ROUTES: IVASS TRAINING - IVASS UPDATE
Ivass Thematic Area: INSURANCE AND REINSURANCE TECHNIQUE
Ivass area module: 3. Main types of reinsurance cover
The insurance industry has a very particular characteristic: the actual cost of its product, the policy, is certain only when the contract expires.
Companies must sell each policy at a price that they estimate is sufficient to cover costs and claims: this situation is called inversion of the production cycle, the basic principle of the insurance factory.
While insurance is a contract between a company and an end customer, reinsurance is a peer-to-peer transaction, that is, a business to business agreement that has the purpose of covering insurance companies from those risks that they could hardly bear.
The course, through an analysis of general and sector regulations, identifies the main reinsurance techniques envisaged in Italy.
MODULE 1 - Historical notes
• Reversal of the production cycle
• Insurance and reinsurance
• The origins of reinsurance in history
• Reinsurance by treaty
• Reinsurance today
MODULE 2 - Regulatory aspects
• The civil code and reinsurance in the Insurance Code
• Activities abroad
• Activities in Italy of foreign companies
• Solvency II and reinsurance
• Solvency capital requirement
• Minimum capital requirements
MODULE 3 - Types of insurance
• Proportional and non-proportional
• Proportional reinsurance, in part, in excess, non-proportional
• Reinsurance for excess claims, in excess of overall losses
• Reinsurance in excess of catastrophic claim, in excess of aggregate claims
• Reinsurance treaties
• Optional reinsurance
• Developments in the reinsurance market
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Content edited by: LYVE
Teacher: Antonio Sanna