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Reinsurance (Reassekuranz) takes place, if covering for a single risk or a whole portfolio (multiplicity of single risks with common characteristics) totally or partly under the original or new conditions by an insurer - also "“Erstversicherer"” mentioned - (in a general insurance company) to another insurer (usually a special reinsurance company) (transferred) becomes transferred without dissolution of the original insurance. The present Treaty is thus not changed, and the first insurer remains alone obligated for payments from the insurance contract for the insured one. It can shift however partial amounts of the insured sum which can be paid upon the as far as the insured risk was given in the reinsurance. For these reasons one calls the reinsurance also "“the insurance of the insurers"” (in "§ 779 exp. 1 HGB (merchant shipping act) is reinsurance defined as insurance of the danger taken over by the insurer).

Organizational advantages of the reinsurance nature

Reinsurances contribute thereby that they distribute the load of the risk on several insurers, to the larger steadiness and security of the business. They permit it to the insurer to take over covering also for large risks (like airplanes, industrial companies or also the liability of whole companies). The Versicherte does not have to lock thus contracts with different insurance companies. Many large companies have own insurance companies (Captives). These knew direct entrance to the reinsurance market and there parts of their risk portfolio backinsure to let. Generally one differentiates between mandatory (contractual) reinsurance and fakultativer reinsurance (reinsurance on individual case basis). During the mandatory reinsurance whole insurance existence of a Erstversicherers are backinsured, the fakultative reinsurance are occupied however with the high covering of an individual special risk.

The actual reinsurance agreement can e.g. plan a quotale risk division or the reduction of a risk by the starting from a certain extent of the damage. Here there are various contract forms; the most important are the ratio reinsurance as well as the reinsurance on basis of a so-called Schadenexzedenten.

Reinsurances are already in the area of the transportation by sea Assekuranz in 14. To prove century in Italy. After the discovery of the new world Amsterdam and London were important places of the reinsurance nature. Later they were applied to many other branches of insurance.

Today they are not only for the payment of damages payments ever larger by increasing concentration at values and insurance covers after natural catastrophes such as earthquakes or eddy towers of importance. So far largest damage event might the damage caused by hurricane Katrina here become. The insured damage becomes z. Time on approx. 34.4 billion US Dollar estimated (source: PC); in addition still the damage to the oil conveyor plants before the coast with approx. 5 billion US Dollar comes (to the comparison: before hurricane Andrew was 1992 with insured damage at a value of approx. 21.5 billion US Dollar (converted in prices of 2004) the largest damage event from natural catastrophes). From the total damage about 2/3 from the might have to be carried to.

In addition, disasters caused by humans lead to ever higher damage sums. Since the WTC notices this event with approx. 20 billion US Dollar holds insured damage the record as the most expensive individual event. The sum of the insured damage payments for illnesses by asbestos exposition (among other things Asbestosis) reaches even, however a multiple of this order of magnitude on many years, (the Ratingagentur standard & Poor's it estimates that so far US Dollar admits damage at a value of 54 billion is and counts on a total damage load of up to 200 billion US Dollar) distributes.

Reinsurance companies belong today to the largest insurance companies at all. Munich back thereby the world-wide largest reinsurance company (the Swiss RH the largest life back insurer) was over many years, until in the autumn 2005 the announcement took place that the Swiss RH will take over the Employers Reinsurance corporation belonging to General Electric. With conclusion of the transaction, which in the first half-year 2006 one expects, the Swiss RH moves also outside of the life reinsurance to the world largest up and displaces thereby the residents of Munich back on the second place.

The largest 2004

(provisional numbers - source welt.de):

The world market has a volume of approximately "€ 135 billion, from which about 80% are allotted to the harm-pregnant Largest single market are the USA with 42%. The German offerers have a market share of about 26%. Altogether an increasing concentration is to be observed: if the market share of the 20 largest amounted to 1990 only 39%, then it lies 2004 with 74%, for the five largest is the appropriate values 21% and 45%.

partially out: Meyers encyclopedia, 4. Edition 1888/89

Note: The contracts drawn by reinsurances are not to confound with the reinsurance agreement, a secret treaty between the German Reich and Russia.


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