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An insurance company issued fire insurance policy with total sum insured amount to one million and10% deductible . The company have Q/share reinsurance treaty maximum capacity one million of which10% company's retention &90% Q /share.then total loss claim amount to one million has been raised to the insurance company . Attempt to find out1/ How much the insurance company will pay to the original insured2/The split of the amount of claim between company's retention and reinsurer share Kind regards
Total sum insured =1,000,000
Deductible10% =100,000
Total claim amount =1,000,000
claim amount to be paid to the insured =1,000,000 _ 100,000 =900,000
Total Q/ share treaty capacity =1,000,000
The split of the amount of claim paid, between company's retention and Q/share treaty reinsurer will be as hereunder :-
total amount of claim paid to the insured =900,000
insurance company's retention (ceding company retention )10% =90,000
reinsure's share90% =810,000
Thanking you, with my Best wishes.
1) Since there is a deductible of 10%, 900,000 will be payable to the insured.
2) Insurance share is 90,000 and reinsurance share is 810,000
Company will pay0.9 million to the client.
Net claim amount is0.09 million and Q/Share cession is0.81 million.
1) In case the company was held liable for this loss, and all terms, limitations and provisions of the policy have been applied, the amount payable to the original insured shall be900,000 (1,000,000 -100,000).
2) Company's retention =90,000 (900,000 *10%)
Reinsurer's share =810,000 (900,000 *90%)
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