By R. L. Carter (auth.)
There should be a few readers of this publication who're looking ahead to a type of Mrs Beeton of reinsurance, whose symptoms if rigorously will make sure the passable consequence of any reinsurance operation undertaken. they're going to, I worry, be disillusioned for reinsurance is before everything a enterprise, whose winning behavior relies on loads that can't be written in books or dedicated to paper. chiefly else, it depends on humans and at the personalities of individuals up to on their technical abilities. so much reinsurers are born and just some are made, yet none the fewer for both variety this publication can be of inestimable gain as a consultant to the rules that lie in the back of the transaction of a company instantaneously as advanced and common as reinsurance is by way of its very nature. one of many major features of this hugely really expert enterprise is the endless number of occasions to which the reinsurer is named upon to conform his enterprise tools making any standardization of perform attainable in simple terms on a vast, in preference to an in depth, foundation. This renders any try to surround in a single e-book all of the useful choices and modifications in method of technical reinsurance difficulties a digital impossibility.
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Additional info for Reinsurance
Whatever the merits of such arrangements may be, the result is to reduce the flow of international reinsurance business, though some catastrophe protection may be placed with outside reinsurers. Reinsurance brokers The role of intermediaries in insurance markets is as old as that of insurers. For example, brokers have been an integral part of the Lloyd's market from its inception. 2 In the early days of reinsurance there was unlikely to be sufficient business to keep a broker fully employed, but undoubtedly some reinsurance business was placed by brokers.
Even if a company appoints a local representative or agent (usually a reinsurance broker) to provide it with a permanent presence in the market, the need to refer all offers of business to head office for acceptance will remain, together with the expense, the inevitable delay in obtaining decisions and the lack of personal contact between underwriters and the company's sources of business. On the other hand to establish a local office with full underwriting powers can be both very expensive, unless a company can be sure of writing a substantial volume of business, and may prove disastrous unless it can appoint a skilled underwriter with an intimate knowledge of local business practice and the types of business which will be offered.
21 The same point applies to reinsurance pools, see page 77. 32, for the types of risks handled by direct insurance pools. 21 See para. 2 of resolution 42 (III) of the 1972 United Nations Conference on Trade and Development; and Reinsurance problems in developing countries, ch. 6. 19 20 46 (2) REINSURANCE MARKETS In addition to the Arab Federation and Regional Cooperation for Development pools cited in Chapter 1, regional pools have been formed in Asia, Latin America and the Caribbean. The Asian Reinsurance Corporation has participants, including international insurers, from Afghanistan, Bangladesh, India, Sri Lanka, Iran, Philippines and Thailand, and the African Reinsurance Corporation lists 36 member countries.