A reinsurance company often finds itself insuring the same principal risks again and again through multiple reinsurance/insurance contracts. Whether these risks are single objects, like buildings or vessels, or they are risks of catastrophe, like earthquake in a certain zone, it is important to keep track of their cumulative effect and to know as much as possible about them individually. SICS offers a detailed catalogue of both insurable object information and peril of zone information, as well as a facility for controlling the exposure to these.
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Proportional Retrocession Accounting in SICS lets you do automatic calculation and booking of figures to be retroceded to an Outward Cedent’s Contract (OCC) and the Retrocessionaire’s Participation (ORP) of the OCC.
To be able to do Proportional Retrocession Accounting, an OCC protecting an Assumed Business (AB) must be created. The Insured Period From date of the AB must be included in the Insured Period of the OCC. One or more RPs must be defined on the OCC and the OCC’s Placement List must be complete.
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Link Insurable Object to Contract # