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TheThe FaculFaculty of International Business andty of International Business and

EconomicsEconomics

International

Insurance andReinsurance Market

Those who think it cannot beThose who think it cannot be

done should not disturb thedone should not disturb the

one who's doing itone who's doing it

ConfuciusConfuciusCosmin Jolde, Univ. Lecturer

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Agenda for today:

1. General framework general characteristics

2. Actors of the international insurance andreinsurance markets

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Agenda for today:

1. General framework general characteristics

2.2. Actors of the international insurance andActors of the international insurance andreinsurance marketsreinsurance markets

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1. General framework general characteristics

Intensive development after the II-nd World

War because of the international economicalgrowth

Structural changes on the national markets

Globalization of financial services

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Agenda for today:

1.1. General frameworkGeneral framework general characteristicsgeneral characteristics

2. Actors of the international insurance andreinsurance markets

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2. Actors of the international insurance andreinsurance markets

Demand vs. Offer

Clients vs. Service Providers

Clients persons & companies for the riskrotection

Service Providers specialized companies: Insurers & reinsurers

Intermediation in insurance & reinsurance (agents and

brokers) Service renders

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Actors of the international insurance and

reinsurance markets

Direct insurers

Captive insurers and reinsurers Direct reinsurers

Lloyds syndicates

Underwriting Pools (national and regional)

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AGENTS

represents the interest ofinsurer

sell insurance of one or moreinsurers

persons working on full-time orpart time basis for the insurer,represented by a legal agreement/contract

are not professionals, acting on

BROKERS

represents the interest ofinsured/reinsured

purchase insurance / reinsurancecontracts for their client, calledprincipal

independent companies, specializedin intermediating on the insurance &reinsurance market

are insurance experts

cant be deferred to the Court ofLaw unprofessional practice

remunerated by the insurer on

salary or commission basis, or acombination of them

limited responsibilitiessometimes

can be deferred to the Court of Lawunprofessional practice

remunerated by the insurer on

commission basis (called brokerage) complex responsibilities for offeringthe optimal protection for their client,to conclude the contract, toadministrate the loss

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Insurance and reinsurance in Europe

Most important financial organizations inEurope

Allianz Lloyds TSB

HSBC

Zurich Fin Service

ING Group

AXA UAP Munich Re

Generali

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Insurance and reinsurance in Europe

Most important financial organizations inEurope

Credit Suisse / Winterthur Fortis

Swiss Re

eu sc e an ABN Amro

Hypo Vereinsbank

Soc Gen

BNP

Commerzbank

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Thank you for yourThank you for yourThank you for yourThank you for yourtime &time &time &time &

considerationconsiderationconsiderationconsideration!!!!