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Reinsurance
The insurance of insurers: proportional and non-proportional treaties, programme structures, retrocession, commissions, and the renewal vocabulary that paces the market.
172 termsAccess to records clauseAdjustment premiumAfrica Re (African Reinsurance Corporation)Aggregate excess of lossAlterations clauseAnnual aggregate deductibleAttachment pointAttribution scienceBack-to-back coverageBasis riskBulk annuity (buy-in and buy-out)Burning cost (and burning cost ratio)Caisse centrale de réassurance (CCR)Canterbury earthquakes (2010-2011)Capital reliefCaribbean Catastrophe Risk Insurance Facility (CCRIF)Cascading layerCash callCatastrophe bond (cat bond)Catastrophe reinsurance (Cat XL)Ceded loss ratioCeded lossesCeded premiumsCeding commissionCertified reinsurer (NAIC)Cession and retrocessionCession bordereauCession ratioCICA-RE (Joint Reinsurance Company of the CIMA Member States)Claims control clauseClaims cooperation clauseClash coverClean cutCo-reinsuranceCollateralized reinsurance and sidecarCommutationCompulsory cessionConcentration riskContract certaintyCRESTA zonesCurrency clause in reinsuranceCut-through clauseCyber event definition (reinsurance)Cyber reinsuranceDifference in Conditions (DIC)DiversificationDrop down clauseECO and XPL (extra-contractual obligations and excess of policy limits)Errors and omissions clauseEstimated premium incomeEU-US Covered Agreement on reinsurance (2017)Excess of loss treaty (XL)Experience accountExperience ratingExtended expiration clauseExtreme mortality bondFacultative and treaty reinsuranceFacultative obligatory treaty (fac-oblig)Facultative reinsuranceFinite risk reinsuranceFollow the fortunes and follow the settlementsFort McMurray wildfire (2016)FrontingFunds withheldHannover ReHealth reinsuranceHonorable engagement clauseHorizontal exhaustionHours clauseHurricane Andrew (1992)Hurricane Helene (2024)Hurricane Ida (2021)Hurricane Ike (2008)Hurricane Michael (2018) and trapped capitalHurricane Milton (2024)Hurricanes Harvey, Irma and Maria (2017)Hurricanes Rita and Wilma (2005)Index clauseInsolvency clauseInsurance-Linked Securities (ILS)Intermediary clauseInuring reinsuranceJuly 2021 floods (Storm Bernd)Kobe earthquake (1995)Lahaina fire (Maui, 2023)Layer exhaustionLayer limitLayeringLead reinsurerLegacy reinsuranceLetter of creditLong tailLongevity riskLongevity swapLoss corridorLoss on lineLoss participationLoss portfolio transfer (LPT)Loss ratio capLosses occurring basisMinimum and deposit premiumMorbidity riskMortality riskMulti-year treatyMunich ReNet loss ratioNet lossesNet premiumsNet retained lines clauseNorthridge earthquake (1994)Nuclear exclusion clause in reinsuranceOffset clauseOversubscriptionPakistan floods (2022)Parametric triggerParametric vs indemnity triggerPayback periodPension risk transfer (PRT)Per occurrence excess of lossPer risk excess of lossPiper Alpha (1988)Portfolio in and portfolio outProfit commissionProvisional commissionQuota shareRate on lineReinstatementReinsurance arbitration clauseReinsurance captiveReinsurance collateralReinsurance creditReinsurance layerReinsurance panelReinsurance sidecarReinsurance slipRetentionRetrocession spiralRetrospective rating planRetrospective reinsuranceRisk attaching basisRMS version 11 model change (2011)Run-offScheme of arrangementSCORService of suit clauseSliding scale commissionSolvency quota shareSpecial acceptanceSpecial termination clauseSpread loss coverStop-loss (aggregate excess of loss)Structured reinsuranceSubject premiumSubject premium baseSunset clauseSurplus share treatySwiss ReThailand floods (2011)Tōhoku earthquake and tsunami (2011)Top and drop coverTreaty accountTreaty novationTreaty reinsuranceTreaty underwriterTreaty wordingTürkiye and Syria earthquakes (2023)Ultimate net lossUnderwriting lineVertical exhaustionWenchuan earthquake (2008)Whole account protectionWorking layer vs catastrophe layer