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53 / 228

ANNUAL REPORT 2007-08

Fire

39.64

15.75

34.89

18.58

Marine Cargo

25.40

12.05

23.79

10.95

Marine - Others

53.88

37.66

31.53

60.93

Motor

20.92

0.27

32.93

0.36

Aviation

48.92

39.85

40.21

53.76

Engineering

37.33

14.31

40.22

15.10

Miscellaneous

22.62

5.42

21.15

5.40

Total

27.20

7.34

29.58

7.75

Premium ceded

Net profit ceded

Premium ceded

Net profit ceded

Fire

636.83

101.13

651.81

78.94

Marine Cargo

101.40

42.12

107.57

3.34

Marine – Others

255.84

130.95

468.68

53.77

Motor

26.50

19.02

42.18

-38.18

Aviation

174.85

156.36

166.84

39.86

Engineering

177.90

72.37

208.48

76.66

Miscellaneous

321.96

90.63

458.98

213.57

TOTAL

1695.28

612.59

2104.57

428.06

Every insurer needs a comprehensive and efficient re-insurance programme in order to be able to operate and remain solvent. TheAuthority desires that the re-insurance programme of every insurer should have the approval of its Board of Directors. The Regulations also provide that every insurer should file its re- insurance programme for the ensuing year with the Authority at least 45 days before the commencement of the year. The

insurer is further required to file the treaty slips or cover notes relating to the re-insurance arrangements with the Authority within 30 days of the commencement of the financial year. These measures highlight the existence of adequate and efficient re-insurance arrangements for an insurer because its solvency is assessed on a “net of re-insurance” basis.

TABLE 31

Segment

37

37

RE-INSURANCE PLACED WITHIN INDIA AND OUTSIDE INDIA AS PERCENTAGE OF GROSS DIRECT PREMIUM IN INDIA (EXCL. GIC)

(Per cent)

Placed in India

Class

2006 – 2007 Placed outside India

2007 – 2008

Placed in India

Placed outside India

The Regulations require that every insurer should maintain the maximum possible retention commensurate with its financial strength and volume of business. The guiding principles in drawing up the re-insurance programme are:

  • 2.

    develop adequate capacity;

  • 3.

    secure the best possible protection for the re-insurance

(Rs. Crore)

1.

maximize retention within the country;

4.

costs incurred; and simplify the administration of business.

TABLE 32 RE-INSURANCE CEDED OUTSIDE INDIA ON INDIAN BUSINESS (EXCL. GIC)

2006

  • 07

2007

  • 08

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