A brilliant call for reinsurance wordings
The Brexit withdrawal agreement was illegal. Adding to this striking wording contradictions within the document. The wordings rules govern the contingent business interruption cases discussed at a recent FCA judgement. Reinsurance products are to be made simpler to improve the customer experience in accordance with key notes echoing the blueprint documentation. In a world disrupted by all sorts of contingent perils, portfolio transfers and offset rights are in the plenty driving commercial negotiation for program management reinsurers or niche run-off written business classes. Reinsurance wordings are beautiful palimpsests playing a critical role in setting transparently the underwiting guidelines and the claims handling provisions. No geographical limitation. A set of common clauses but not always following a templated structure; there is a lot of bespoke content with MRC exempt solutions. Educating underwriters, stakeholders and claims colleagues on the added-value in wordings a...