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619
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REINSURANCE
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621
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622
-
Index
Aachener and Miinchener, 15 Accident insurance policies,
earliest, II Accident reinsurance, 17, 391-425 Accounting
procedures, 531-95
facultative, 532 inter-company, 531-67 internal, 571-95
management, 559-67, 572 shareholders, 571 standardized, 537
supervisory, 572
Accounts year, Ill, 200 Accumulations of losses, 350-51, 436-7
Acts of Parliament, etc
Act touching policies of assurance used among merchants (1601),
II
Act to regulate insurance on ships belonging to the subjects of
Great Britain and on merchandises of effects laden thereon (1746),
14
Arbitration Acts: (1950), 147; (1979), 147; US, 148
Bankruptcy Acts (1869; 1914), 145 Companies Acts: (1948),145;
(1967),
345; (1948-81), 571 Employers' Liability Act (1969), 407
Insurance Companies Act (1982),
572 Life Assurance Act (1774), 120 Marine Insurance Act (1906),
80,
120121, 123, 151, 154 New York Insurance Law, 153 Rehabilitation
of Offenders Act
(1974),125 Stamp Act (1891), 80 Statutory solvency regulations,
62 Third Parties (Rights against
Insurers) Act (1930), 140 Actuaries, 195, 481 Adjustable
premiums, 195-6 Administration of reinsurance treaties,
52-3 Aggregating losses, 183-5, 331-2 Allianz, 40
American captive insurance companies, 33-4 fire insurance
company, first, 12 law, 138, 139-40, 148, 153 reinsurance company,
first, 18 reinsurance market, 39, 49, 52-3, 54
Annual loss expectancy formula, 173 Annuities, 186-7, 505-8
indexed, 213-8 Anyone risk limits, 166, 355-6 Arab Federation
Pools, 20 Argentina, 19 Asian Reinsurance Corpn, 47 Atomic
insurance pools, 20 Australia, 48 Aviation insurance, 232-3
Aviation reinsurance, 96, 458-63
Babylonian marine loans, (3000 BC), 1O-1l
Bankruptcy see Insolvency Beard, R.E., 318-20. 333 Benktander,
Gunnar, 208-10 BIA see British Insurance Assn. Bimeh Markazi of
Iran, 36 Blackburn, Low and Company, 152 Bonds, 400-402 Bonds,
respondentia, II Borch, Karl, 176 Bordereaux, 235-6, 237-9, 398,
440-41
465, 498-9 specimen, 237
Bottomry, 11 Brazil, 19, 36 Breaches of duty, 128 Bretton Woods
system of fixed
exchange rates, 100 Britain, reinsurance market in, 39, 54;
see also London British Columbia, 35 British fire tariff
companies, claim
report, 238-9 British Insurance Assn (BIA), 537, 587 Brokerage,
53, 89
623
-
REINSURANCE
Brokers, 10, II, 20-21, 47-53 advantages of, 55-6 legal
position, 149-54
Bruges Chamber of Assurance, 11 Burning costs, 33,
191,200-204,226;
see also Pure burning costs Business expansion, financing of,
68-9 Business interruption policies, 349 Buyers of reinsurance,
28-37
Caja Reaseguradora de Chile, 19 Canada/North America, 35, 39,
86,
541 Cancellation see Termination Cantonal insurance
companies,
Switzerland, 35 Capacity, surplus treaties, 168-9 Captive
insurance companies, 32-4 CAR see Contractors All Risks Cargo
risks, 232 Cargo treaties, 434-5, 450-53 Cases of litigation and
arbitration,
115-54 Case studies, fire reinsurance, 377-87 Catastrophe
cover, 180, 184, 185,291,360-67 potential, 192
Cazenove, Mr, 20 CEA see Comite Europecn Chamber of Assurance,
Bruges, 11 Changes, underwriting policy, 238,
256-7, 260, 297 Chemicals, 349 Chile, 19, 605 Chinese insurance,
primitive, 10 Claims
notification, 261-2, 299-301, 462, 499,548-53
payment, 265-6 Claims-commutation clause, 213 Claims costs,
61-5
stabilizing, 66-8 variability, 61-4, 66
Claims forms, 238-9" Claims negotiations, 263-4 Clean-cut
termination, 280-81 Coded excess, 198, 358, 360 Coinsurance, 1215,
