Reinsurance Claims Management

Published Date

September 2005

Reinsurance Claims Management

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A practical guide to reinsurance claims management

 

PUBLISHED DATE: SEPTEMBER 2005
No. OF PAGES: 322

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Written by a claims manager with 20 years' experience, this book presents a unique, comprehensive and practical approach to reinsurance claims management. It provides an in-depth analysis of current issues, with practical tips that enable the reader to understand current themes and trends.
Chapters include: The current reinsurance environment; Current challenges for reinsurance claims departments; Modern reinsurance claims management; and Developing a strategy for discontinued business.

Author(s): Wedge, Peter

Contents

Foreword

Preface

About the Author and Contributors

1      Introduction

1.1    Prologue

1.2    The Growing Importance of the Reinsurance Claims Function

1.3    The Definition of Claims Management

1.4    The Main Players in the Claims Management Industry

1.5    The Distinction between Insurance and Reinsurance

1.6    A Brief Comparison between Traditional and Modern Claims Management

1.7    The Impact of Claims on Underwriting

1.8    Traditional Reinsurance Claims Management

2      The Current Reinsurance Environment

2.1    Introduction

2.2    The Demand and Supply of Insurance and Reinsurance

2.3    Consolidation in the Reinsurance Market

2.4    Focus on Charging Technically Adequate Reinsurance Prices

2.5    Trend to Underwriting Non-proportional Business

2.6    The Growth in Latent Claims

2.7    Increase in Terrorism

2.8    The Events of 11 September 2001

2.9    Increase in Catastrophes

2.10  The Underwriting Cycle

2.11  Developing Exposures — Trends in the Us

2.12  US Versus English Legal System

2.13  Legal Issues

2.14  The London Market

2.15  The Role of Reinsurance Brokers in the Claims Process

2.16  Developments in it Systems

2.17  The Effects of the Above on Reinsurance Claims Management

3.    Current Challenges for Reinsurance Claims Departments

3.1    Introduction

3.2    Role of the Claims Department

3.3    Why the Need for Claims Management?

3.4    Practical Claims Management

3.5    Requirements for a Good Claims Department

3.6    Latent Claim Handling Processes

3.7    Pharmaceutical Drugs Claim Handling Processes or US Losses

3.8    Claim Audits

3.9    Developing Reinsurance Claims Best Practice

3.10  Managing Reinsurance Disputes

3.11  The Role of External Lawyers and Litigation in the Reinsurance Claims Process

3.12  Commutation

4.    Modern Reinsurance Claims Management

4.1    Empowerment — the Relative Rise in the Status of the Claims Department

4.2    Increased Expertise and Talent

4.3    More Structured Decision-Making Process

4.4    Use of Specific Claims Departmental Objectives

4.5    Use of Professional Consultants

4.6    Involvement of Claims Staff in the Underwriting Process — the Prevention of Problems?

4.7    Involvement of Underwriters in the Claims Process Resolving Problems?

4.8    Improved Reserve-setting

4.9    Conclusion

5.    Developing a Strategy for Discontinue Business

5.1    Introduction

5.2    Compiling a Strategy for Discontinued Business

5.3    Stage 1 — Setting Goals

5.4    Stage 2 — Analysing

5.5    Stage 3 — Designing the Solution

5.6    Stage 4 — Implementing the Solution

5.7    Stage 5 — Review

5.8    The Use of a Central and Dedicated Run-off Unit

Index

Peter Wedge BSc (Econ), Post- Graduate Diploma in Law; Versicherungsbetriebswirt (DVA); Fellow of the Chartered Insurance Institute; Chartered Insurer, is the Author, Co-author, or Efitor of several books including “Insurance and Reinsurance Run-off”; the CII Textbooks “The Application of Reinsurance” and “Claims Management”, two manuals published by the Association of Run-off Companies regarding commutations and inspections of records; and The University of St. Gallen’s “Trends und Herausforderungen in der Rückversicherung – Perspektiven der Praxis”; In addition, he is the author of numerous newspaper articles. He has held a part-time post as Lecturer in Reinsurance at the London Guildhall University and has been a speaker at reinsurance conferences in the USA.

Having studied risk management and insurance at Nottingham University as part of his first degree, he initially worked for five years in the reinsurance broking industry followed by seven years as a Senior Consultant for Chiltington. He specialized in the handling of latent claims, inspections of records, portfolio analysis, and commutation strategy. Following this, he spent one year at Equitas. He has carried out assignments in the USA, and practically every country in Europe, having spent eight years living in Continental Europe. In 1999 he graduated from Nottingham Law School and returned to full-time education obtaining a further legal qualification at university in Oxford. Finally, he was an Associate Director in the Legal and Claims Department at Swiss Re, Zurich and has lived in Switzerland since 2000. Currently Peter is Head of Claims at Alea Europe Ltd. In Basel. A department which he established from scratch.

Title: Reinsurance Claims Management
Number of Volumes: 1
Number of Pages: 322
Product Code: 4405Q036
ISBN: ISBN 13: 978-1-85609-309-5 (9781856093095), ISBN 10: 1-85609-309-3 (1856093093)
Published Date: September 2005
Binding Format: Paperback
Book Height: 235 mm
Book Width: 150 mm
Book Spine: 17 mm
Weight: 0.70 kg

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