More Premium Ceded To Alien Reinsurers
NU Online News Service, Sept. 10, 11 :19 a. m. EDT?Total U.S. premium ceded to non-U.S. reinsurers increased 15.9 percent last year, rising to $53.5 billion, while ceded recoverables rose 9 percent to $102.4 billion, according to a reinsurance trade group's study.[@@]
The information was contained in the Washington-based Reinsurance Association of America's report: "Alien Reinsurance in the U.S. Market: 2003 Data."
RAA said the report is based on ceded reinsurance reported in Schedule F, Part 3 data filed with the National Association of Insurance Commissioners. The study presents statistics on U.S. premiums ceded to and recoverables from more than 4,000 reinsurers in 102 jurisdictions outside the United States.
It also ranks alien jurisdictions with the largest participation in the United States for both affiliated and unaffiliated reinsurance business, and provides historical marketshare trends of U.S. reinsurance companies versus alien companies.
The premiums and recoverables ceded last year, the group said, represent a 15.9 percent growth in premiums and a 9 percent growth in recoverables since 2002.
Alien companies' share of U.S. unaffiliated reinsurance premium rose to 46.8 percent last year, while the marketshare of alien and alien-controlled U.S. companies grew to 80.4 percent of U.S. unaffiliated reinsurance premium, the report noted.
The report's objective, RAA said, is to provide useful information to policymakers and the public to further understanding of the U.S. reinsurance market.
Copies of the report are available for $250. They may be ordered via the RAA Web site–www.reinsurance.org–or by calling 1-800-259-0199.
RAA is composed of property and casualty reinsurers and reinsurance intermediaries. The group said its members write nearly two-thirds of the gross reinsurance coverage provided by U.S. reinsurance companies and affiliates.
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