Reinsurance in the simplest of meaning simply means the “insurances” that insurance companies buy to cover their insurance business portfolio. Main reasons are to ensure large event losses and large single losses are also covered, insurer would have a much higher capacity to underwrite large risks, and enhance the risk spreading mechanism…..
Pardon my ignorance! But seriously…. very few practitioners actually knew about a major change having made to the section 140(1) of Malaysian Insurance Act 1996 back in March 2009. Let’s revisit relevant subsections of section 140 of the Insurance Act prior to 31st March 2009: Section 140 Insurance Act 1996 – Insurance of property...
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1st May 2010 morning did provide some heart-troubling scenes for those who were within the Golden Triangle location to witness. Morons made moronic decision – just because those pilots were senior and experienced crew, with each having clocked over 10,000 flying hours, it was alright to have the Boeing 747 – 400 gliding through some...
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During today’s drinking session, my reinsurer friend lamented to me as to how stupid those practitioners (the insurer perspectives) from the past could have been, for having accepted a share of the Permanent Loss of Licence (LOL), and worst…… they accepted a Quota-Share (QS) version! A Permanent Loss of Licence QS that runs into...
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TRYING A HAND ON MICRO-BLOGGING… In an Aviation meeting yesterday, we drifted into a question of an emergency landing situation where the pilot of an ATR plane did a forced landing onto a nearby island runway. After the successful landing and the plane’s troubled engine having been repaired, it was discovered the runway is...
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It is not uncommon for (re)insurers to accept a share of any facultative placement by attaching their written share with some subjectivity…. You may want to call them “administrative booby-traps” – they are, factly depending on how those wordings were being written! Depending on the case as to who is the stronger of the...
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It is not uncommon nowadays for the conventional Non-Life insurers to trade facultatively (reinsurance) with our brother in trade, the (Re)Takaful Operators. It is also not uncommon either to see our brethen inserting subjectivity in the guise of RETAKAFUL CLAUSE when accepting a share of our facultative reinsurance placement. The (Re)Takaful boys usually cite...
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FM stands for Factory Mutual - basically FM is a mutual insurance company with headquarter in Johnston, R.I., US. Globally, FM is known as FM Global, to some, it’s FMG. I have came across the FM Global’s Industrial All Risks’ (IAR) wordings (the Large & Specialised Risks’ (LSR) version) throughout the last three years,...
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CAPITAL and REINSURANCE, what to write for layman in a freestyle blogging competition? Insurance companies are risks carriers – they take the risks belonging to the Insureds into their books of business in exchange for a small token. The business of taking other peoples’ risks is not something easy to manage – simply because...
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If you are requested to write this assignment in no less than 3,000 words, this is actually a luxury rather than a pain in the ass! I remembered when doing my assignments for my MBA two years ago, the university insisted that we cannot write with more than 1,500 words! Wow! I thought this...
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Yesterday’s negotiation seeking the amendments of the “Wet Risks” exclusion wordings draw a flak with the lead reinsurers not giving way…. My intention was basically to get them to agree to the characteristics of wet risks which I have outlined in my blog of date 29 August 2009 – reiterating here in the following...
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