Podcast
Questions and Answers
What significant financial metric is demonstrated by the retention rate in the reinsurance market?
What significant financial metric is demonstrated by the retention rate in the reinsurance market?
- The total amount of premiums paid
- The number of policies issued
- The total claims paid out
- The proportion of risk retained by insurers (correct)
Which sector does the distribution of gross insurance premiums primarily reflect?
Which sector does the distribution of gross insurance premiums primarily reflect?
- The global insurance market
- The health insurance sector
- Lines of business within Vietnam's insurance market (correct)
- Reinsurance pricing strategies
What type of data is central to understanding Vietnam's reinsurance market performance in FY 2022?
What type of data is central to understanding Vietnam's reinsurance market performance in FY 2022?
- Distribution of net retained premiums (correct)
- Historical trends in global reinsurance
- Retention rates across different companies
- Consumer satisfaction with insurance services
How is the financial landscape of the reinsurance market assessed in Vietnam?
How is the financial landscape of the reinsurance market assessed in Vietnam?
What is primarily analyzed in the retention rate data for FY 2022?
What is primarily analyzed in the retention rate data for FY 2022?
Who introduced old age pensions and accident insurance in Germany?
Who introduced old age pensions and accident insurance in Germany?
When was the Cologne Reinsurance Company established?
When was the Cologne Reinsurance Company established?
What was the first American reinsurance company?
What was the first American reinsurance company?
What significant event led to the establishment of the Cologne Reinsurance Company?
What significant event led to the establishment of the Cologne Reinsurance Company?
In what year did a notable reinsurance contract occur, involving Guilano Grillo?
In what year did a notable reinsurance contract occur, involving Guilano Grillo?
How did Guilano Grillo manage the risk for the ship's voyage?
How did Guilano Grillo manage the risk for the ship's voyage?
What is one of the earliest forms of reinsurance mentioned?
What is one of the earliest forms of reinsurance mentioned?
Which company was established following a major fire in Glarus?
Which company was established following a major fire in Glarus?
What was the total capital increased to on 20/7/2023?
What was the total capital increased to on 20/7/2023?
What was the revenue and total assets of the company in 2013?
What was the revenue and total assets of the company in 2013?
What was the financial capability rating of A.M Best in relation to the company?
What was the financial capability rating of A.M Best in relation to the company?
Who holds the largest share in the company's equity structure?
Who holds the largest share in the company's equity structure?
On what date did PVI increase its charter capital to 728 billion VND?
On what date did PVI increase its charter capital to 728 billion VND?
When did the company receive the approval certificate for its name change to Hanoi Re?
When did the company receive the approval certificate for its name change to Hanoi Re?
What was the company's profit after tax in 2013?
What was the company's profit after tax in 2013?
What percentage of shares is held by 12 insurance companies in the equity structure?
What percentage of shares is held by 12 insurance companies in the equity structure?
What significant event led to the establishment of the Swiss Reinsurance Company?
What significant event led to the establishment of the Swiss Reinsurance Company?
In what year did the practice of retrocession begin?
In what year did the practice of retrocession begin?
Which organization was the first to transfer fire business to 'Riunione Adriatica'?
Which organization was the first to transfer fire business to 'Riunione Adriatica'?
What was the initial capital of PVI Re when it was established in July 2011?
What was the initial capital of PVI Re when it was established in July 2011?
When did Bảo Việt dominate the reinsurance market in Vietnam?
When did Bảo Việt dominate the reinsurance market in Vietnam?
What year did PVI Re become the first Vietnamese reinsurer rated by A.M. Best?
What year did PVI Re become the first Vietnamese reinsurer rated by A.M. Best?
Which company became a strategic shareholder of PVI Re in 2008?
Which company became a strategic shareholder of PVI Re in 2008?
What significant change took place at PVI Re in October 2013?
What significant change took place at PVI Re in October 2013?
What is the primary purpose of a reinsurance agreement?
What is the primary purpose of a reinsurance agreement?
Which of the following is NOT a key feature of reinsurance?
Which of the following is NOT a key feature of reinsurance?
What does the ceding company do in a reinsurance contract?
What does the ceding company do in a reinsurance contract?
What is true about the content of a reinsurance contract compared to the original insurance contract?
What is true about the content of a reinsurance contract compared to the original insurance contract?
What is meant by a 'cut through' clause in a reinsurance contract?
What is meant by a 'cut through' clause in a reinsurance contract?
What does a reinsurer do in a reinsurance agreement?
What does a reinsurer do in a reinsurance agreement?
Which of the following best describes reinsurance?
Which of the following best describes reinsurance?
Which statement is incorrect regarding the reinsurance process?
Which statement is incorrect regarding the reinsurance process?
What does the term 'cession' refer to in the context of reinsurance?
What does the term 'cession' refer to in the context of reinsurance?
Which statement accurately describes the activities involved in reinsurance according to the Law on Insurance Business?
Which statement accurately describes the activities involved in reinsurance according to the Law on Insurance Business?
What is the primary function of a reinsurance enterprise?
What is the primary function of a reinsurance enterprise?
According to the Law on Insurance Business, what is a characteristic of insurance enterprises?
According to the Law on Insurance Business, what is a characteristic of insurance enterprises?
What distinguishes the reinsurance business as defined in the Law on Insurance Business?
What distinguishes the reinsurance business as defined in the Law on Insurance Business?
What change is noted in the Law on Insurance Business from 2000 to 2022 regarding insurance enterprises?
