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?
Which sector does the distribution of gross insurance premiums primarily reflect?
Which sector does the distribution of gross insurance premiums primarily reflect?
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?
How is the financial landscape of the reinsurance market assessed in Vietnam?
How is the financial landscape of the reinsurance market assessed in Vietnam?
Signup and view all the answers
What is primarily analyzed in the retention rate data for FY 2022?
What is primarily analyzed in the retention rate data for FY 2022?
Signup and view all the answers
Who introduced old age pensions and accident insurance in Germany?
Who introduced old age pensions and accident insurance in Germany?
Signup and view all the answers
When was the Cologne Reinsurance Company established?
When was the Cologne Reinsurance Company established?
Signup and view all the answers
What was the first American reinsurance company?
What was the first American reinsurance company?
Signup and view all the answers
What significant event led to the establishment of the Cologne Reinsurance Company?
What significant event led to the establishment of the Cologne Reinsurance Company?
Signup and view all the answers
In what year did a notable reinsurance contract occur, involving Guilano Grillo?
In what year did a notable reinsurance contract occur, involving Guilano Grillo?
Signup and view all the answers
How did Guilano Grillo manage the risk for the ship's voyage?
How did Guilano Grillo manage the risk for the ship's voyage?
Signup and view all the answers
What is one of the earliest forms of reinsurance mentioned?
What is one of the earliest forms of reinsurance mentioned?
Signup and view all the answers
Which company was established following a major fire in Glarus?
Which company was established following a major fire in Glarus?
Signup and view all the answers
What was the total capital increased to on 20/7/2023?
What was the total capital increased to on 20/7/2023?
Signup and view all the answers
What was the revenue and total assets of the company in 2013?
What was the revenue and total assets of the company in 2013?
Signup and view all the answers
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?
Signup and view all the answers
Who holds the largest share in the company's equity structure?
Who holds the largest share in the company's equity structure?
Signup and view all the answers
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?
Signup and view all the answers
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?
Signup and view all the answers
What was the company's profit after tax in 2013?
What was the company's profit after tax in 2013?
Signup and view all the answers
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?
Signup and view all the answers
What significant event led to the establishment of the Swiss Reinsurance Company?
What significant event led to the establishment of the Swiss Reinsurance Company?
Signup and view all the answers
In what year did the practice of retrocession begin?
In what year did the practice of retrocession begin?
Signup and view all the answers
Which organization was the first to transfer fire business to 'Riunione Adriatica'?
Which organization was the first to transfer fire business to 'Riunione Adriatica'?
Signup and view all the answers
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?
Signup and view all the answers
When did Bảo Việt dominate the reinsurance market in Vietnam?
When did Bảo Việt dominate the reinsurance market in Vietnam?
Signup and view all the answers
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?
Signup and view all the answers
Which company became a strategic shareholder of PVI Re in 2008?
Which company became a strategic shareholder of PVI Re in 2008?
Signup and view all the answers
What significant change took place at PVI Re in October 2013?
What significant change took place at PVI Re in October 2013?
Signup and view all the answers
What is the primary purpose of a reinsurance agreement?
What is the primary purpose of a reinsurance agreement?
Signup and view all the answers
Which of the following is NOT a key feature of reinsurance?
Which of the following is NOT a key feature of reinsurance?
Signup and view all the answers
What does the ceding company do in a reinsurance contract?
What does the ceding company do in a reinsurance contract?
Signup and view all the answers
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?
Signup and view all the answers
What is meant by a 'cut through' clause in a reinsurance contract?
What is meant by a 'cut through' clause in a reinsurance contract?
Signup and view all the answers
What does a reinsurer do in a reinsurance agreement?
What does a reinsurer do in a reinsurance agreement?
Signup and view all the answers
Which of the following best describes reinsurance?
Which of the following best describes reinsurance?
Signup and view all the answers
Which statement is incorrect regarding the reinsurance process?
Which statement is incorrect regarding the reinsurance process?
Signup and view all the answers
What does the term 'cession' refer to in the context of reinsurance?
What does the term 'cession' refer to in the context of reinsurance?
Signup and view all the answers
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?
Signup and view all the answers
What is the primary function of a reinsurance enterprise?
What is the primary function of a reinsurance enterprise?
Signup and view all the answers
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?
Signup and view all the answers
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?
Signup and view all the answers
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?
Signup and view all the answers
Under what condition can an insurer engage in reinsurance activities?
Under what condition can an insurer engage in reinsurance activities?
Signup and view all the answers
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?
Signup and view all the answers
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?
Signup and view all the answers
What do reinsurance enterprises primarily engage in?
What do reinsurance enterprises primarily engage in?
Signup and view all the answers
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.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Related Documents
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.
