Reinsurance Brokers Research Articles

Development Trends of Insurance and Reinsurance Brokers in Georgia

Insurance is a very common and effective tool for managing financial risks. It also assumes the transfer of the risk in full or in part, but in this case the risk is transferred to the insurance company. Let's remember that insurance is one of the financial instruments of risk management, and not the only one. At the same time, it should be noted that insurance is a non-permanent instrument, and it cannot be used for all risks and in all risky situations. There are quite frequent cases when insurance is used together with other risk management tools, that is, it is part of the risk management program. Чачастую рашовые компании themselves require the client to reduce the existing primary risks with the help of physical instruments before signing the insurance contract. For example, in agriculture, it is completely unacceptable to manage risks there only by means of insurance. the first Keywords: insurance broker, insurance mediator, insurance product, sales channel, independent agent.

Strategi Bauran Humas dalam Membangun Citra Positif Asosiasi Perusahaan Pialang Asuransi dan Reasuransi Indonesia

The decline in insurance penetration levels in recent years has been caused by the increasing number of cases of default by life insurance companies, as well as the revocation of business licenses for the insurance broker industry by the Financial Services Authority (OJK), which has resulted in lower interest among the insurance community. This incident became an obstacle for the Association of Indonesian Insurance and Reinsurance Broker Companies (APPARINDO) in carrying out a public relations strategy to build a positive image. This research aims to find out what public relations strategies are used by APPARINDO in building a positive image of the company, and what challenges are faced when implementing the public relations strategy. The method used in this research is a qualitative descriptive method by collecting primary data through interviews from selected informants and secondary data, namely the results of documentation and direct observation. The informants in this research were the Secretariat General of APPARINDO, the Department of Public Relations and Promotion, and the Head of the Secretariat. The results show that APPARINDO implements the public relations mix strategy or PENCILS developed by Thomas L. Harris. The strategies implemented include Publications, Events, News, Community Engagement, Lobbying and Negotiations, and Social Responsibility.

Analisis Pialang Asuransi dan Reasuransi Dalam Perkembangan Digitalisasi di Tengah Persaingan Teknologi

Abstract: An insurance broker is an insurance company supporting company that has a role as a consulting service or intermediary that complements insurance or Sharia insurance and processes claims by acting on behalf of policyholders, insured, or participants, while the Reinsurance Brokers play a role for the benefit of insurance companies. The progress in economic digitalization encourages the insurance brokerage industry to adapt with the insurance companies to compete and develop innovations in the digital era. This study aims to determine the analysis of insurance and reinsurance brokers in the development of digitalization in the midst of technological competition by taking samples at PT. PAIB Indonesia. This type of research is a field case study research with a descriptive qualitative approach. Data collection was done by interview, observation, and documentation. Primary data sources in this study came from interviews with Mr. Dandi Yudhistira B.Comm., Anziif (Snr Assoc) CIP as director at PT. PAIB Indonesia. In addition, the primary data in this study came from secondary data in this study came from books, several journals, the company's official website, and other digital media. Based on the results of an analysis that has been done, it is known that the insurance brokerage company PT. PAIB Indonesia in the face of current digital developments, the company always tries to provide opportunities for its employees to provide the regular training which relevant with APPARI and will be applied in the company in its operations. In facing the current digital development, PT. PAIB Indonesia does not waste opportunities in the use of technology, companies utilize technology by providing internet services to the public through digital platforms.

Analisis Pestel Dan SWOT Sebagai Dasar Perumusan Strategi Pada PT. Asrinda Arthasangga Reinsurance Brokers

Reinsurance brokerage business is a consulting and/or intermediary service business in placing reinsurance or sharia reinsurance placement and handling claims settlement by acting for and on behalf of insurance companies, sharia insurance companies, guarantee companies, sharia guarantee companies, reinsurance companies, or sharia reinsurance companies that place reinsurance or sharia reinsurance. This study aims to determine what are the external and internal environmental factors of the company at PT. Asrinda Arthasangga Reinsurance Brokers, then carried out an analysis of these factors using PESTEL and SWOT analysis as a basis for formulating a strategy that will be used by the company so that it is more advanced and developed so that the vision, mission and goals of the company are achieved. This study uses a qualitative method using the research object is PESTEL and SWOT analysis and the research subject is PT. Asrinda Arthasangga Reinsurance Brokers. The results of research using PESTEL and SWOT analysis show that PT. Asrinda Arthasangga Reinsurance Brokers is in quadrant 1 or the position of growth and development (growth). The strategy that must be implemented is a strategy that supports an aggressive growth policy. PT. Asrinda Arthasangga Reinsurance Brokers formulates both short term and long term strategic plans. The short-term strategy is in the form of a functional strategy which is a short-term activity within the company that must be developed by each function area of the company to implement corporate strategy and business strategy in each department or section.

