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Vol 22 No 4 April/May 2017

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Reinsurance: The Nuts and Bolts 3rd Ed


ISBN13: 9781856095365
Previous Edition ISBN: 1856092135
Published: May 2012
Publisher: Witherby Seamanship International
Country of Publication: UK
Format: Paperback
Price: £50.00



Despatched in 5 to 7 days.

It has been almost 12 years since the last revision of this title and a great deal has happened in the London market in that period.

Regulation of both banking and insurance is now under the control of the Financial Services Authority and this has led to tighter controls over how insurance institutions in the UK conduct their business. In tandem with these changes, the London market has reformed itself considerably and the three organisations that formerly handled many back-office functions on behalf of their members, LPSO (Lloyd’s), LIRMA (London Non-Marine market) and ILU (London Marine market) have been brought together under the umbrella of XChanging-Insure Services.

This has led to the introduction of the Market Reform Contract; a document that replaces the traditional broker’s slip with a standard form of contract, designed to incorporate the entire terms and thereby provide contract-certainty at the inception of the insurance or reinsurance. This has had an enormous impact on the working practices of reinsurance brokers.

The traditional slip that could, in the past have been just a few pages, is now a full contract including the contract wording (a document that was previously signed after the contract came into force; sometimes, in fact, so long after inception that it may already have expired before it was signed!).

Subjects:
Insurance Law
Contents:
Introduction 1
Introduction to the second edition 1
Introduction to the first edition 2
Chapter 1. What is Reinsurance, and why do we need it? 5
Chapter 2. Types of Reinsurance 8
Chapter 3. Treaty Reinsurance - Financial Aspects 28
Chapter 4. Proportional Treaty Wordings and Clauses 50
Chapter 5. Designing a Property Reinsurance Programme from historical data 55
Chapter 6. Excess of Loss Covers 68
Chapter 7. Excess of Loss Reinsurance - Financial Aspects 75
Chapter 8. Excess of Loss Rating 91
Chapter 9. Market Evolution 112
Chapter 10. Miscellaneous 114
Chapter 11. Over to you 132
Chapter 12. Appendices 133.