Reinsurance: The ICMIF Eexperience
Patel, S.
Publication Date: 2001
Published by: International Cooperative and Mutual Insurance Federation (ICMIF)
Document Type: Paper (Microsoft Word)
How do companies benefit from reinsurance?
The paper states that reinsurance can be used to protect a reinsured against insolvency and financial strain by reducing the degree of variance in claims costs. It argues that reinsurance allows a company to grow steadily and strengthens its financial position. Based on case studies from Barbados and Dominican Republic, the paper posits that through reinsurance services, Co-operative and Mutual Insurance Federation (ICMIF):
- Delivers a professional member-oriented advisory and placement service;
- Provides consultancy on accounting techniques, business planning, product development and reinsurance provision to smaller members.
It also examines the methods used by the ICMIF to promote cooperation and understanding in reinsurance, delving into training. The paper concludes that with insurance professionals from 120 member organizations and 64 countries, ICMIF plays an important part through its membership in helping reduce the vulnerability of low-income households.
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