"Good Practices in Brokerage Activity" – Selected Dilemmas

The article examines the publication "Good Practices in Brokerage Activity" published in 2021 by the Association of Polish Insurance and Reinsurance Brokers. The project aims to update good practices in the brokerage activity (hereinafter: Good Practices) and should be considered a positive initiative, because the existing Broker's Code of Ethics which was adopted on 23 May 2013 as well as the Principles of Good Practices and Cooperation of Insurance Brokers and Insurance Companies published in 2000 do not solve all problems which the market is currently facing. In addition, brokerage activity has been scarcely regulated under private law. Given the above, established customs and principles of social coexistence are particularly important for brokerage services in connection with Article 56, Article 65 § 1 and Article 354 of the Polish Civil Code. Not only do the draft Good Practices refer to the conduct of brokers, but they also contain a number of standards of conduct meant for insurance companies. As a result, this document ought to be acknowledged by insurance undertakings (their professional associations). On the other hand, it should be emphasized that Good Practices will not be binding on brokers who are not members of the Association of Polish Insurance and Reinsurance Brokers. Although Good Practices contain a lot of recommendations that deserve an unequivocally positive assessment, there are some provisions therein that may provoke controversies. The purpose of the article is to draw attention to the provisions which may require further work and discussion.

Obligations of Insurance Broker as Insurance Distributor

The Insurance Distribution Act introduced a wide variety of notions and imposed a number of new statutory obligations, in particular, the definitions of insurance distribution and insurance distributor. The aim of the article is to present the statutory obligations imposed on insurance and reinsurance brokers as insurance distributors. The author points out that these duties can be divided according to different criteria and emphasizes that the broker's obligations towards the client are the most important in insurance practice. She discusses the duty to analyse client's needs and requirements, to prepare brokerage recommendation and provide a product card or prepare it if the broker is its creator. Moreover, she discusses the necessity to reveal the nature (and sometimes even the amount) of brokerage remuneration as well as to give the information about the method and procedure of handling claims (so-called claims policy). Having analysed the statutory obligations imposed on the insurance broker, the author comes to the conclusion that the basic purpose is the protection of clients and their interests. However, there is a concern that some duties might be treated as formal ones to be fulfilled in order to avoid legal liability. Additionally, the obligation of loyalty towards the client may be derived from the duty to keep good faith and perform due diligence.

The essence and classification of insurance mediation: European and Ukrainian experience

According to the European tradition, the essence of insurance mediation is defined as the activity connected with signing and realization of insurance contracts. The most argument and adapted to realities of the Ukrainian insurance market is the definition of the essence of insurance mediation represented in the new version of Ukrainian Law «About insurance». Based on the thoughts of scientists, we propose the author definition of the essence of insurance mediation as the activity directed by mediators to the investigation, and analysis of the insurance market; the presentation of its possibilities to the clients-insurers; supplying with some recommendations; preparing of insurance contract, signing/accompanying during its signing by clients; compensation payment to clients according to the insurance contract; the work with clients for extension of insurance cooperation. The essence of insurance mediation also concerns to the sales of insurance products from one entity (the insurance company) to another (the client). The ES Directives propose the classification of insurance mediators into «dependent» and «independent». According to the traditions of the world mediation, dependent i mediators are agents that act on behalf of an insurance company; independent mediators are brokers. In the world practice, a popular classification is that one classifying dependent mediators into two types: insurance agents (corporative agents) and multi agents. As for the Ukrainian insurance market the both types of insurance agents act there. Generalizing modern classifications, we single out two types of brokers: insurance brokers and reinsurance brokers. The most argument and right is the classification based on thesis about the dependence of insurance mediators: dependent insurance mediators (an insurance agent (exceptional), multi agent) and independent (an insurance, reinsurance broker). The first group of insurance mediators – insurance agents – physical and legal individuals, that act on behalf of and according to interests of an insurer, that is, they perform the insurer’s functions. The second group is insurance (reinsurance) brokers who are legal and physical individuals, that are registered as the entities of entrepreneurial business and they perform the insurance activity on behalf of them and on the basis of insurance contract with the insurer and receive money for it. Direct mediators are insurance agents, insurance brokers, and reinsurance brokers. Non-direct mediators are persons that professionally estimate insurance risks (underwriter, surveyor) and persons that estimate insurance losses (emergency commissar, average adjuster).

