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What factors are considered by insurance companies when choosing a reinsurance program? |
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Answer
Generally speaking, the following factors are considered imporant among insurers when considering potential reinsurance partners; (i) the financial security/solvency of the reinsurer, (ii) the third-party rating of the reinsurer, (iii) the reinsurer's reputation and history of willingness to pay claims in a complete and timely fashion, (iv) the reinsurer's reputation and history of willingness to resolve disputes in a fair, timely and cost-efficient manner, (v) the price (as measured in Rate-On-Line) of the reinsurance product, (vi) the breadth and potential cost of items excluded from coverage, (vii) the reinsurer's willingness to develop bespoke solutions for its client's risk management needs.
This is not meant to be an exhaustive list, and other factors may be considered as well.
First answer by ID3494628219. Last edit by Mcl321. Contributor trust: 19 [recommend contributor]. Question popularity: 8 [recommend question]
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