649:
647:
642:
641:
639:
638:
633:
630:
628:
625:
623:
620:
618:
615:
613:
610:
608:
605:
603:
600:
598:
595:
593:
590:
588:
585:
581:
578:
576:
573:
571:
568:
566:
563:
561:
558:
556:
553:
551:
548:
546:
543:
541:
538:
536:
533:
532:
531:
528:
526:
523:
521:
518:
516:
515:Eco-investing
513:
511:
508:
506:
503:
501:
498:
496:
493:
491:
490:Asset pricing
488:
486:
483:
481:
478:
476:
473:
472:
471:
470:
467:Related areas
465:
460:
457:
455:
452:
450:
447:
446:
445:
444:
441:
437:
431:
428:
426:
423:
422:
417:
414:
412:
409:
408:
406:
405:
402:
398:
393:
390:
388:
385:
383:
380:
378:
375:
373:
370:
368:
365:
363:
360:
358:
355:
353:
350:
349:
343:
342:Exchange rate
340:
338:
334:
333:
331:
322:
319:
317:
314:
312:
308:
307:
305:
301:
300:
297:Other markets
295:
290:
289:Watered stock
287:
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69:"Reinsurance"
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65:Find sources:
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43:This article
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2935:
2834:Tokio Marine
2543:Pacific Life
2473:The Hartford
2398:
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2288:Credit union
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2100:Underwriting
2055:Insurability
2037:
2016:Co-insurance
1986:
1982:Cancellation
1773:Catastrophic
1758:Climate risk
1735:
1586:Trade credit
1317:
1308:
1299:
1290:
1285:
1273:. Retrieved
1268:
1256:
1245:. Retrieved
1241:
1217:. Retrieved
1212:
1203:
1195:Investopedia
1194:
1184:
1173:. Retrieved
1171:. 2014-01-12
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617:Market trend
592:Greenwashing
449:Participants
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254:Growth stock
249:Common stock
240:Stock market
210:Fixed income
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116:
107:
97:
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52:Please help
47:verification
44:
2969:Reinsurance
2879:Hannover Re
2847:Reinsurance
2789:Nippon Life
2701:Sampo Group
2656:LähiTapiola
2399:reinsurance
2323:Trade union
2278:Cooperative
1951:Uncertainty
1810:Index-based
1778:Multi-peril
1736:Reinsurance
1695:Public auto
1600:Residential
975:contracts.
953:catastrophe
930:Catastrophe
671:Reinsurance
612:Market risk
425:Spot market
382:Reinsurance
377:Real estate
367:Mutual fund
304:Derivatives
274:Stockbroker
191:Bond market
2963:Categories
2716:Swiss Life
2706:Storebrand
2676:Old Mutual
2601:Aegon N.V.
2558:State Farm
2498:MassMutual
2118:by country
2116:Insurance
2090:Total loss
2011:Deductible
1972:Cash value
1916:Act of God
1901:Insurance
1815:Parametric
1795:Expatriate
1671:Transport/
1637:Landlords'
1622:Earthquake
1510:Whole life
1430:Disability
1247:2022-06-06
1219:2022-06-06
1175:2022-06-06
1148:References
1087:governance
965:deductible
870:commission
454:Regulation
182:Securities
80:newspapers
2899:Munich Re
2744:AIA Group
2468:FM Global
2407:Insurance
2401:companies
2395:insurance
2264:Syndicate
2230:Collegium
2125:Australia
2080:Risk pool
2050:Indemnity
2021:Copayment
1955:Knightian
1867:Terrorism
1837:Liability
1705:Satellite
1566:Pollution
1490:Term life
1399:insurance
1397:Types of
1390:Insurance
1351:Youtube:
1080:A.M. Best
1019:Contracts
971:stop loss
960:Aggregate
934:Aggregate
915:stop loss
890:reinsurer
843:reinsurer
819:reinsurer
791:arbitrage
785:Arbitrage
743:Functions
675:insurance
555:corporate
530:Financial
352:Commodity
18:Reinsurer
2919:Swiss Re
2864:China Re
2809:Singlife
2671:NN Group
2651:Groupama
2493:Manulife
2415:Americas
2344:Category
2222:§275–277
2140:Pakistan
1988:Pro rata
1877:War risk
1842:No-fault
1753:Casualty
1710:Shipping
1680:Aviation
1657:Renters'
1652:Property
1647:Mortgage
1617:Contents
1591:Umbrella
1551:Fidelity
1519:Business
1415:Accident
1094:See also
1035:Fronting
941:per risk
926:Per Risk
739:fields.
737:casualty
733:property
677:that an
580:services
570:personal
565:forecast
535:analysis
459:Clearing
411:Forwards
337:Currency
175:Exchange
2924:TransRe
2914:SCOR SE
2646:Folksam
2636:Bâloise
2611:Allianz
2503:MetLife
2269:Benefit
2256:Digesta
2192:History
1926:Actuary
1882:Weather
1872:Tuition
1862:Takaful
1790:Deposit
1720:Vehicle
1076:S&P
1013:insurer
985:insurer
881:capital
770:capital
758:insurer
684:solvent
587:Fintech
550:betting
540:analyst
440:Trading
416:Options
94:scholar
2859:Axa XL
2661:Mapfre
2478:Humana
2393:Major
2145:Serbia
2105:Profit
1977:Broker
1903:policy
1715:Travel
1700:Marine
1607:Boiler
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2448:Chubb
2428:Ambac
2423:Aflac
2241:Guild
2135:India
2130:China
1999:Claim
1805:Group
1785:Cyber
1763:Crime
1729:Other
1662:Title
1627:Flood
1265:(PDF)
936:XL".
829:risk.
560:crime
545:asset
430:Swaps
362:Money
269:Stock
101:JSTOR
87:books
2938:SWFI
2736:APAC
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2593:EMEA
2578:USAA
2573:Unum
2397:and
2214:§234
1936:Risk
1906:and
1768:Crop
1632:Home
1526:Bond
1472:Life
1277:2016
912:and
814:risk
735:and
500:Bull
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2631:Axa
2616:Aon
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525:ESG
357:ETF
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