What is the meaning of excess of loss?
Excess of loss reinsurance is a type of reinsurance in which the reinsurer indemnifies–or compensates–the ceding company for losses that exceed a specified limit.
How does excess of loss treaty work?
An excess-of-loss reinsurance treaty provides the primary insurance company (cedant) with reinsurance protection covering a certain layer of loss for a specified category of individual (direct) insurance policies.
How does excess insurance work?
Insurance excess is the amount you have to pay towards the overall cost of an insurance claim. It's usually a pre-agreed amount. Your insurer will then contribute the rest – up to the limit of the cover. You'll see insurance excess on insurance products like travel, motor, home and health.
What is the difference between surplus and excess of loss reinsurance?
So if we had ten claims for 500,000 each, then the insurer pays 1million and the reinsurer pays the 4million in excess of this. If we had another claim for 500,000 then the reinsurer would pay it all. This is different to individual surplus where the insurer pays a proportion of all claims.
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