- Reinsurance Reasürans
- An arrangement by which an insurance company (the cedant) transfers all or part of its assumed risk under one or more policies to another insurer or reinsurer. The cedant pays a reinsurance premium and the reinsurer indemnifies the cedant for its share of losses. Reinsurance stabilises loss ratios, increases underwriting capacity and protects the cedant's solvency against catastrophic events.
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- Retention Retansiyon
- The amount of risk or liability that the cedant retains for its own account after ceding to reinsurers. The reinsurer's obligation is triggered only after the cedant's retention has been exhausted. Retention levels are set with reference to the cedant's capital, premium income, loss experience and regulatory capital requirements.
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- Retroactive Date Retroaktif Tarih
- In a claims-made policy, the retroactive date defines the earliest date from which covered acts or omissions will be considered for coverage. A claim made during the policy period for an act occurring before the retroactive date will not be covered. To protect against gaps, insureds typically seek a retroactive date as far back as possible, ideally to first policy inception.
- Retrocession Retrosesyon
- The process by which a reinsurer transfers part of the risk it has assumed from a cedant to another reinsurer (the retrocessionaire). Retrocession is the reinsurance of reinsurance: the cedant cedes to a reinsurer, which in turn cedes to a retrocessionaire. This mechanism spreads risk across the global reinsurance market.
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- Run-Off Coverage Run-Off Kapsamı
- An extension of a claims-made policy that provides coverage for claims made after the policy expiry date, arising from acts committed during the original policy period. Run-off (or extended reporting period) coverage is critical when a company ceases operations, merges or changes insurer, to preserve protection for prior-period acts. Also known as tail cover or an extended reporting period (ERP).
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