The Market Loss Estimate provides you with useful information when comparing this against your own actual exposure. SICS allows you to record the Market Loss, and the development of this, at a detailed level. Create Detailed Market Loss Estimates # The detailed market loss estimates allows you to break down the estimate into currencies, line of Business, and even insured. This allows you to analyse the Market Loss in greater detail. ...
The Headline Loss Company Estimate is the estimates relevant to your company (or group of companies) only. SICS allows you to create such estimates in different currencies, so that you can see the development of these over time. Create Headline Loss Company Estimate # Open the Headline Loss from the SICS desktop. In Find Headline Loss, retrieve the Headline Loss for which you want to Create a Company Loss Estimate. ...
The Claim List and Non-Proportional Recovery List of the Headline Loss provide an overview of the Headline Loss total amounts for Assumed Businesses, and Non-Proportional Outwards Businesses respectively. For the Assumed Claims you can also get an overview of the proportional protections, amounts retroceded and the unplaced amounts. In addition you can see what has actually been booked on the retrocessionaires. This amount may be different from the placed amount due to retro calculation not having been run, or actual share differs from applied share, or one or more of the retrocessionaires have been commuted. ...
If your System Administrator has enabled this function, SICS allows you to create Event Groups on a Headline Loss. The purpose of such Event Groups is to extract and group claims which are linked to the Headline loss, and calculate and book the IBNR for the subset, using pre-defined calculation rules. The Event Group contains criteria identifying which claims are to be considered in the calculation of the group’s Event IBNR, linked claims, and Calculation Data, including Loss Development Pattern. ...
SICS lets you link two or more Headline Losses to indicatethat these are a part of a bigger catastrophe. The grouping of these headline losses allows reporting and extraction of figures on the combination of these Headline losses. Find Headline Loss Group # When you decide that you want to link the Headline Loss a Headline Loss Group, the first step would be to search for any existing Headline Loss groups in the system. ...
The Claim Program functionality facilitates claims administration in general, and especially when the claim affects multiple treaties. Linking both treaties and claims to a Claim Program enables you to view both claims and corresponding premium figures for all the linked treaties in one place. The treaties can be grouped in a Reinsurance Program but this is not required. The functionality available to you from the Claim Program enables efficient Claims Handling, and improved workflow. ...
If you want to use the advantages the Claim Program offers for your individual treaty claims administration, and cannot find an existing Program that matches your claim, you can create a new Claim Program from: Find Claim Program window, or The Business Claim List Claim Program tab, or As part of any of the claim or move claim wizards. Each of these processes will be described in detail in this chapter. ...
To see the details of a Claim Program, such as the Classifications and Area, the linked treaties, and the linked claims, you must first access the Claim Program. The Claim Program is accessed either through Find Claim Program, from the Business Claim List of a treaty, or from an assumed individual claim that is linked to a Claim Program. The three processes are described below. View Claim Program from Find Claim Program # Open Claim Program icon from desktop and perform a search. ...
A Claim Program contains information about the classifications, the period, and it may contain information about premium and/or exclusions. All claims and treaties linked to the Claim Program will adhere to the same classifications and will be within the Claim Program Period. The Claim Program must contain a link to at least one treaty, and it may contain links to claims. In the following we will describe how to view and maintain the information apart from claims and treaties. ...
The Claim Program can be linked to more than one treaty from the same cedent. These treaties can be other individual treaties (that is treaties without a link to a Reinsurance Program), or they can be treaties that are part of the same Reinsurance Program or other Reinsurance Programs. If your System Administrator has activated this functionality, the Claim Program can include treaties from more than one Reinsurer. The Treaty Links are listed and maintained in the Treaty Links window of the Claim Program. ...