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Reinsurance averts complete disaster by spreading the insurance risk aroundBy Lisa Maloney In general, reinsurance is understood as insurance for insurance companies. In networks that can span states, nations or even the globe, reinsurers help distribute the risk and damage from catastrophic events, like riots or natural disasters, in manageable increments.
Sure, it's easy to pass reinsurance off as something only the big insurance companies need to worry about. Nevertheless, does your company have a financial risk management plan in place? Are you self-insured for worker's compensation? Is your worker's compensation provider adequately reinsured? The following information will help you to evaluate your need for, and then secure, reinsurance providers.
1. Educate yourself and your employees about reinsurance solutions and requirements.
2. Check for statewide or nationwide reinsurance associations in your area of business.
3. Access reinsurance services, if necessary, through a third party.
Educate yourself--and your employees--with the latest reinsurance information
If you're new to the insurance industry, or dealing with employees who are, you should get you or them up to speed as quickly as possible. Reinsurance is a crucial element of distributing risk. Professional associations are your best bet for getting business leads, contacts and a quick education all at the same time.
Try:
The Reinsurance Association of America educates and lobbies within the government and other professional organizations; it's rich in resources for educating employees about reinsurance companies and services. Libraries and Directories also offers a number of resources for self-education, leads for other educational opportunities and key elements for evaluating your company's risk profile.
Find reinsurance providers near you
You may find a number of statewide reinsurance organizations organized as a result of the FAIR (Fair Access to Insurance Requirements) Plans, enacted to provide insurance where it might otherwise be too costly or impractical to implement. However, reinsurance organizations also form around particular industry sectors (such as Health or Workers' Compensation). These groups help enormously in narrowing down the search for useful providers.
Try:
If you own a home or commercial property in Rhode Island, you probably deal with the Rhode Island Joint Reinsurance Association. The Workers' Compensation Reinsurance Association works with reinsurance workers' compensation insurers and self-insured employers within the state of Minnesota.
Consult with insurance risk management professionals
With volatile, complex market mechanisms in place, sometimes it's best to let the experts handle it. If your insurance/reinsurance division needs a little boost, or if you find yourself in need of third-party advice, reinsurance brokers offer easy access to reinsurance options while reinsurance consultants give you objective business advice.
Try:
The U.S. RE Corporation is a reinsurance broker with a global client list. Their areas of expertise include aviation, commercial auto and business insurance. Aon Benfield is a reinsurance consultant that can help with contract working, claims, market security and technical accounting.
- If you're having trouble choosing between reinsurance providers, consider asking for a list of past clients or client testimonials as evidence of successful service provided.
Provides innovative solutions to help clients mitigate complex or difficult-to-address risks.
http://www.aigriskfinance.com/
American United Life Insurance Company
Offers pension, group, and reinsurance programs and is headquartered in Indianapolis, Indiana.
Portal for features, news, events and links on alternative risk transfer.
http://www.artemis.bm/artemis.htm
Underwriting company specializing in marine insurance and reinsurance.
Division of AXA Group that provides corporate customers with complete insurance risk management and reinsurance products and services.
http://www.axa-corporatesolutions.com/
Subsidiary of AXA Group that offers life and pension services, healthcare services, general insurance, and asset management to UK clients.
a managed health care company that handles quality assurance, utilization management, claims adjudication, encounter reporting, financial and solvency reporting, physician and provider contracting, reinsurance issues, and risk model management.
http://members.aol.com/cccbillg/cccindex.html
Internet-based, business-to-business exchange for insurance, reinsurance and risk management. Licensed by the New York Insurance Department as a reinsurance intermediary that acts in a neutral capacity.
Provider of insurance and risk management services for businesses, industry groups, trade associations, not-for-profit organizations.
Provider of property and casualty reinsurance in treaty, facultative and specialty lines.
http://www.everestregroup.com/
Provider of underwriting and risk management services for insurance companies.
Global reinsurance intermediary that advises insurance and reinsurance companies on the complex issue of risk management.
Hannover Reinsurance Group of Africa
Provider of insurance risk management services and developer of new reinsurance products.
Specialist in providing commercial catastrophe insurance coverage to small businesses located in catastrophe-exposed regions of the US.
http://www.icatmanagers.com/index.cfm
Traditional reinsurance expertise includes managing quota share and excess-capacity risks for life and financial services companies.
http://www.ing-re.com/index.html
Developer of custom-tailored risk management offerings for insurance companies.
Risk solutions. Lloyd's syndicates underwrite both direct and re-insurance risks around the world.
Underwrites both direct and re-insurance risks around the world including marine, aviation, catastrophe cover and professional indemnity insurance.
http://www.lloydsoflondon.co.uk/
With headquarters in London, Ontario, Canada, LRG provides life, property and casualty, accident and health, and annuity reinsurance products.
With headquarters in London, Ontario, Canada, LRG provides life, property and casualty, accident and health, and annuity reinsurance products.
Headquartered in Princeton, New Jersey. Provides treaty and facultative reinsurance to insurers and self-insureds and custom financial risk management products.
http://www.munichreamerica.com/
Republic Western Insurance Company
Provider of specialty insurance for personal, commercial and reinsurance markets. Specializing in regional and underserved customers through managing general agents (MGAs), independent agents and brokers.
Specializes in the design, development and implementation of health and accident reinsurance programs for emerging insurance markets worldwide.
Provider of a wide variety of risk transfer coverages to corporations, insurers and reinsurers, with a focus on customized finite reinsurance.
Provider of reinsurance broking and risk transfer consulting services.
World marketplace engineered to provide far-reaching insurance and financial risk management alternatives, regulatory advantages, and efficiencies to investors, clients and brokers.
Zurich Reinsurance (North America), Inc.
Headquartered in New York City. Website offers online claims management department and facultative reinsurance quotes.
Tips & Advice to help you make your decision on Reinsurance
Reinsurance is commonly known as insurance for corporations or companies. When catastrophic events or natural disasters occur, the reinsurers will help distribute in a manageable way.
When thinking of this type of insurance, most think it is something only a big cooperation or company needs to acquire. There are some things to consider when deciding if your company may need reinsurance. One of things to consider is does your company currently have a financial risk management plan. Does your insurance plan include workers compensation? If you do have workers compensation included is the provider reinsured? The information below will allow you to decide if you should secure ... more
Reinsurance is commonly known as insurance for corporations or companies. When catastrophic events or natural disasters occur, the reinsurers will help distribute in a manageable way.
When thinking of this type of insurance, most think it is something only a big cooperation or company needs to acquire. There are some things to consider when deciding if your company may need reinsurance. One of things to consider is does your company currently have a financial risk management plan. Does your insurance plan include workers compensation? If you do have workers compensation included is the provider reinsured? The information below will allow you to decide if you should secure reinsurance providers.
Make sure that everyone including your employees is educated about reinsurance requirements. Also be sure to check both state wide and nationwide for reinsurance companies in you area. A third party may also be a great asset in accessing reinsurance services.
As a business owner it is best that you educate yourself and all of your employees on reinsurance information as it is a crucial element of preventing risk. To get wonderful information and also contacts and business leads go through the Professional associations. Another great resource is the Fair Access to Insurance Requirements where they provide affordable insurance that otherwise might be too costly. Business.com is a resource for businesses to learn more about reinsurance. To learn more please see our links to the left.
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