A complete glossary of reinsurance in Uzbekistan: learn what reinsurance coverage, retrocession, and reinsurance contracts are. Practical explanations will help you understand how insurance companies reduce risks and maintain financial stability. Useful for industry professionals and anyone looking to gain a deeper understanding of insurance market mechanisms.
5
5 terms
3.8 trillion
premiums transferred to reinsurance
863.4 billion
volume of liabilities transferred to foreign reinsurers.
95.2%
premium volume growth
Aircraft Hull Insurance covers the aircraft itself, such as an airplane or helicopter, against damage, accident, loss or total loss.
Insurance policy renewal means arranging cover for a new period after the current policy ends, with new dates, terms and payment confirmed.
Maximum possible loss is the largest damage that could theoretically occur to an insured object under the worst-case insured event scenario
This is a group of insurers or reinsurers that jointly accept a large or complex risk and divide the responsibility among themselves.
A contract-defined interval during which specified losses are not covered. Check the policy for its duration, starting point and the risks to which it applies.
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IC "Company" insured a large plant for 50 billion UZS. To reduce the risk, it concluded a contract, transferring 60% of the risk and premium to a reinsurer.
With a loss of 10 billion UZS, "Company" paid the entire amount. The reinsurer reimbursed it 6 billion (60%), which preserved its financial stability.
IC "Company" protected its auto insurance portfolio with an excess of loss contract. Its own retention is 2 billion UZS, coverage is up to 10 billion.
In a major Road Traffic Accident with a loss of 5 billion UZS, "Company" paid 2 billion. The remaining 3 billion was reimbursed by the reinsurer, protecting the company from disaster.
Reinsurer "Company" accepted large risks from local ICs. To manage its portfolio, it transferred part of the risks (aviation) to an international reinsurer.
In a plane crash, "Company" paid its share. Then it received compensation from its retrocessionaire, which allowed it to manage the risks.
Understanding the principles of reinsurance is key to stability. We offer reliable solutions to diversify your risks. Contact us to discuss the terms.
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