Life: USD 2820 Billion USD 5193
Non-Life: USD 2373 Billion Billion
Reinsurance Premiums according to Reinsurance Treaty Programs of each and every Insurance Companies are the basis on which Reinsurance Premium outgo per Insurance Company, per Country and per classified Advanced and Emerging Economies of countries in a zone are to be worked out. Again with Industrial Developments and Internet services with all kinds of Artificial Intelligence have made One World of all economies active-interactive and internationally connective.
Outside Reinsurance Treaty Programs, Facultative Reinsurances specific to a certain classes like CAR-EAR Risks, Industrial Property Risks, Oil-N-Energy Risks and Aviation and Space Risks are also in force.
Thus, Global Reinsurances Premiums comprises of per company, per country per Emerging/Advanced Economies Reinsurances by:
Proportional Reinsurance Treaties
Non-Proportional Treaties
Facultative Reinsurances both Proportional and NonProportional
Reinsurance of Cyber Risks with no specific Territorial Scope of Risks and as Cyber Risk Loss Events of Hacking Data happens by the interplay of Hackers of Any Country on Data Loss - Data Breach of any client anywhere in the world.
Alternative Reinsurance Technology Products of Financial Reinsurances and CAT Bonds by Securitizing of Risks through Risk Financing.
Interestingly, SIGMA Reports 3/2019 have shown a clear-cut way to have a fair reliable estimate of Global Reinsurance Premiums.
This story is from the November 2019 edition of THE INSURANCE TIMES.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November 2019 edition of THE INSURANCE TIMES.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
"IMS Unison University differentiates itself in the Indian higher education landscape through a strong commitment to quality education, a personalized student experience, and a modern, industry-relevant curriculum."
About Dr Anil Subba Rao Paila
IRDAI Corner
Insurance Regulatory and Development Authority of India (Insurance Fraud Monitoring Framework) Guidelines, 2024
Insurance Caselaws
The Himachal Pradesh State Commission orders Oriental Insurance Co. to pay Rs. 7.9 lakhs for repudiating an insurance claim solely because of delayed notification.
New Product Launches
Canara HSBC Life Insurance unveils new plan combining life protection and wealth creation
Gunford: Marine Insurance Fraud or Purely Coincidence!!
Global Maritime trade is affected hugely by the policies of maritime insurance being followed in various nations. An insurance policy is a contract in which an individual or entity (known as an insured) receives monetary reimbursement against losses, emerging from the occurrence of an event, from an insurance company (known as an insurer), generally in exchange for a premium.
How various insurtech startups are addressing the challenge of low market penetration in the Indian Life insurance sector
India's life insurance sector, despite being one of the largest markets in the world by population, faces a significant challenge in terms of market penetration. With a penetration rate hovering around 3% of GDP, it's clear that a vast majority of Indians remain either uninsured or underinsured.
Exclusion clauses in Insurance Contract: Enforceability and Interpretation
The terms of the insurance contract require strict construction without eschewing or adding the words in the contract. However, insurers are exempted from any liability where the loss is attributable to an excluded peril specified in the exclusion clause or not mentioned in the covered causes/perils/risks/loss.
Risk Management 2.0 in the new Gen Z Milieu
I notice that the world has significantly changed over the last five years due to black swan events (like Covid-19), geopolitical upheavals affecting supply chains (like situation in Middle east and Eastern Europe) and tech advances (like Al, robotics) have reshaped the risk landscape. Risk professionals must now adapt faster than ever to navigate these disruptions to ensure business resilience.
International News
Growing demand in Europe: Munich Re remains disciplined while further expanding
Life Insurance News
About 7 crore people have subscribed to the Atal Pension Yojana (APY) whose corpus has swelled to Rs 35,149 crore, Finance Minister Nirmala Sitharaman said.
