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1、What is Reinsurance?Reinsurance is insurance for insurance companies. Many insurers around the world purchase reinsurance to reduce their exposure to the risks they have underwritten in order to provide better protection to their clients. While the concept may be simple, like most industries, reinsu

2、rance has a terminology that can be difficult to interpret for those who do not use it on a daily basis.At PartnerRe, we thought a glossary of reinsurance terms might help de-mystify the business and its language.Acquisition CostsExpenses incurred by the insurer or the reinsurer in assessing busines

3、s, including producer commissions and brokerage. Adjustable RateA percentage rate applied to a cedents sums insured or premium income which is used to determine the final premium payable.Aggregate DeductibleA loss limit which is retained by the cedent and is gradually eroded by frequency of loss act

4、ivity.Aggregate LimitThe maximum sum of recoveries payable under a reinsurance agreement.Alternative Risk Transfer (ART)Non-traditional methods of insurance or reinsurance, for example, securitization.AssumeThe term used for accepting a risk; the opposite of cede.Attachment BasisA provision that det

5、ermines whether, and in what manner, a reinsurance agreement covers a specific loss.Attachment PointIn excess of loss reinsurance, the loss level at which reinsurers begin to pay.BalanceA reference point used to measure premium volume against the maximum exposure for a reinsurance agreement.BankThe

6、sum of the total premiums paid to reinsurers over a multi-year period, less any losses paid by reinsurers on a layer. For example, payments of $10,000 premiums over five loss-free years would be called a $50,000 bank.Broker MarketWhen business is written through reinsurance intermediaries (brokers),

7、 it is referred to as business obtained in the Broker Market.Broker of RecordThe appointed broker for a contractual reinsurance agreement.Burning Cost RatioA tool used in determining rates for excess of loss reinsurance. Also called the pure loss cost, it is the ratio of historical incurred losses (

8、usually excluding IBNR and indexed to portfolio growth) of a reinsurance agreement to the subject premium.CapacityThe maximum dollar amount of exposure that an insurer or reinsurer can underwrite. Capacity may be used when referring to a single risk, a program, a line of business or an entire book o

9、f business.CaptiveAn insurance or reinsurance company, formed by a large, often multi-national corporation, which insures or reinsures the risks of its parent corporation. Most captives are located in tax-advantaged locations. Bermuda is the leading domicile for captives followed by Cayman, Vermont

10、and Guernsey.Casualty ReinsuranceLiability or third party business.CatastropheHigh severity events such as hurricanes, earthquakes and other disasters, involving multiple insureds and/or locations. Catastrophe reinsurance indemnifies the insurer for portions of such losses.CedentAn insurance company

11、 which contractually transfers (cedes) a portion of risk to a reinsurer. The term can also refer to a reinsurer which transfers (cedes) a portion of its portfolio to a retrocessionnaire.Ceding CommissionThe costs incurred by the cedent in negotiating a reinsurance contract including overhead expense

12、s, taxes, licenses and fees, plus a fee representing a share of expected profits, sometimes expressed as a percentage of the gross reinsurance premium.Clash CoverA form of reinsurance protecting a cedents exposure to multiple retentions and a larger single loss than intended due to losses incurred b

13、y two or more insureds for the same event, or clash.CoinsuranceThe part of the reinsurance cover that the insurance company retains and does not reinsure.Combined RatioThe sum of the loss ratio and the expense ratio. The combined ratio is used in both reinsurance and insurance to indicate whether th

14、e company is making a profit on its underwriting operations. A combined ratio below 100% is representative of a profitable underwriting portfolio.CommutationThe conclusion of all obligations between the parties to a reinsurance agreement, often completed with a lump sum cash settlement.Cover NoteThe

15、 document or receipt issued by the intermediary to the cedent confirming terms and conditions and the percentage share placed with each reinsurer.Direct MarketWhen reinsurance business is written directly by a reinsurer, rather than through a third party or broker, it is referred to as business obta

16、ined in the Direct Market.Direct Written PremiumAn insurers premium income before taking outward reinsurance into account.Earned PremiumThe portion of a reinsurers premium income which has been allocated to the current accounting period.Estimated Maximum Loss (EML)An underwriters or insurers assessm

17、ent of the worst possible loss scenario that might be experienced by an individual risk or collection of risks.Event / OccurrenceA natural or man-made disaster which gives rise to a large loss.Excess of Loss ReinsuranceA form of reinsurance where the reinsurers liability only takes effect when an ev

18、ent involving several risks exceeds a certain figure and then is only liable in excess of that amount.Expense RatioThe percentage of premium income that goes to expenses, calculated by dividing incurred expenses by written premiums. A reinsurance companys expense ratio reflects how much it costs a c

19、ompany to acquire its premiums.ExposureThe measure of an insurers or reinsurers possible losses.Extra Contractual Obligations (ECO)A term used to refer to damages awarded by a court against an insurer which are outside the conditions of the insurance policy. Examples are HYPERLINK /pages/reinsurance

20、-solutions/re_terms.html l Anchor-Punitive-27632#Anchor-Punitive-27632 punitive damages and HYPERLINK /pages/reinsurance-solutions/re_terms.html l Anchor-Losses-16019#Anchor-Losses-16019 losses in excess of policy limits.Facultative ReinsuranceA form of reinsurance where the insurer has the option (

21、faculty) of submitting individual risks and the reinsurer has the option of accepting or declining those risks on an individual basis.Financial GuarantyInsurance which indemnifies an insured against asset impairment due to counter-party default, adverse currency or interest rate movements, or politi

22、cal acts such as government expropriation.Financial / Structured Risk TransferA form of reinsurance in which underwriting risk transfer between cedent and reinsurer is substantially reduced through contractual provisions requiring loss payments to be matched against premiums and investment income.Fi

23、rst LossThe first part of a loss. This is the most likely part to be retained by the reinsured.Follow the FortunesA condition in a reinsurance contract where it is agreed that the reinsurer is bound to the same experience as the cedent, in terms of the risks covered.FranchiseA term used to describe

24、the amount that triggers a policy.Gross LineThe maximum limit an insurer or reinsurer is willing to accept before ceding portions of their exposures to a reinsurer or retrocessionnaire. Such limits are usually expressed per insured, per line of business. See HYPERLINK /pages/reinsurance-solutions/re

25、_terms.html l Anchor-Net-3276#Anchor-Net-3276 Net Line.Gross Net Premium Income (GNPI)Total of all gross premiums after deductions for reinsurance costs but before deductions for commissions.Ground Up LossThe total measure of an insurance loss, including deductibles and before any retention or reins

26、urance is applied.Hard MarketA fluctuation in the insurance/reinsurance market characterized by an increase in the pricing level of insurance and reinsurance coverage. A hard market follows a soft market and is often triggered by a major catastrophe loss and/or a prolonged period of operating losses

27、.IBNR (Incurred But Not Reported)Insured losses that have occurred but have not been reported, and that are accounted for by an estimated reserve. See HYPERLINK /pages/reinsurance-solutions/re_terms.html l Anchor-Long-Tail-48308#Anchor-Long-Tail-48308 Long Tail Liability.Layer A term which refers to

28、 a segment of a reinsurance cover.Lead ReinsurerThe reinsurer who first signs the slip after negotiating the terms, conditions and pre- mium rates; reinsurers who subsequently sign on to the slip under those terms and conditions are considered “following reinsurers”.Letter of CreditA document issued

29、 to an insurer or reinsurer by a bank, guaranteeing the withdrawal of funds in the event of a valid claim.LloydsA London-based insurance and reinsurance organization in which individuals, called “Names”, or groups of individuals, called “Syndicates”, rather than a single corporation, are at risk. Me

30、mbership has now been extended to corporations, called “Corporate Capital”, underwriting under limited liability.London MarketA collective term to describe all underwriting companies (insurance and reinsurance) and Lloyds, based in the City of London.Long-Tail LiabilityA liability that takes time to

31、 become known or a claim which has been separated by the circumstances that caused it by more than ten years. Characterized by a high HYPERLINK /pages/reinsurance-solutions/re_terms.html l Anchor-IBNR-5138#Anchor-IBNR-5138 IBNR.Loss Adjustment Expense (LAE)Expenses incurred by an insurer during its

32、adjustment, recording and settlement of claims, additional to the claim payment itself.Loss DevelopmentThe difference in the amount of losses between the beginning and end of a time period.Losses in Excess of Policy Limits (XPL)A term used to refer to damages awarded by a court against an insurer, d

33、ue to the insurer having failed to settle a third party claim within the policy limits. See Extra Contractual Obligations and Punitive Damages.Loss RatioThe relationship of losses incurred (including applicable IBNR) plus loss adjustment expenses to earned premiums for an accounting period.Maximum F

34、oreseeable Loss (MFL)Worst case scenario under which an estimate is made of the maximum dollar value that can be lost if a catastrophe, such as a hurricane or earthquake, occurs.Net LineThe maximum limit an insurer or reinsurer is willing to accept after ceding portions of their exposures to a reins

35、urer or retrocessionnaire. Such limits are usually expressed per insured, per line of insurance, etc. See HYPERLINK /pages/reinsurance-solutions/re_terms.html l Anchor-Gross-65413#Anchor-Gross-65413 Gross Line.Non-proportional ReinsuranceAn arrangement in which a reinsurer makes payments to an insur

36、er whose losses exceed a predetermined retention level. Non-proportional reinsurance is either facultative or treaty. See HYPERLINK /pages/reinsurance-solutions/re_terms.html l Anchor-Catastrophe-54189#Anchor-Catastrophe-54189 Catastrophe, HYPERLINK /pages/reinsurance-solutions/re_terms.html l Ancho

37、r-Excess-21170#Anchor-Excess-21170 Excess of Loss Reinsurance, HYPERLINK /pages/reinsurance-solutions/re_terms.html l Anchor-Stop-3388#Anchor-Stop-3388 Stop Loss.Obligatory TreatyA treaty where the cedent is obligated to cede the defined business and the reinsurer is required to accept.Over-lineCove

