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s2 Risk XS / Cat XL (Processing (Initial (a) Inputs = Claims, Treaties,…
s2 Risk XS / Cat XL
Processing
Initial
a) Inputs = Claims, Treaties, Treaty attachments to claims, Facultative/Proportional treaty recoveries calculated 1-at run time. and 2- from the ground up (so the new recovery position is calculated without reference to the existing position).
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b) Calculation - Deduct previous recovery amount to be issued to the brokers, to present the ‘Now Due’ recovery amount.
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Secondary
1st Prerequisites:
Amalgamate
a) Reinsurance Data,
b) Reinsurance Program Structure (i.e. the 'Program Sequence Number' that determines the Programs scheduled.
c) Reinsurance Attachment to Inwards policies including the Cession percentage for Proportional Treaties,
d) Claim Groups by common cause e.g. hurricane.
e) Attachment of treaties to claims by Risks Attaching During (RAD) or Loss Occurring During (LOD).
2nd Recovery Processing:
Sequence factors: Program sequence number, Treaty Excess, Date of Loss, up to the calculated Ultimate Net Loss (UNL), (subsequently UNL applied to Treaty to calculate recoverable
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Summary
Processing of recoveries, both paid and outstanding, plus the creation of accounts and statistical entries, for non-proportional treaty
a) set of collection notes for issue requesting payment of the brokers,
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c) set of statistical entries apportioning recovery across Inwards classes of business and underwriting years. (or Outward reinstatement premiums e.g. reinstatement and reinstatement reserve.
Initiated via a monthly report submission process to produce Paid Recovery Collection Notes, with outstanding position and statistical breakdown of paid/outstanding recoveries.