RGA has created this glossary with terms and their definitions to guide our visitors through the complex world of reinsurance. Any questions? Contact us. A type of reinsurance contract under which the transferring company retains the assets in respect of all reinsured policies, sets and also retains the overall reserves for the policies, thus creating an obligation to pay the reinsurer at a later date. These payments include a proportionate share of the gross premium, plus a return on investment. A form of reinsurance in which the transferring company shares with the reinsurer its premiums, death rights, redemptions, dividends and policy loans and the reinsurer pays compensation to reimburse part of its costs to the transferring company. The amount to be recognised as a liability in the conclusion of an insurer or reinsurer, in order to meet future obligations arising from contracts and overdue contracts. Hedge technical liabilities in foreign currencies with corresponding investments in the same currency in order to avoid exchange rate risks. in general, the actuarial risk that a person on whoever died a benefit would live for less time than expected. From the point of view of a (retro) insurer, it is the risk that the mortality experience observed in an underlying portfolio differs from what has been calculated until now on the basis of actuarial assumptions. the valuation of financial instruments to reflect current market value or fair value.
A process that uses algorithms and statistics that use current or historical facts to make predictions about future events or behaviors. The annual budget for major damage is determined on the basis of modelling of natural hazards and net human-caused damage to more than €10 million. . damages of particular importance to the direct insurer or reinsurer because of the amount; it is defined as material damage on the basis of a fixed amount or other criteria (for Hanover Rück, more than EUR 10 million gross). . . . .