Being completely new to the concept of reinsurance, I only knew that reinsurance is insurance for insurance companies, but it was after joining LOGiQ3 was I able to understand the concept of one insurer ceding part or all of its own risk on a policy or group of policies to one or more reinsurers in a little more detail.
However, reinsurance is a vast concept and can be overwhelming when exposed to all at once. As a reinsurance analyst, I very quickly learnt, that to fully understand and grasp the bigger picture, I had to understand the very basics of reinsurance first. So what is this basic information that I recommend you know if you’re new to reinsurance and reinsurance administration? Here it is: