Insurance and Reinsurance Field Assignment | Homework Help Websites

Retention and Commission Report

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Purpose

The purpose of this report is to give an overview on the Reinsurance policy that has zero retention and below our  standard commission which is 7.5%.

 

This report displays the five accounts have covered policy as at 31/12/2018 by:

1- Eva club policy.

2-  Sam international policy.

3- Tom construction policy.

4- Chrise Jewellery policy.

5- Louion Jewellery policy.

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Analyses of reinsurance policy for casualty line in Eastern province branch are as follows:

Insured name Total sum insured Total premium Foreign facultative premium Retention premium Special retention premium Commission % Commission amount
Eva club 3,750,000 42,857. 40,163. 0 2,695 6.7 2,694
Sam 37,500,000 96,053 96,053 0 0 3 2,881
Tom construction 144,375,000 123,215 87,121 36,094 0 6 4,792
total 185,625,000 262,125 23,337 36,094 2,695 15 10,368

 

1- Eva club policy is a new business And this has the zero retention with 6.7% commission rate. This policy is for Personal accident for a single football player and the period was for 6 month. The policy has a sum insured of $ 3,750,000 and a Premium of the policy is $ 42,857.Reinsurance company has evaluated the risk  to have a premium of 40,163. So, an agreement of reinsurance to take the full risk had occurred. The excess in the premium is $ 2,695 is to be retained as special retention which considered as commission amount.

 

2- Sam policy has covered the director and officers line. It is renewal policy and it has been with us since 2014. Furthermore, for such a client we agreed to have a low commission and zero retention regarding its loyalty. The sum insured of the policy is $ 37,500,000 and its agreed on premium of $ 96,053. The commission rate is only 3%  which is the total commission amount $ 2,882.

 

3- Tom construction company is holding two type in their policy with the total sum insured $ 144,375,000. This policy gets covered 100% through the Celein insurance company which is employee liability and the second coverage is 100 $ through Eliens insurance company for workmen’s compensation insurance policy. The reason behind was taking the coverage of  workmen’s compensation through Eliens insurance company because of the country regulation that mentioned their rules, workmen’s compensation should be covered inside the country. However, tom construction company has covered from reinsurance by $ 87,121 instead of $ 123,215 as total premium that we get from the insured and the remaining amount is under workmen’s compensation line by $36,094. furthermore,The commission rate of the policy is 5.5 % . we find out ton system here is entry error on the retention rate of workmen’s compensation which is considered as zero retention and actually 100% owned by our company.

 

Analysis of reinsurance policy for property line in Central province branch are as follows:

Insured name Total sum insured Total premium Foreign facultative premium Retention premium Special retention premium Commission % Commission amount
Chrise 187,500,000 89,427.60 89,427.60 0 0 6 5,812.79
Louion 281,250,000 106,332.90 106,332.90 0 0 6 5,848.31
total 468,750,000 195,760.50 195,760.50 0 0 12 11,661.10

 

1- Chrise policy is a direct client and the sum insured of $ 187,500,000 which is high risk to take. The premium was determined to be $ 89,428. The facilitative part is the whole premium and it covered 100% of the risk.  The commission amount is $ 5813 which is 6.5% from the premium of the reinsurance has to be retained from the reinsurance company.

 

2- Louion policy  has sum insured 281,250,000 and the  premium is $ 106,333. This policy has low commission than our standard by 5.5% and the commission amount which is 5,848.

 

 

Result:

The result of low commission and zero retention is because of the risk is high the company prefer to take zero retention of this risk and provided to reinsurance can handle this risk by low commission. Also, the competitors in the market lets the company take a low commission.

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