38、rage that exceeds the normal capacity of an insurer or reinsurer.Probable Maximum Loss (PML)An estimate of the maximum dollar value that can be lost usually assuming that loss control systems (e.g. sprinklers and firewalls) operate. See HYPERLINK /pages/reinsurance-solutions/re_terms.html l Anchor-M

39、aximum-22462#Anchor-Maximum-22462 Maximum Foreseeable Loss (MFL).Professional ReinsurerA reinsurance carrier that is focused on writing reinsurance business only.Profit CommissionA profit allowance payable to a reinsured from the reinsurer. This is a pre-determined percentage agreed by both parties

40、and payable when the contract period is closed and the results are finalized.ProgramA series of, usually consecutive, reinsurance layers.Pro Rata/Proportional ReinsuranceA form of reinsurance where the reinsurer shares losses in the same proportion as it shares premiums. Proportional reinsurance can

41、 be divided into two basic forms: quota share, in which the same percentage applies to all policies reinsured, and surplus, in which the percentage may vary from policy to policy.Punitive DamagesA term that refers to damages awarded by a court against an insurer in addition to compensatory damages.

42、See HYPERLINK /pages/reinsurance-solutions/re_terms.html l Anchor-Extra-15105#Anchor-Extra-15105 Extra Contractual Obligations and HYPERLINK /pages/reinsurance-solutions/re_terms.html l Anchor-Losses-16019#Anchor-Losses-16019 Losses in Excess of Policy Limits.Quota Share ReinsuranceSee HYPERLINK /pa

43、ges/reinsurance-solutions/re_terms.html l Anchor-Pro-27668#Anchor-Pro-27668 Pro Rata/Proportional Reinsurance.Rate on LineReinsurance premium divided by indemnity. The rate which, when multiplied by the indemnity, would produce the premium. The inverse is known as the payback period. For example, a

44、$10,000,000 catastrophe cover with a pre- mium of $2,000,000 would have a rate on line of 20% and a payback period of five years.ReinstatementThe restoration of a reinsurance cover limit once it has been exhausted (used up) by a loss.Reinstatement PremiumAn additional reinsurance premium paid to res

45、tore (reinstate) the portion of limit used in the event of a loss.ReinsuranceA form of insurance for insurance companies. By purchasing reinsurance, an insurer can reduce its exposure by ceding a portion of its liability to the reinsurer.Reinsurance Intermediary/BrokerA third party used in the desig

46、n, negotiation and administration of a reinsurance agreement. Intermediaries consult cedents on the type and amount of reinsurance coverage they need and negotiate the placement of coverage with reinsurers. See HYPERLINK /pages/reinsurance-solutions/re_terms.html l Anchor-Broker-24216#Anchor-Broker-

47、24216 Broker Market and HYPERLINK /pages/reinsurance-solutions/re_terms.html l Anchor-Direct-5700#Anchor-Direct-5700 Direct Market.ReinsurerA company which contractually assumes all or part of an insurers or reinsurers risk.Renewal SeasonThe period during which most reinsurance policies are renewed.

48、 The majority of reinsurance policies have a January 1st inception date.ReservesAn estimated amount put aside in the insurers or reinsurers accounts for claims that have not been paid.RetentionThe portion of a loss retained by the cedent under a reinsurance agreement. The level at which the retentio

49、n is used up is the attachment point for the reinsurer.RetrocessionThe transfer of all or part of a reinsurance risk from one reinsurer to another (retrocessionnaire).RetrocessionnaireA reinsurer that contractually assumes all or part of a reinsurance risk from another reinsurer. The transfer is kno

50、wn as retrocession.Salvage and SubrogationCertain rights of the insured which automatically transfer to the insurer upon settlement of a loss. Salvage applies to any proceeds from the recovery of damaged property, while subrogation refers to the proceeds of negotiations or legal actions against negl

51、igent third parties.SecuritizationRisk transfer techniques in finance and insurance often resulting in the creation of securities (e.g. bonds), that are backed by cash flows from a pool of assets or liabilities.SlipA binding contract authorizing the acceptance of risk, often including more than one

52、reinsurer.Soft MarketA fluctuation in the insurance/reinsurance market, characterized by increased competition in which prices are depressed, and is usually attributed to excess capacity (more sellers than buyers) and/or high interest rates. See HYPERLINK /pages/reinsurance-solutions/re_terms.html l

53、 Anchor-Hard-7322#Anchor-Hard-7322 Hard Market.Special AcceptanceA risk which, due to underwriting class or limit, would not otherwise be covered but is attached to the reinsurance agreement by specific written agreement between the cedent and the reinsurer.Spiral/LMXAn LMX contract is excess of los

54、s reinsurance for London Market companies. These retrocessional contracts are placed without coinsurance or significant retention and the same loss may therefore be passed backwards and forwards between the various participants never diminishing in size. This is colloquially called the “spiral.”Stop Loss ReinsuranceA form of reinsurance under which the reinsurer protects a cedent against an aggregate amount of claims which exceed a pre-determined le