Reinsurance by R. L. Carter (auth.)

By R. L. Carter (auth.)

There could be a few readers of this publication who're looking ahead to a type of Mrs Beeton of reinsurance, whose symptoms if conscientiously will make sure the passable final result of any reinsurance operation undertaken. they are going to, I worry, be upset for reinsurance is firstly a enterprise, whose winning behavior depends on lots that can't be written in books or dedicated to paper. chiefly else, it is determined by humans and at the personalities of individuals up to on their technical abilities. so much reinsurers are born and just some are made, yet none the fewer for both kind this e-book should be of inestimable gain as a consultant to the rules that lie at the back of the transaction of a enterprise instantaneously as advanced and frequent as reinsurance is through its very nature. one of many major features of this hugely really good enterprise is the limitless number of occasions to which the reinsurer is named upon to evolve his company tools making any standardization of perform attainable simply on a wide, in place of an in depth, foundation. This renders any try to surround in a single publication all of the useful choices and adjustments in method of technical reinsurance difficulties a digital impossibility.

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Sample text

Given the size of the American direct insurance market, three aspects of its reinsurance market are hardly surprising. The business of American reinsurers is mainly domestic, though in recent years the major companies have entered the international market as sellers on a substantial scale. The sheer volume of business available has attracted Lloyd's and foreign reinsurers from all over the world, so making the United States a major importer of reinsurance. Most of the world's leading reinsurance companies have established branches or subsidiary companies in the country, and many write a substantial amount of business there.

Policy signing, claims bureau, appointment of Lloyd's agents) required by the members. The Corporation writes no insurance business itself and has no legal responsibility for any member's underwriting debts, though all members annually subscribe to a Guarantee Fund from which any such debts are paid on an ex gratia basis. Today the qualifications for admittance as an underwriting member are principally wealth and integrity; no knowledge of insurance is required. Consequently the members are organized into over 400 syndicates, mostly managed by underwriting agencies.

G. the Munich Reinsurance Company and the largest German direct insurance company, the Allianz, have cross-shareholdings, and the Swiss Reinsurance Company has shareholdings in many companies throughout the world. Market developments In 1982 there were world-wide some 420 specialist reinsurance companies, of which nearly three-quarters had been established within the last 25 years in both developed and developing countries. For many insurers in America and Europe, reinsurance has been seen as the easiest way of obtaining an international portfolio of business, and in developing countries governments have actively encouraged the formation of local, sometimes state-controlled, reinsurance companies.

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