Friday 8 June 2012

Part II: How Insurance Company in the U.S Choose a Reinsurance Company

This post is related to " How Insurance Company in the U.S Choose a Reinsurance Company"

Of particular interest is the six of the top fifteen factors closely associated with interpersonal relationships, proving that when the market is already have a very complex interpersonal relationships remains an important factor because company's ranking in the U.S. is very important because it will affect the position of the enterprise in the capital markets which will lead to financial performance.

The sixth factor relates to whether the underwriters of the reinsurance company has sufficient authority or is it still too often to seek approval from his superiors.

The order of the sixteenth to thirty are factors about the ability of a reinsurance company to produce products that may be required by the insurance company. This includes innovative new programs (no. 17) and provide solutions that are not common (no. 24).

On the role of the reinsurance broker, there is only 19% of insurance companies will always use a broker in placing their reinsurance, 25% would rather do it myself and it turned out almost 30% of insurance companies in the U.S. do not have a preference whether to always use a broker or not getting anything at all for their business.

Amid conditions where reinsurance brokers merged and consolidated, they showed increased role in the American market. But an increasing number of reinsurance premium is not channeled through the broker lacks the increasing role of brokers as providers advises to insurance companies. More insurance companies require broker reinsurance market because they know very well, not because of their ability to give advice on how to run an insurance company (one of the functions is a trend of brokers in the USA).

One of the most desirable condition by insurance companies in the United States is a condition in which a reinsurance company willing and able to understand the philosophy of underwriting, claims and goals of their company.And this may be acquired if the approach taken by the re-insurer conducted in a approach as a valuable partner and not as a seller and a buyer.