Brokerage Work in Competitive Markets: Reinsurance Brokers as Self- interested Organizations

This study examines the practices of brokerage work in competitive markets. Drawing on an ethnographic study of the two largest brokerage organizations in the global reinsurance industry, we show the practices through which brokers enact the complex and contradictory work of both bringing parties with conflicting interests together to enable market exchange and setting them apart in order to maintain the brokerage role of intermediating the market. We find that fluid iterations of four brokers’ practices - rationalizing, humanizing, expertizing and intervening - are performed interchangeably, enabling the duality of two contradictory brokerage approaches – ‘tertius iungens’ of bringing together and ‘tertius gaudens’ of setting apart. We show that this duality is critical to brokerage in a competitive market, enabling brokers maintain their role as self-interested organizations who must counteract competitive threats by: (1) retaining indirect relationships; (2) eroding direct relationships; and (3) competing with other brokers. Bringing these elements of our findings together into a conceptual framework we extend the organizational literature on brokers to account for the duality of practices in brokerage work and the dynamic relationship of the brokerage approaches of tertius iungens and tertius gaudens. Through this understanding, we illuminate brokers as self-interested organizations in competitive markets, an element which existing studies on brokers have not yet examined.

Щодо застосування оперативно-господарських та адміністративно-господарських санкцій до суб’єктів посередницької діяльності у сфері страхування.

The article investigated the problematic issues the reasons, conditions, and forms of economic and legal responsibility of insurance intermediaries were analyzed. The grounds for application of measures of economic legal liability, with specification of contractual and non-contractual grounds of this responsibility to intermediary entities in the insurance field were determined. It is proposed to attribute to contractual grounds the following offenses: excess of powers in the conclusion of contracts; violation of terms of funds transfer or registration of insurance contracts; disclosure of confidential information, including that relating to the secrecy of insurance; provision of mediatory services of inadequate quality (incomplete or incorrect insurance counselling, mistakes in representing the client's interests with third parties, other breaches of obligations arising from contracts with insurers or policyholders). At the same time, the contractual grounds of the economic legal liability of intermediary entities in the field of insurance can be specified depending on the subject (insurance agent, insurance broker, reinsurance broker). To the non-contractual basis of economic and legal liability of insurance intermediaries it is offered include: violation of the implementation of the insurance or reinsurance broker (such as enforcing the exclusive activity, financial discipline, violations of requirements set to operate with insurance contracts with insurers – nonresidents); violation of the requirements for the activity of an insurance agent who has the right to engage in intermediary activities in the field of compulsory insurance of civil liability of owners of land vehicles. It is additionally justified to supplement these grounds with the violation of the rules and standards of professional mediation in the field of insurance and to consolidate all non-contractual grounds in the Law of Ukraine «On Insurance». It is proposed to include to operational and economic sanctions, which can be applied to the insurance intermediary in case of breach of contractual obligations, the following: one-sided refusal to fulfil its obligation, with the release of the policyholder from liability; refusal to pay remuneration (in whole or in part); refusal to accept the obligation; unilateral termination of the mediation agreement for up to 3 months; unilateral termination of the mediation agreement. It is determined that among administrative and economic sanctions that can be applied to insurance intermediaries for violation of the rules of intermediary activity, there may be administrative and economic penalty, exclusion from the register; stopping activities until elimination of violations.

TINJAUAN SYARIAH TERHADAP TRANSAKSI MUAMALAT ASURANSI KESEHATAN BADAN PENYELENGGARA JAMINAN SOSIAL (BPJS)

Insurance business can be distinguished on some reviews. It includes generalinsurances, life insurances and reinsurances (on the basis of its function).Based on its basic policy, it includes term life insurances, whole life insurances,two beneficial insurances, insurances of investment unit (unit linked). Basedon its belongings, it includes national private-owned insurances, state-ownedinsurances, foreign corporations-owned insurances, and multiplicity-ownedinsurances. Based on the nature of its implementation, it includes voluntaryand compulsory insurances. Based on the business support activities, it includesinsurance brokers, reinsurance brokers, insurance loss assessor, consultingactuary, and insurance agents. Mean while, mechanisms of Takaful (shari’ainsurances) include underwriting, insurance policies, premiums, managementof premiums, claims and insurance coverage. The main obstacles to developshari’a insurance are lack of socialization, limitation of human resources ofTakaful’s expert; lack of Muslim support, weakness of government support.Keywords: Insurance, Shari’a, BPJS.IAIN Tulungagung, Jl. Mayor Sujadi Timur No. 46Email:budikolistiawan@gmail.com

Florida Homeowners Insurance: How Big Is the Availability Problem and Is There a Fair Solution?