What change is noted in the Law on Insurance Business from 2000 to 2022 regarding insurance enterprises?
Under what condition can an insurer engage in reinsurance activities?
Under what condition can an insurer engage in reinsurance activities?
In the context of reinsurance, which entity can an insurance business transfer its liability to?
In the context of reinsurance, which entity can an insurance business transfer its liability to?
What is one key requirement for an insurance enterprise to conduct insurance and reinsurance activities?
What is one key requirement for an insurance enterprise to conduct insurance and reinsurance activities?
What do reinsurance enterprises primarily engage in?
What do reinsurance enterprises primarily engage in?
Flashcards
Reinsurance
Reinsurance
The process of transferring risk from the original insurer (ceding company) to another insurer (reinsurer). The reinsurer agrees to cover a portion or all of the potential losses.
Ceding Company (Reinsured)
Ceding Company (Reinsured)
The original insurer who transfers a portion of their risk to a reinsurer.
Reinsurer
Reinsurer
The insurer who accepts the transferred risk from the ceding company.
Reinsurance Premium
Reinsurance Premium
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Reinsurance Commission
Reinsurance Commission
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Reinsurance Contract
Reinsurance Contract
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Cut-Through Clause
Cut-Through Clause
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Full Coverage Reinsurance
Full Coverage Reinsurance
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Cologne Reinsurance Company
Cologne Reinsurance Company
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Munich Reinsurance Company
Munich Reinsurance Company
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Reinsurance Company of America
Reinsurance Company of America
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Schweizerische Ruckversicherungsgesellschaft (Swiss Reinsurance Company)
Schweizerische Ruckversicherungsgesellschaft (Swiss Reinsurance Company)
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Reinsurance Transfer
Reinsurance Transfer
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1370: Early Reinsurance
1370: Early Reinsurance
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Retention Rate
Retention Rate
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Distribution of Gross Insurance Premiums
Distribution of Gross Insurance Premiums
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Distribution of Net Retained Premiums
Distribution of Net Retained Premiums
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Annual Report of Vietnam Insurance Market
Annual Report of Vietnam Insurance Market
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Ceding Company
Ceding Company
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Swiss Reinsurance Company
Swiss Reinsurance Company
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Retrocession
Retrocession
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Early Retrocession Example
Early Retrocession Example
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Reinsurance Performance
Reinsurance Performance
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Vietnam's Early Reinsurance Market
Vietnam's Early Reinsurance Market
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Gross Premiums
Gross Premiums
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VINARE
VINARE
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Net Retained Premiums
Net Retained Premiums
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Reinsurance Market
Reinsurance Market
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PVIRE
PVIRE
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VINARE-Swiss Re Partnership
VINARE-Swiss Re Partnership
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Vietnamese Reinsurance Growth
Vietnamese Reinsurance Growth
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Cession
Cession
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Insurance Enterprise
Insurance Enterprise
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Reinsurance Pool
Reinsurance Pool
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Facultative Reinsurance
Facultative Reinsurance
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Treaty Reinsurance
Treaty Reinsurance
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Study Notes
Reinsurance Market and Services
- The presentation is about the reinsurance market and services.
- The lecturer is Nguyễn Tiến Hưng MBA.
- The email for the lecturer is [email protected].
Overview of Reinsurance
- Module 1 is an overview of reinsurance.
- It covers definitions, history, and regulations.
Definitions of Reinsurance
- Reinsurance is a new assurance, performed by a new policy, on the same risk.
- It aims to indemnify original insurers.
- Both policies are in existence simultaneously.
- A simple definition is an insurer (reinsurer) accepting all or part of another insurer's (ceding company) risk.
Key Features of Reinsurance
- Reinsurance creates a new contract.
- It doesn't change the original insurance contract's validity or contents.
- The ceding company can cede all or part of their liability.
- The reinsurance contract does not establish legal liability between the insured and reinsurer. (exceptions apply)
History of Insurance & Reinsurance
- Early examples of insurance concepts date back to the Code of Hammurabi (1754 BCE).
- The concept of "general average" was developed in Rhodes in the first millennium BCE.
- Ideas of cooperation and guilds were found in Roman societal structures.
- The Great Fire of London (1666) spurred the development of insurance companies in the UK.
- Lloyd's, established in 1688, is a prominent example.
- Notable figures like Benjamin Franklin established early insurance companies in America.
- Insurance concepts and practices evolved gradually across various regions and historical periods. Early reinsurance companies also emerged, like the Cologne Reinsurance Company (established in 1843), driven by practical necessity related to large-scale risks.
Vietnam's Reinsurance Market
- The Vietnamese reinsurance market, including VINARE (Vietnam National Reinsurance Company) and PVIRE (PVI Reinsurance JSC), has grown from the 1990s.
- Performance data, such as written premium income, reinsurance premiums, and net retained premiums, are provided for years between 2018-2022.
- Different lines of business within the insurance sector are presented, alongside their corresponding premium figures. This provides insights into the makeup and distribution of the insurance market in Vietnam.
- Retention rates vary by line of business (e.g., Guarantee Insurance, Agriculture insurance, Automobile insurance etc...).
Regulations on Reinsurance
- Laws like the Law on Insurance Business (2000 & 2022) regulate insurance & reinsurance practices.
- They cover definitions of reinsurance business, permissible activities, and legal responsibilities of entities involved.
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Description
This quiz covers the fundamentals of the reinsurance market and its associated services. It explores key definitions, historical context, and regulations that govern reinsurance practices. Understanding these elements is crucial for anyone interested in the insurance industry.
