What is Reinsurance Industry?
The Global Reinsurance Carriers industry provides support to direct insurance markets all over the world. In essence, reinsurers provide insurance for policies the insurance industries have written, but are subsequently unwilling or unable to accept. A primary insurer purchases reinsurance to limit its exposure, usually to one specific type of risk, thereby diversifying its book of risk. The global reinsurance market then spreads these risks across more companies and countries, thereby maximizing the spread of risk and protection against unforeseen losses. This improves the capital efficiency of the overall insurance market so that less capital is required to back any unit of risk.
The Global Reinsurance industry requires a relatively small pool of very high quality of human resources. This is because the industry bears a higher level of risk than the primary insurance markets, but does not need a large sales and service network. Specialist personnel are needed to quantify and understand risks so premiums are priced correctly and a balanced risk portfolio is achieved. Incorrect pricing and the misuse of retrocession arrangements can limit underwriting gains and magnify underwriting losses, hurting the reinsurer's bottom line.
Personnel are also required to resolve reinsurance claims. This requires claims review and verification, information gathering and claims evaluation, liability calculation and timely claims payment... read more
- Life reinsurance
- Accident, health and medical reinsurance
- Property reinsurance
- Surety and title reinsurance
- Other reinsurance
- Liability reinsurance
- Property and casualty reinsurance
- Annuities, life and disability income reinsurance
- Health and medical reinsurance