17,46,65 Cologne Reinsurance Company, 18 Combined classes of
insurance, 251-4,
412-14 Combined treaties, 170-71
624
Comite Europeen des Assurances (CEA),537
Commencement of liabilities non-proportional treaties, 289-92
proportional treaties, 249
Commercial Union, 11 Commissions, 9-10, 63, 87-97
increase by reinsurer's results, 104-5 losses to extinction, 95
profit commission, 93-5, III sample clauses, 106-10 sliding
scale/stepped scale, 90-93,
96-7 super profit commission, 96 three year average, 95
Common account, 183 Common law, 120, 121
rights waiver, 127-8 Communist bloc, nationalization, 18,
2g,35 Compagnie des Proprietaires Reunis
(Brussels), 15 Compagnie Nationale d' Assurances
(Paris), 15 Compagnie Royale, 15 Computer simulation models,
337-41 Conflict of laws, 148-9 Consumer prices index, 218
Contingency insurances, 399-400 Continuity, 193 Contracts
conditions, 241-3 disputes, 80 form of expression,
120-21, 133-8 legal principles, 115-55 reinsurance, as
insurance, 116-17
Contractors' All Risks (CAR), 412 Control of liabilities, 166-7
Control systems, management, 54 Corporate planning, 593-5 Credit
insurance, 402-3 Crop hail insurance, 181 Currencies
devaluation, 273 fluctuation clause, 218-19, 223, 224-5 foreign,
100-103, 539-42, 590-93
Darwin (Australia) flood disaster, 358
-
Delays in settlement of accounts, 52, 98,236
Department of Trade (DOT), 33, 44, 572, 582
Deposits, premium reserve, 302-3 Developing countries, 19, 35,
36, 65,
600 Development statistics, 191 Direct insurers
ceding of reinsurance, 42-3 need for reinsurance, 59-69 purchase
of reinsurance, 28-32
Disclosure duty, 128 Disputes, 80, 146-8 DOT see Department of
Trade Double insurance, 13 Downside risk, 62
Eagle Fire Insurance Company of New York, 15
EAR (Engineering All Risks), 411 Earthquakes, 64, 361 EEC see
European Economic
Community EML (Estimated Maximum Loss), 323,
355, 356-7, 398 Employers' liability, 407-8 Engels, G.O., 340
Engineering, 411-12 English law, 116, 119, 120, 138, 153
difference from American, 139-40 Error clauses, 137, 260
Estimated Maximum Loss see Loss European Economic Community
(EEC), 128,334,571,605 Ex gratia settlements, 131, 239 Excess-of
-average-loss cover, 181 Excess of loss treaties, 17, 64, 72,
99,
172-219 advantages, 172-6 disadvantages, 176-8 introduction, 16
specimen fire agreement, 305-9
Exchange control regulations, 546, 603-4
Exchange rates, 19, 100-103, 539-42 Exclusions, 346-7, 368-9,
395, 417-18,
434,475-6 Expected losses, 30
INDEX
Expenses, 192-3 loading, 206
Exposure rating, 358-60 Exposure units, interdependence,
336-40 'Extra-contractual obligations', 264
Facultative obligatory agreements, 76-7,240-3
Facultative reinsurance, 14, 16, 17, 73-5, 229-43 disadvantages,
231 legal requirements, 126
Failure see Insolvency Federal Arbitration Act (USCA), 148 FGU
(From the Ground Up), 190 Fidelity Guarantee business, 249 Finance,
reinsurance, 531-95 Financing business expansion, 68-9 Fire
insurance
development, 11, 14-16 Fire Offices Committee (FOC), 15, 239
Fire of London (1666), 11 Fire reinsurance, 181, 345-87
types, 351-2 Fire surplus treaties, specimen clauses,
346-7 Fixed premium rates, 196-9 Flanders, Duke of (charter of
1310), 11 Flat premium, 194-5 Flixborough chemical plant
disaster,
349 Foreign exchange rates/currency see
Exchange rates/currency Forms of reinsurance see Types FPA (Free
of Particular Average), 232,
432,440 France, 35, 216
reinsurance legislation (1681), 13 Franklin, Benjamin, 12 'Free
of Particular Average' (FPA),
232, 432, 440 Friedman,D.G., 336-40 'From the Ground Up' (FGU),
190
GATT (General Agreement on Tariffs and Trade), 605
