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Technical Report: Claims - The need for speed.
(From Reinsurance)
Byline: Patricia Vowinkel.
Reinsurer solvency has become a big concern for ceding companies.
The 11 September 2001 terrorist attacks on the World Trade Centre took a heavy toll, with reinsurers absorbing the bulk of the resulting losses which is estimated may reach $40bn. Some of the largest reinsurers suffered the heaviest losses.
Ceding companies are becoming increasingly concerned about the speed of reinsurance claims payments and the ability of reinsurers to pay. In addition, new technologies are being implemented to improve the speed, efficiency and reliability of claims payments.
Gerling Global Re, the world's seventh largest reinsurer, is now out of business and Trenwick stopped writing reinsurance earlier this year.
"There are a lot more run-off reinsurers today," says Ed Eighmey, a managing director in reinsurance broker Guy Carpenter's client services department.
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