Explain the difference between co-insurance and reinsurance, Other Subject

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Question 1:

List the major areas of risk and uncertainty facing a general insurer.

Question 2:

a) Explain the difference between co-insurance and reinsurance

b) Airports Ltd is looking to insure its portfolio of Rs10bn. Its broker has proposed two options:

Option 1: Airports Ltd co-insures the risk with insurers A & B, each taking 50%. The insurers each have a quota share reinsurance arrangement where they cede 25% of each risk.

Option 2: Airports Ltd insures 100% of the risk with insurer C. The insurer has a 50/50 quota share reinsurance agreement with its reinsurer.

Assuming the reinsurer of all three companies fail to pay their share of the reinsurance recoveries, how much would each of insurer A, B and C be liable in the event of a claim of Rs 1bn?

Question 3:

State the reasons why a general insurer would analyse its claims data

Question 4:

Describe the consequences for a general insurance company of setting inappropriate levels of technical reserves.

Question 5:

List the FSC requirements with which general insurance companies must comply and explain how each serves to protect policyholders and the industry at large.


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