2. international insurance & reinsurance market
TRANSCRIPT
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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!!!!