General average, II General Reinsurance Group, 40
625
-
REINSURANCE
Geographical scope, 252-4 Geratewohl, R., 331 Germany, 48
West, 35, 37-8 Globe Compagnie d'Assurances contre
l'lncendie, 16 Good Record Returns (GRR), 89 Great Fire of
London (1666), II Greek bottomry and respondentia
bonds, II Groups of insurance companies, 29-32 Group
underwriting schemes, 31-2,
504-5 GRR (Good Record Returns), 89 Guarantee business, 15,
400-402 Guardian Royal Exchange, 15 Guaschi, F.E., 324-5, 333
Hand-in-Hand Fire Office, II Heath, Cuthbert, 16 Heckscher,
Martin, 20 Heckscher and Gottlieb, 20 History of insurance and
reinsurance,
10-21 Holland,48 Hours clauses, 361, 373 Hull risks
aviation, 468-71 marine, 232, 434-5, 447-50
IBNR (Incurred But Not Reported) claims, 191,547,550-51,578
ILU see Institute of London Underwriters
IMF see International Monetary Fund Imperial Fire, 15 INA
Reinsurance Company, 39 Indemnity, principle of, 4, 129-33
Indexation clauses, 207-18
illustrated, 221-2 Indexed annuities, 213-17 Indian reinsurance
market, 28 Inflation, 97-100, 207-18 Information supply, broker
to
reinsurer, 50-52, 54 Information systems, 54 Ingosstrakh, 36
Insolvency, insurance companies,
protection against, 7-8, 59-65, 66,
626
140-44 technical vs. normal, 66
Inspection of records, 259-60 Institute of London
Underwriters
(ILU), 53, 148, 538 Insurance
conduct of business, 5-7 direct, difference from
reinsurance,
3-5 Insurance Companies Regulations
(1980),572 Insurance Company of North America
(lNA),39 Insurance Exchanges, 40 Insurance in practice,
diagrammatic
representation, 60-61 Figs. 3.1-4 Insurance Institute of London,
187; see
also London Insurance Institute Insurance portfolios, 60
International conflict of laws, 148-9 International Monetary Fund
(lMF),
97, 100 International reinsurance, 8, 100,
253-4, 599-611 markets 26-7, 40
Investment policy, 328-9, 550-51 Iran, 20, 36 Italy, early
insurance practice, II
Japan, 48
Kolnische Riickversicherungs Gesellschaft, 18
Lander, West Germany, insurance corporations, 35
Language, reinsurance contracts, 133-8 Large numbers, law of,
162 Law see Legal principles Law Reform Committee, 128 Layers,
364-5 Leading companies, world's, 38
Table 2.2 Legal and General insurance group, 39 Legal
principles, 115-55 Letters of credit, 544-6
-
Liability definition, 183-7 effect of indemnity principle, 141
marine, 435-6 nature and extent in proportional
reinsurance, 254-6 non-proportional, 292-7
Liberalization, 606-10 Life cover, early, II Life
reinsurance/reassurance, 479-528
origins, 16-17 regulation of, 16-17 specimen treaties, 518-27
types, 483-94
Life Offices Assn., 587 Limitations
indemnity rights, 128-31 liability, 131-2, 166-7, 295-6,
361,
395 recovery rights, 132-3
Lines, 254-5 Liquidators, 143-4 Litigation precedents, lI5-55
Livestock, 403-5 Lloyd, Edward, 41 Lloyd's of London, lI, 26, 27,
29,
40-42 accident, 392 accounting, 538, 586 brokers, 20, 26, 48,
53, 55 Corporation of, 40 excess of loss, 16, 72, 392 marine, 232
premiums, 298
Lloyd's Insurance Brokers Assn, 148 Loading factor, 203-4, 205-6
Loans, marine, Babylonian, 10-11 London Assurance, 12 London
Insurance Institute Advanced
Study Group, 187 claims development, 416, 550 marine, 443, 445-6
'one event' clauses, 362 war risks, 453
London reinsurance market, 25-7, 28 accident, 392 accounting,
53, 537-8 annuities, 215 aviation, 460, 461 brokers, 48, 53 marine,
433 underwriting agents, 44
INDEX
losses in non-proportional reinsurance, 290-92
Loss event, 294-5 Loss expectancy, 60, 67 Loss probability, 322
Loss settlement, 53 Loss variability, calculation equation,
30-31 Louis XIV (ordonnance of 1861), 13 McGuinness, l.S.,