This article features a panel discussion on hurricane and wind insurance organized by Jeffrey L. Kucera for the American Risk and Insurance Association (ARIA) 2008 Annual Meeting in Portland, Oregon. The moderator, Jeffrey L. Kucera, is a Senior Consultant with EMB in North America. He has over 30 years of experience in the property-casualty business, joining EMB after a 24-year career with Allstate and 5 years as a consultant. Jeff's primary practice areas are rate making, class plans, and product development. While knowledgeable about all personal lines, he has particular experience in the homeowners line. He graduated from the University of Nebraska in 1975 with a major in mathematics and a minor in economics. He became a member of the American Academy of Actuaries (MAAA) in 1980 and a Fellow of the Casualty Actuarial Society (FCAS) in 1984. Three presenters provide a discussion on Florida Homeowners Insurance. The first presenter is Chris Carlson, a consultant with Pinnacle Actuarial Resources, Inc. He holds a bachelor of science degree in mathematics from the University of Oregon. Before joining Pinnacle Actuarial Resources, he was employed for over 25 years with Nationwide Insurance Companies in Columbus, Ohio. He is currently the President of the Casualty Actuarial Society, a fellow of the Casualty Actuarial Society, and a Member of the Academy of Actuaries. The next presenter is Locke Burt, President and Director of Security First Insurance Co. of Ormond Beach, Florida. He has 35 years of experience in the insurance profession, and in 2005, formed Security First Insurance Company. He also owns Burt & Scheid Facultative Corporation, which underwrites property facultative reinsurance on behalf of Liberty Mutual Insurance Co. and Employers Mutual Casualty Insurance Co. He holds both a bachelor of science and a master's of business administration degree from Northwestern University and a juris doctorate degree from Loyola University in Chicago. He is a licensed reinsurance broker and a licensed attorney who is a member of the Illinois and Florida Bar Associations. He was a senator in the Florida legislature from 1991 to 2002 and experienced Hurricane Andrew first-hand. While in the Florida Senate, he served as Chair of the Appropriations Committee and Republican Majority Leader. The final presenter is Jim Massie, and he provides the reinsurance perspective on Florida homeowners insurance. He is the Senior Partner of Massie Law Offices in Tallahassee, Florida, specializing in reinsurance and insurance law, seaport issues, and administrative law. He received his bachelor of arts from Miami University in Ohio and his juris doctorate from Florida State University. Interestingly, when he is not working on insurance issues, he likes to breed and race thoroughbreds. Jeff Kucera: Florida's economic growth and exposure to hurricane losses make it unique from an insurance perspective. The potential for catastrophic losses is in the billions of dollars, and the risk of ruin is a real threat for many insurance companies. More important, it is not just insurers that face severe economic pressures should the megahurricane event occur. Many insureds will also be surprised to learn that their insurance rates could be significantly increased, and these premiums are not just for their homeowners insurance. The three panelists will further describe how the situation has grown and their perspectives of the situation as an insurance company owner and reinsurer. Christopher S. Carlson: Florida's economic picture is a rather unusual situation of supply and demand interplay. Policyholders demand insurance policies, and insurance companies provide capital to write those policies. Affordability and availability are the key dynamics in the Florida homeowners market. That is, Florida homeowners think that insurance should be affordable, whereas insurers are concerned with the availability issue since their capital is at risk. …

Reinsurance Brokers and Advice Quality: Is There a Need for Regulation?

Brokers play an increasing role in the distribution of reinsurance. In order to analyse reinsurance brokers' advice quality, we employ a model in which a monopoly broker advises cedents to buy a particular one out of similar reinsurance policies that cost the same but differ in details. The broker decides on how much to invest in his advice quality and on the price to charge for his service. We find that the broker's advice quality is generally lower and the price for his service higher than in the social optimum, even in the presence of a potential new entrant.

The role of the international reinsurance broker

The title of my paper is "The Role of the International Reinsurance Broker". Some of you may be surprised that Reinsurance Brokers lead a separate existence from Insurance Brokers and indeed many Reinsurance Brokers are offshoots of major Insurance broking houses. However there is a small but distinguished band of Brokers who specialize in Reinsurance, and it is their role, in the context of the risk of earthquake, I propose to examine.

Recent Developments in Life Reinsurance

During recent years there has been an increasing interest in the application of modern collective risk theory to the reinsurance of life risks. Among the reasons for the development of this trend is: (1) the greater interest and development in the collective risk theory stimulated by the research work of students, (2) the availability of large computer facilities, (3) the increasing number of life companies that have become affiliated with non-life companies where non-life reinsurance is customarily handled on a basis similar to that proposed by the adherents of nonproportional life reinsurance, and (4) the more aggressive activities of non-life reinsurance brokers among life companies.