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Reinsurance Claims
Euromoney Trading Ltd, June 2000, Pages: 600
The law of reinsurance claims has always been difficult to summarise.
Most reinsurance disputes are resolved short of arbitration or litigation and most disputes are arbitrated privately, and so the amount of public information on this topic is limited.
Reinsurance claims contains up-to-date commentary and legal cases, and is the first publication to offer a clear view of this elusive aspect of the law. Background to Reinsurance claimsReinsurance claims was written in the shadow of the tragedy of the World Trade Center on September 11, 2001.
Standard and Poor's ranks the September 11th events as the 'single greatest claims event for the insurance industry'. The strength of the major reinsurers and their ability to perform and raise capital was tested to the limit. Many smaller reinsurers were forced to withdraw from the reinsurance marketplace. Since September 11th, poor practices and procedures are no longer accepted and every reinsurance claim is subject to close scrutiny. Reinsurers and insurers alike are insisting on best practices and stressing performance.
Who should read this book?
Reinsurance claims is a user-friendly guide to best practice. It illustrates how best practice can reduce the number of contractual disputes arising from faulty reinsurance underwriting and claims practices.
This book is intended to assist insurers, reinsurers, intermediaries, vendors, suppliers, financial backers, raters, regulators and their advisors.
Issues addressed include:
- Asbestos, pollution, health hazard and other multi-year losses
- Class actions, run-away verdicts and punitive damage
- Financial guarantee and contingency losses
- Insolvency and the related estimations of future claims
- Under pricing and under reserving in the 1990s.
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