what is reinsurance
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- Definition of 'Reinsurance'. Definition: It is a process whereby one entity (the reinsurer) takes on all or part of the risk covered under a policy issued by an insurance company in consideration of a premium payment. In other words, it is a form of an insurance cover for insurance companies.
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The topic U.S. professional reinsurers (companies that are formed specifically to provide reinsurance) accounted for about 7 percent of total U.S. property/casualty insurance industry premiums written in 2010, according to the Reinsurance Association of America. The reinsurance business is evolving.
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Co-insurance In the international insurance market, coinsurance refers to the joint assumption of risk between various insurers. Coinsurance is generally widely used in the European insurance market. In this context, a common insurance contract is used and the risk is shared based on percentages between the insurance companies. Often, one insurance company will lead. When leading the insurance company will be responsible for administering various aspects of the insurance policy, such as premium, any claims and the insurance documents.
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- reinsurance in Insurance (riɪnʃʊərəns) or reassurance. Reinsurance is insurance protection taken out by an insurer to limit its exposure to losses on an original insurance contract. A property insurer may not be able to buy reinsurance to protect its own bottom line unless it keeps its potential maximum losses under a certain level.
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- In insurance: Reinsurance …of treaties exist—pro rata and excess-of-loss treaties. In the former, all premiums and losses may be divided according to stated percentages. In the latter, the originating insurer accepts the risk of loss up to a stated amount, and above this amount the reinsurers divide any losses. Reinsurance is also frequently…
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- ACO Reinsurance. RBS Re is on top of trends in the health care delivery and risk management marketplace. With new care coordination and delivery models such as Accountable Care Organizations (ACOs) entering the market, new risk-bearing arrangements also are emerging. We understand that ACO arrangements need to have solid reinsurance backing in order to deliver on their promise of better care delivery.
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Renewal and Reinstatement Provisions in a Health Insurance Policy Another of the statutorily required provisions in individual health insurance policies is the Reinstatement provision. This addresses what you can do if your policy lapses because you did not pay your premium when due or within the grace period. A typical provision.his wording makes it clear that the insurance company may only refuse to renew on a policy anniversary (or, if applicable, on the reinstatement anniversary), and that any refusal to renew will not negatively impact any claims that originated before the termination date of the policy. Reinstatement. (Typical wording*):
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- The intent of reinsurance is for an insurance company to reduce the risks associated with underwritten policies by spreading risks across alternative institutions. Also known as insurance for insurers or stop-loss insurance.
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ESURANCE Esurance is a direct market auto insurance provider offering auto insurance in 30 states, including California. The company was launched in 1999, and sells insurance online through its website, esurance.com. It is headquartered in San Francisco, CA, with its 24-hour customer service center located in South Dakota.
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B Bulk Reinsurance A transaction sometimes defined by statute as any Quota Share, surplus aid or portfolio reinsurance agreement through which, of itself or in combination with other similar agreements, an insurer assumes all or a substantial portion of the liability of the reinsured company.
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Definition facultative reinsurance A form of reinsurance whereby each exposure the ceding company wishes to reinsure is offered to the reinsurer and is contained in a single transaction. The submission, acceptance, and resulting agreement is required on each individual risk that the ceding company seeks to reinsure.
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Reinsurance  Glossary A provision in reinsurance agreements which permits each party to net amounts due against those payable before making payment; especially important in the event of insolvency of one party which ceases to remit amounts due the other. Also known as Set Off.
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What is reinsurance? When reinsurance occurs, the premium paid by the insured is typically shared by all of the insurance companies involved. Reinsurance can help a company by providing: 1  Risk Transfer-Companies can share or transfer of specific risks with other companies.
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- A The reinsurance fee is an annual fee that applies to both insured and self-funded major medical plans. from 2014 through 2016. It will be used to lessen the impact of adverse selection in the individual market.
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- Reinsurance Allowances - The amount and timing of reinsurance allowances (both first year and renewal allowances) are contractually determined by the applicable reinsurance contract and may or may not bear a relationship to the amount and incidence of expenses actually paid by the ceding company.
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Reinsurance  Glossary This reinsurance glossary is provided with the understanding that it is neither designed nor intended to provide the reader with legal, accounting, investment, marketing, or other types of professional business management advice.
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Reinsurance The parties to the reinsurance contract are the reinsurer, the reinsured, and the original policyholder. The reinsurer is the third party or the company issuing the reinsurance policy.
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DEFINITION of 'Reinsurance Sidecar' Reinsurance Sidecar. DEFINITION of 'Reinsurance Sidecar'. A limited purpose company created to work in tandem with insurance companies. Reinsurance sidecars will purchase a portion or all of an insurance policy from an insurance company to share in the profits and risks. If the underwritten policies have low claim rates while in possession of the sidecar, the investors will make higher returns.
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- Moving ahead. One conversation at a time. Markel is a dynamic and financially powerful specialty insurance, reinsurance and investment company. At Markel, we are collectively committed to providing disciplined and balanced risk taking, and the hallmark service you have come to expect.We are proud to be Markel Global Reinsurance.ne conversation at a time. Markel is a dynamic and financially powerful specialty insurance, reinsurance and investment company. At Markel, we are collectively committed to providing disciplined and balanced risk taking, and the hallmark service you have come to expect. We are proud to be Markel Global Reinsurance.
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RGA Announces Organizational Change ), one of the largest global life reinsurance companies in the world, provides clients with individual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance, financial solutions, facultative underwriting and product development.
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- Reinsurance Group of America, Incorporated (. : ), one of the largest global life reinsurance companies in the world, provides clients with individual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance, financial solutions, facultative underwriting and product development.
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Insurance Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for money. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Reinsurance is a type of insurance purchased by insurance companies or self-insured employers to protect against unexpected losses. 2  Financial reinsurance is a form of reinsurance that is primarily used for capital management rather than to transfer insurance risk.
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- ( Insurance : Reinsurance ) Reinsurance is insurance protection taken out by an insurer to limit its exposure to losses on an original insurance contract. A property insurer may not be able to buy reinsurance to protect its own bottom line unless it keeps its potential maximum losses under a certain level.
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B Bulk Administration . A method of reinsurance administration by which the Ceding Company maintains the detailed records for each policy and the reinsurer accepts summary reports of that business. Bulk Reinsurance
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What is reinsurance? Reinsurance is essentially 'insurance for the insurers' For example; insurance company A is based in Florida and covers 10,000 homes on the coast. They're exposed to hurricanes so want to cover the risk that a storm comes in an blows those 10,000 houses away. So they buy their own (re)insurance from a reinsurer who covers that risk for them.
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Career Story: Reinsurance Underwriter Job Title: Treaty Reinsurance Underwriter. Type of Company: Large global provider of insurance and reinsurance products. Reinsurance is insurance for insurance companies and is a way of spreading risk between a number of companies.Education: BA, Business Administration, Marquette University. Previous Experience: I have worked as a primary casualty underwriter and a facultative reinsurance underwriter.Job Tasks: I make decisions on when to accept and how to price reinsurance transactions. An example of what I mean would be what typically happens when someone insures a large building.einsurance is insurance for insurance companies and is a way of spreading risk between a number of companies.