336-40 Management
accounting, 559-67, 572 objectives, 66 services, 10, 54-5
Marine insurance, lI, 12 Marine loans, Babylonian, 10-11 Marine
reinsurance, 12-14, 96, 232-3,
429-56 Markets, 25-56
brokers, 47-53 buyers, 28-37 international, 26-7 Lloyd's, 40-42
national, 27-8 selIers, 37-47
Mercantile and General Reinsurance Company, 17, 18,39,314,315
Fig. 9.1
Mercantile risks, 353-4 Mergers between insurance companies,
29-32 Metropolitan Life Insurance Company
of New York, 491 Minimum and maximum premium
rates, 203-4 Minimum solvency margins, 9 Mixing classes of
insurance, 252 Motor insurance, 405-7, 415-16 MPL (Maximum Possible
Loss), 323,
355, 398 Munich Reinsurance Company, 38, 40
Nationalization, 18, 601 National pools, see pools National
reinsurance markets, 27-8 NCB see No claims bonus Negotiations for
reinsurance treaties,
52-3 Newcastle Fire Office, 15 New York Insurance Law, 153
Nigeria, 35
627
-
REINSURANCE
No claims bonus (NCB), 89, 199 Non-proportional reinsurance,
31,
72-3, 177,289-309 North America see Canada; American Norwich
Winterthur Reinsurance
Company, 40
Objectionable phrases, 147-8 Objectives, management, 66 OECD
(Organization for Economic
Co-operation and Development, 546, 605
Oil-rigs, 456 Omissions clauses, 137-8, 260 'One event', 294-5,
404 'One risk', 166, 355-6 OPEC (Organization of Petroleum
Exporting Countries), 429 Open covers, 76-7, 240-43 Operating
results as percentage of
earned premiums, 61 Fig. 3.4, 64 Fig. 3.5
Operative clauses, 250-54, 292 Origins
insurance, 10-12 reinsurance, 12-21
Outstanding claims, 266, 279-81
Pakistan, 20 Paramount War Clause, sample, 474 Park, A System of
the Law of Marine
Insurance, 13 'Payback' rating system, 364-5 Personal accident,
405 PHI (Permanent Health Insurance),
511-15 Philadelphia Contributionship, 12 Philippines motor pool,
20 Placing methods, 73-9
summary, 74 Fig. 3.7 Pleine propriete, 544 PML (Probable Maximum
Loss), 323 Policy construction, 133-8 Policyholders' rights,
138-40
insolvency cases, 140-41 Policy Proof of Interest (PPI), 122
Policy Signing and Accounting Centre
(London), 53 Pools, insurance/reinsurance, 20, 37,
46-7, 77-9, 456, 500 see also Underwriting pools
628
Portfolio, insurance, 60 movement example, 281 original, 163
Fig. 5.1 retained, 163 Fig. 5.2 risk profile, 324-6, 336 size and
composition, 62-3, 321-2 variability, 63-4
PPI (Policy Proof of Interest), 122 Practice, reinsurance,
59-112 Premium income, Lloyd's, 41-2
Table 2.3 Premium loading, 31, 66-7, 326-7 Premium rating,
189-206
calculations, 60, 260-61 equations, 6 fire reinsurance, 357-60
life reinsurance, 490-92, 494 methods, 194-206
Pricing of surplus treaties, 169-70 Principles of reinsurance,
59-112 Probability
of loss, 173, 175, 323 of ruin, 319, 327-8
Procedures in facultative treaties, 233-6 Product liability,
185, 408-9 Professional indemnity, 185 Profit commission, 199,442,
473 Proportional reinsurance, 31, 71,
247-86 commencement, 249-50 form, 247-8
Protection against insolvency see Insolvency
Prudential insurance group, 39 Pure burning costs, 200-204; see
also
Burning costs
Questionnaires, sample, 374-6,419-25 Quota-share treaties, 71,
89, 98,
159-61,329,330-31,393-6
Railway Passengers Assurance Company, 17
'Rate on line', 364-5 Reassurance Agreement (1900), 17,
482-3,495,516-17 Reassurance Company of America, 18 Rebate
systems, 205
-
Reciprocity, 16, 80-87 advantages, 81-2, 86 disadvantages, 83-7
marine, 432
Regional Co-operation for Development Pools, 20
Regional underwriting pools, 20, 46, 79 Regulations, 62, 68; see
also Insolvency Reinarz, Robert, 332 Reinstatement, 369-71
Reinsurance
definition, 4 development, 10-21 difference from direct
