March 2019
Intermediate to advanced
440 pages
16h 10m
English
Content preview from Agricultural Risk Transfer
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CHAPTER 10Risk Transfer to Reinsurance Markets
10.1 INTRODUCTION
While the reinsurance industry remains the main form of risk transfer for insurers, capital markets are gaining in importance and provided 12% of the global reinsurance capacity in 2016, mainly through insurance-linked securities (Chapter 11). Reinsurance has a long tradition and is a fundamental pillar of the insurance supply chain. Reinsurance risk management, underwriting and pricing follow broadly the same concepts as are used for insurance risks (Chapter 2), but with the main difference that reinsurance typically covers peak risks on entire insurance portfolios. Agricultural risks are mainly reinsured through facultative covers (single risks), proportional treaties (quota shares and rarely surpluses) and nonproportional structures (stop-loss (SL) and rarely per risk/event excess of loss (XOL)). Agricultural reinsurance used to be provided by a few companies with dedicated specialists but has rapidly evolved and now most reinsurers underwrite some agricultural exposure. As with agricultural insurance, the fastest growth in agricultural reinsurance has occurred in emerging markets, particularly in Asia, driven by China and India.
This chapter provides a brief overview of the global reinsurance industry and agricultural reinsurance. The main concepts of reinsurance and reinsurance forms are then discussed, with a focus on agricultural risks. The chapter also introduces the key methodologies to price facultative ...
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