2. international insurance & reinsurance market

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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!!!!