In a nutshell reinsurance is best thought of as “insurance for insurance companies,” a way for a primary insurer to protect against unforeseen or extraordinary losses. It serves to limit liability on specific risks, to increase individual insurers’ capacity and to share liability when losses overwhelm the primary insurer’s resources. It also helps insurers stabilize their business in the face of the wide swings in profit and loss margins inherent in the insurance business.
However the industry is much more complex than one statement, professionals working within the industry are tending to specialise in one area and lose touch with the trends and challenges faced by this global business as a whole. Whether you are new to the industry or need to get back in touch with the dynamics of the industry as a whole, then this course is for you.
The experienced seminar faculty will demystify all aspects of the industry that participants might be new to, unfamiliar with or have lost touch with.
Topics covered include:
Introduction to the seminar
What is reinsurance? Its purposes and functions
The reinsurance international market
The reinsurance markets and the role of Lloyds
Run-off and commutations
Reinsurance brokerage and the role of the broker
The law of reinsurance – Introduction
The regulation of reinsurance
Reinsurance claims management
Elements of claims reserving
Underwriting and the role of the underwriters
Dealing with reinsurance disputes
This course qualifies for the following CPD programmes: