(ii) there is no pending or to the Knowledge of the Parent, threatened dispute between any of the Insurance Subsidiaries and any reinsurer under any Reinsurance Agreement; (iii) each Insurance Subsidiary, as applicable, is entitled under the laws of its domiciliary jurisdiction or any other ...
The more often a kind of accident occurs, the easier it is to guess its chance of happening and the easier it is to price insurance coverage. 1 Tragedies in the world can be sort to different classifications. Those defined as “high frequency” events are somewhat easier to guess its ...
Karen Clark, CEO of Karen Clark & Company (KCC), is a pioneer in catastrophe risk modelling. As the industry faces mounting challenges from wildfires, severe convective storms (SCS), and shifting market conditions, the looks to the future of cat models. ...
If fifteen (15) days before payment is due, the reserve funds are insufficient, Grantor shall upon demand pay any deficiency to Lender. The reserve funds shall be held by Lender as a general deposit and shall constitute a non-interest-bearing account which Lender may satisfy by payment of ...
We have no preconceived ideas; each client is unique and deserves a customised solution. We have underwriting authorities as well as access to all reinsurers across Europe, Middle East, Africa, Asia, US and Bermuda which allows our team to select and design reinsurance products from a variety ...
Formally, the VaR of a random variable X at a confidence level 1Àa, 0oao1, is defined as VaRaðXÞ ¼ inffx : PrfX4xgpag; where the parameter a is typically a small value such as 1 or 5 per cent. Note that if X has a continuous strictly increasing distribution function on...
. This new value concept in then applied to compute the value of a reinsurance model. It is shown that the exchange of risks between insurance companies can be formulated as an-person cooperative game without transferable utilities. The determination of an “optimal reinsurance treaty” is then ...
The loss occurrence clause is deeply influenced by the type of reinsurance policy. Some reinsurance policies only capture a single risk. For example, some reinsurance treaties might only cover losses arising from a single natural event such as a hurricane, earthquake, etc. On the other hand, the...
The risk measure most often used in practice is simply the Value-at-Risk at a certain level α with 0 < α < 1, which is the amount that will maximally be lost with probability α. The VaR of a random variable is defined as follows. Definition 1. The VaR of a non...
Reinsurance Agreements shall include, but not be limited to, any agreement, contract, treaty, certificate or other arrangement that is treated as such by the applicable Department. Insurance Amount has the meaning set forth in Section 6.12(b). variable insurance contract means a contract of life ...