Module 5: Professional Liability Reinsurance

Reinsurance plays a significant role in the insurance industry and this module starts with a review of its fundamental concepts, its history, and role in the industry. From there it discusses the relationship of Insurer, Reinsurer, and, in some cases, the Retrocessionnaire, and the differences between the broker and direct reinsurance markets. The global reinsurance market and its various segments, including the admitted/non-admitted, offshore, and London/Bermuda markets, are reviewed. The functions of facultative and treaty reinsurance agreements, their relative advantages and disadvantages, and the various types of treaty arrangements, such as automatic and semi-automatic, are analyzed. The module explores the characteristics of proportional and non-proportional reinsurance, their pricing, and different forms utilized in reinsurance. Part of the module is dedicated to reinsurance contract language and common articles critical to the analysis of reinsurance proposals. Current trends and emerging issues, including assessment of a reinsurance company’s solvency, are also addressed.

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