UAE – Reinsurers withdraw from health insurance
Saturday, 02 06 2016, Category: Insurance and Reinsurance, Country: U.A.E
Reinsurance companies withdrew from health reinsurance treaties in the local market as they are frustrated by the behavior and policies of some direct insurance companies, whereas some reinsurers followed other paths by restructuring treaties.
“Al Roeya” was informed that the scenarios of the current renewal season included an amendment of underwriting conditions, price increases, cedant deductible increases, treaty transformation from proportional into stop loss that prevent the reinsurer from compensating unless losses exceed a threshold.
In detail, Dr. Hazem Al Madi Partner and Managing Director at Cogent Insurance Brokers and previously Chairman of life and medical technical committee of Emirates Insurance Association said that the work of reinsurers is built on the technical study of risks and underwriting bearing in mind that underwriting and claims experience are key in the health insurance field.
Source: Al Roeya - UAE