Monday, September 27, 2021
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Glossary

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The Retail Distribution Review or RDR is a process set up by the Financial Services Authority or FSA to regulate how recommendations are made...

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- More than 40% of insurers are still only in the preparatory stages or have yet to ...

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A Supercat event is defined as generating an insured market loss of at least USD10 billion. Insurers are warned about an eventual 'supercat' event in...

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Solvency II is the updated set of regulatory requirements for insurance, reinsurance firms that operate in the European Union. It is scheduled...

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The ESRB will be responsible for macro-prudential oversight of the EU's financial system to prevent or lessen systemic risks, avoid situations of widespread financial...

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Solvency II is a significant area of European regulatory reform with implications for insurers (both life and non-life). The proposed Solvency 2 regime represents the...

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The event which causes a loss, for example a fire or hurricane.

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A person who is appointed to investigate the circumstances of a claim under an insurance policy and to advise on the amount that is...

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This term generally refers to some injury, harm, damage or financial deteriment that a person sustains. Losses may be insured or uninsured. Whether a...

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This refers to a type of insurance where claims may be made many years after the period of the insurance has expired. Liability insurance...

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Another term for policy limit. It refers to the maximum amount payable under a policy of insurance or reinsurance, either overall or with reference...

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A policy that pays a specified sum to beneficiaries upon the death of the life assured, or upon the assured surviving a given number...

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Another term for life insurance

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An insurance which covers the insured against third party claims or, in the case of employer’s liability insurance, claims by employees, subject to specified...

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An agreement that allows for certain changes to the terms of an insurance or reinsurance contract to be agreed by the leading underwriter(s) without...

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The underwriter of a syndicate or insurance company who is responsible for setting the terms of an insurance or reinsurance contract that is subscribed...

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An official term used in EEA insurance regulation. The formal definition of “Large Risks” is found in the EU’s 2nd Non-Life Insurance Directive (88/357)....

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Depending on the context this term may refer to - (a)  the society of individual and corporate underwriting members that insure and reinsure risks as...

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The proportion of an insurance or reinsurance risk that is accepted by an underwriter or which an underwriter is willing to accept. When it...

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Another term for policy limit. It refers to the maximum amount payable under a policy of insurance or reinsurance, either overall or with reference...