Reinsurance

Reinsurance is defined as one insurance company shares the loss with the other insurance company. These companies will be undergone contract and also be helpful to the client in many ways. The reinsurance takes the responsibility to manage the risks for the benefit of their policyholders and investors. It performs some of the functions such as:

• Risk transfer.
• Easy way to earn the profits.
• Arbitrage.
• Reduce liabilities etc.

Reinsurance types can be broadly classified into two types. Those are:

1. Proportional reinsurance: Is also known as quota share reinsurance. Here the reinsurer takes certain percent of share on the policy and then shares in the premium and losses in the same proportions.
2. Non-proportional reinsurance: also known as excess of loss reinsurance, it takes action only when the damage suffered by the insurer exceeds a certain amount.
   
   

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