Mr. Mwarania also spoke about non-proportional reinsurance, “in a non-proportional type of coverage, the reinsurer will only get involved if the insurance company’s losses exceed a specified amount, which is referred to as priority or retention limit. Hence, the reinsurer does not have a proportional share in the premiums and losses of the insurance provider. The priority or retention limit may be based on a single type of risk or an entire business category” said Mr. Mwarania.
The training covered different aspects of the reinsurance key among them being reinsurance terms, types and structures of re-insurance, non-proportional and proportional re-insurance accounting, bonds underwriting and reinsurance is another area that was covered during the two day training. The trainings sessions were interactive and allowed the participants to ask questions as well as give real life situations where the training knowledge could apply.
There is a growing need for reinsurance especially in the non-life category due to the increase in different insurance needs that the customers continue to demand. The training was focused on updating the seminar attendants on the different reinsurance trends in the non-life category. The evolution of the reinsurance industry from a risk management tool to a value added component of the insurance process, by providing primary insurers with access to expertise across multiple concentrations as well as aggregated industry data is also another element that the training focused on.
At the end of the training each attendee received a certificate handed to them by the Corporation’s General Manager Property and Administration Mr. Michael Mbeshi. The participants also cited that they would like to participate in more of such trainings especially focusing on industry trends.
The Corporation also held a colorful cocktail event for the participants at the end of the seminar as way of appreciation.