Per occurrence excess of loss
Per risk excess of loss
Excess of loss
Pro rata reinsurance
Variable quota share
Under a catastrophe risk exchange a bond is issued with the condition that if the issuer suffers a catastrophe greater than a specified amount the obligation to pay interest and/or repay principal is deferred or forgiven.
A catastrophe risk exchange is an agreement that gives the primary insurer the right to a cash payment from investors if a specified index of catastrophe losses by geographic area reaches a specified level.
An industry loss warranty is an insurance-linked security that covers the primary insurer in the event that the industry-wide loss from a particular catastrophe exceeds a predetermined threshold.
Finite risk reinsurance is a type of reinsurance in which the reinsurer's liability is limited and anticipated investment income is expressly acknowledged as an underwriting component.
Under a sidecar arrangement investors receive their return for the risk assumed through periodic interest payments on the principal amount assumed.
Under these arrangements the primary insurer charges a ceding commission and may receive a profit commission if the book of business is profitable.
Sidecars are a means through which a primary insurer can exchange a portion of its insurance risk for another insurer's insurance risk.
Sidecars have a strike price at which the primary insurer will be able to receive cash from its investors to enable it to pay losses from a catastrophe.
Applies above a finite dollar amount or line.
Transfers a limited amount of risk to the reinsurer.
Places a finite limit on each occurrence.
Includes a profit-sharing commission in addition to a flat ceding commission.
Variability of the loss ratio on new policies could cause instability of underwriting results.
Growth could entail expanding into markets with greater coverage requirements.
Growth could lead to geographic diversification of loss exposures.
Growth usually causes a drain on policyholders' surplus.
Potential for excess of policy limits losses
Catastrophe excess of loss reinsurance purchased by the primary insurer
Policy limits offered by the primary insurer
Potential for multiple primary policies to be involved in a single occurrence
The insurance products offered vary in loss stability which affects the primary insurer's ability to project loss experience.
Underwriting risk is generally not a factor in the need for reinsurance because it is fairly stable among the various lines of insurance.
Because of the sheer volume of business personal lines insurers need more reinsurance than do commercial lines insurers.
A primary insurer that sells only a few types of insurance is more likely to have a stable loss ratio and less need for reinsurance.
The insurer needs more reinsurance because common stock is subject to wide market price fluctuations.
The insurer needs more reinsurance because moving its investments from short-term bonds to common stocks increases the insurer's underwriting risk.
The insurer needs less reinsurance because common stock is readily marketable.
The insurer needs less reinsurance because investments in common stock yield a higher return than investments in short-term bonds.
Per policy excess of loss
Aggregate excess of loss
Purchase another treaty and write the policy
Purchase facultative reinsurance and write the policy
Decline the business for reinsurance reasons
Cede the policy to the existing treaty if the risk is acceptable
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