insurance, 3-5 functions summarized, 10 legal definition, 115-19
principles and practice, 59-112 purpose, 5-10, 59-69 technical
role, 7-9 types, 159-226
Reinsurance, 132, 136, 151 Reinsurance companies,
professional,
37-40 Reinsurance Company Ltd, 39 Reinsurance departments of
direct
companies, 42 Reinsurance Institute of Brazil, 36 Reinsurance
Offices Assn, 148, 323
International Seminar (1977), 188 Request notes, 234 Reserves,
31, 60, 68-9, 302-3, 542-6
retention, 266-70, 318, 326 Respondentia bonds, II Restrictions,
international, 600-606 Retentions, 16, 65
fixing, 28-30, 313-41, 356-7, 508-10 summary, 335-6
Retrocession, 3, 16 Rhodes, laws of, II Risk factors, 7, 60-64
Risk-spreading, international, 8 Riunione Adriatica, 16 Roman
insurance contracts, II Royal Exchange, 11, 12, 14, 15, 20 Russia
(USSR), 36
Safety loading, 206 Sampling error, 60 Satellite insurance, 457
Scandinavia, 28 Schedule, 286
INDEX
Scope limitations, 166, 169, 181-3 Scottish life reinsurance, 16
Sellers of reinsurance, 37-47 Services, management and
technical,
54-5 Set-off, 144-6 Settlement losses, 53 Simulation models,
337-41 Slips, 233-4
specimen, 235 Small insurance firms, 8-9, 65 Solvency margins,
9, 69, 334; see also
Insolvency South American reinsurance, 19 Specialist reinsurance
companies, 17-18 Specialist underwriters, 27 Special records
clause, 198 Specification of policy, 235 Spread of insurance
losses, 8 Stability clauses, 207-18, 296
example, 220 Standard arbitration clause, 148, 155
Standardization of accounts, 537 Standards of practice, 16
State-owned or controlled corporations
insurance, 18-20, 28, 35-6,45-6, 65, 81
reinsurance, 18-20, 32, 35-7,45-6 Statistics, reinsurance,
546-59 Statutory solvency regulations, 62, 68 Sterling Offices Ltd,
21 Stop loss reinsurance, 64, 72-3, 176,
178-81 life, 492-4
Strickler formula, 490-91 Subsidiary companies, 42 Substandard
lives, 65, 500-501 Success of reinsurance companies, 18,
19 Table 1.1 Sun Fire Office, 11-12 Sun Insurance Office, 14, 15
Surplus treaties, 71, 161-71,329-30
advantages, 161-4 disadvantages, 164-6 specimen agreement,
282-6
Swiss Reinsurance Company, 17,38, 40
Switzerland. 27, 35, 38 Syndicates, underwriting, 41
Taxation, 545-6, 586-90
629
-
REINSURANCE
Tax havens, 33 Technical services, 10, 54-5 Termination, 249-50,
271-81, 298,
303-4 Terms of original policy, 135-7 Theft,65 Third parties'
rights, 140-41, 446-7 Time horizons, 333-4 TLO (Total Loss Only),
232, 432-3 Tonners, 433-4 Total Loss Only see TLO Treaties,
75-6
legal requirements, 126-7 Treaty documents, 52 Turkey, 20, 28
'Two risks' warranty, 357 Types of reinsurance, 69-79
summary, 70 Fig. 3.6, 74 Fig. 3.7
Uberrima fides/Uberrimae fidei see Utmost good faith
Umbrella cover, 182 UNCT AD (United Nations Conference
on Trade and Development), 19, 46, 79
Underwriters, specialist, 27 Underwriting
agencies, 43-5 capacity, increase of, 8, 64-5 covers, 184 excess
of loss treaties, 187-9,414-16 fire reinsurance, 365-7 flexibility,
64 pools, 20, 37, 46-7 syndicates, 41
Underwriting year, 96, 112 Unearned premium reserves, 68 Union
Insurance Company, 15 Union of Paris, 15, 20 United Nations see
UNCT AD United States see American Unit-linked contracts, 503-4
Unusual risks, 65 USSR (Russia), 36 Utmost good faith (Uberrima
fides/Uberrimae fidei), 123-8, 188
Variable premium rates, 199-203 Victory Insurance Company,
39
630
War exclusions, 346-7, 453-4, 474-6 West Germany, 35 Winding-up,
144-6 Windstorms, 64, 361 Withdrawal of portfolio, 274-6 Wording of
clauses, 137 Working covers, 184 Workmen's compensation, 409-10
World leading companies, 38 Table 2.2 World-wide treaties, 253