Fire and Consequential Loss Insurance - IC 57 Exam Study Notes

Types of Excess of Loss covers include ?per risk? cover and ?per event? cover.
AIFT classifies India into four EQ zones with respect to frequency and severity.
CRESTA's main goal is to establish a uniform and global system to transfer, electronically, aggregated exposure data for accumulation risk control and modelling among insurers and reinsurers.
The Indian Fire Reinsurance programme is reviewed annually and arranged by GIC in consultation with its four subsidiary companies and finally approved by the Government of India. The objective is to maximise retention within the country in order to save foreign exchange outgo and to achieve this the following methods are adopted.
The key ingredients of general insurance product pricing are: i. Claims cost; ii. Business acquisition cost; iii. Management expenses; iv. Margin for fluctuation in claims experience and v. Reasonable profit

Important Points for IC 57 - Fire and Consequential Loss Insurance Exam