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It is possible to state that the development of non-proportional reinsurance has been really beneficial for insurance companies. Proportional reinsurance does not provide sufficient protection against catastrophic events to be obtained by XL protection. Simultaneously, prices of the protection in question are remarkably lower and allow companies for better and more effective portfolio management. However, it is extremely important to adjust capacities of non-proportional treaties to the actual needs of ceding companies and such adjustment has to be adequate. Only then, it is possible to count on security and financial stability provided in case of natural disaster that results in large losses in property insured. However, it is not easy to determine prices of non-proportional catastrophic protection to make it adequate to liability borne by a reinsurer. To achieve such a goal, many tools are used including models that are applied to assess actual exposure to risk by means of historical data collected. Such models also take into account specific nature of different natural phenomena and other factors that might affect the size of potential losses. In the longer time perspective prices of CAT XL reinsurance are subject to cyclical fluctuations that result from variability of a number of occurrences and their severity observed, and different investors' attitudes on capital markets. Taking the above factors into account, non-proportional reinsurance is one of the most effective methods of protecting insurance companies against effects of natural disasters. (fragment of text)
Rocznik
Strony
337--348
Opis fizyczny
Twórcy
autor
- Polish Reinsurance Company
Bibliografia
- Dacey M.S.: Reinsurance. LAM, Warszawa 1995.
- Montalbetti E.: Reasekuracja. PWE, Warszawa 1970.
Typ dokumentu
Bibliografia
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