Yes...currently im super duper bz..so this entry gonna be a copy paste entry from Google only..hehehe
Im helping my colleague on her tasks..as all tasks must be completed by today and was given around 10 working days only..so me n Kak Noraini being forced to help her accordingly..
what can i say..this might be new to me..as i never involve with this and was given a very short time to understand the business..but luckily the understanding part was not difficult..only the arrangement between the companies might be different..the hardest part!! data was huge....extraction of data not completed..conditions to calculate the figures was so many!! must be creative and good of thinking when doing the excel..everything must be in the formula and in a good process flow..hehehe
so what im working on now is the RI (reinsurance)...im happy to do this currently as i can tambah this task in my resume :) so what this all about ?
Reinsurance is
insurance that is purchased by an
insurance company (
insurer also sometimes called a "cedant" or "cedent") from another insurance company (
reinsurer) as a means of
risk management. The
reinsurer and the
insurer enter into a
reinsurance agreement which details the conditions upon which the
reinsurer would pay the
insurer's losses (in terms of
excess of loss or
proportional to loss). The
reinsurer is paid a
reinsurance premium by the
insurer, and the
insurer issues insurance policies to its own policyholders. The main reason for insurers to buy reinsurance is to transfer
risk from the
insurer to the
reinsurer, but reinsurance has various other functions as explained below.
For example, assume an insurer sells one thousand policies, each with a $1 million policy limit. Theoretically, the insurer could lose $1 million on each policy – totaling up to $1 billion. It may be better to pass some risk to a reinsurance company (reinsurer) as this will reduce the insurer's exposure to risk.
There are two basic methods of reinsurance:
Facultative Reinsurance In facultative reinsurance, the ceding company cedes and the reinsurer assumes all or part of the risk assumed by a particular specified insurance policy. Facultative reinsurance is negotiated separately for each insurance contract that is reinsured. Facultative reinsurance normally is purchased by ceding companies for individual risks not covered by their reinsurance treaties, for amounts in excess of the monetary limits of their reinsurance treaties and for unusual risks. Underwriting expenses and, in particular, personnel costs, are higher relative to premiums written on facultative business because each risk is individually underwritten and administered. The ability to separately evaluate each risk reinsured, however, increases the probability that the underwriter can price the contract to more accurately reflect the risks involved.
Treaty Reinsurance is a method of reinsurance in which the insurer and the reinsurer formulate and execute a reinsurance contract. The reinsurer then covers all the insurance policies coming within the scope of that contract. The reinsurance contract may oblige the reinsurer to accept reinsurance of all contracts within the scope (known as "obligatory" reinsurance), or it may require the insurer to give the reinsurer the option to reinsure each such contract (known as "facultative-obligatory" or "fac oblig" reinsurance).
There are two basic methods of treaty reinsurance:
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Currently im doing the calculation for both methods and for different RI companies..A.R.I.L and S.C.O.R..and the hardest part..A.R.I.L gonna shut down the company and the calculation need to be prorata and i have to calculate all the refund amount...susah nya nk kira refund amount as kena backward all the data ada yang smpi 2005 and best part data that we have is only from 2007..xkan kena kira blk semula baru refund???uwaaaaaaaa
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| A.R.I.L |
So i have until 3pm only to complete the SCOR..and baru nk stat ni!!hehehe..sapa suruh bos baru kasi smlm ptg..ishh ishh..data besar kot..kalau komp hang..sorry ye bos :) and GOOD LUCK to me!
