19. What do you know about modern market of reinsurance services?

Reinsurance is the practice of insurers transferring portions of risk portfolios to other parties by some form of agreement in order to reduce the likelihood of having to pay a large obligation resulting from an insurance claim. The intent of reinsurance is for an insurance company to reduce the risks associated with underwritten policies by spreading risks across alternative institutions. Also known as "an insurance for insurance companies".

Size of the Reinsurance Market

• North America - 39%

• Latin America - 4%

• Europe - 33%

• Asia and Oceania - 21%

• Africa - 3%

The Largest Reinsurers in the world

• Munich Re (Germany)

• Swiss re Group (Switzerland)

• Berkshire Hathaway Reinsurance Group/General a Re Corp. (U.S.)

• Hanover Re (Germany)

• Lloyd’s of London (U.K.)

• SCOR S.E. (France)

Reinsurance market in Ukraine

In the structure of reinsurance is dominated by the following types of insurance:

- Insurance of third party liability

- Property insurance

- Aviation insurance

- Insurance of financial risks

- Cargo insurance

- Accident insurance

- Railway transport insurance

- Nuclear insurance

- Water transport insurance

The Largest Reinsurers in Ukraine:

• Stroypolis

• Aska TAS SG Vuso Ingo Ukraine

20. Life insurance companies: pensions products.

The term “life insurance company” means an insurance company which is engaged in the business of issuing life insurance and annuity contracts (either separately or combined with accident and health insurance), or noncancellable contracts of health and accident insurance.

One of the types of services that are provided by life insurance companies are pension or retirement products. Pension products mean creating the private pension for the individual, which will be paid starting from certain period of time (e.g. from 65 years)

Different companies provide different types of pension products. There are usually Private Pension Plans where client can decide basic characteristics such as amount of payments, the period of payment, the start of pension payments.

For example ABP provides such types of pension products

ABP Flexible Early Retirement Pension (The ABP Flexible Early Retirement Pension offers the option of retiring early. You decide when your early retirement starts, as long as it is after your 55th birthday and before your 65th. ) ABP Retirement Pension (This pension automatically starts when you are 65 years. ) ABP Multi-Option Pension (With the ABP Multi-Option Pension, you decide your own retirement date, as long as it is between your 60th and 70th birthday. The longer you keep working, the higher your pension entitlement will be, but the payments also depend on your personal situation (eg the number of years in which you accrued pension). ABP Incapacity Pension (The first 2 years of your illness or incapacity you usually receive (part of) your salary from your employer. After 2 years, UWV (Social Security Agency) may grant you a state benefit. The ABP Incapacity Pension can supplement this income. ) ABP Surviving Dependants Pension (In case of your death, your partner may be entitled to the ABP Surviving Dependants Pension. But also children under the age of 21 years may apply, as well as your ex-partner.)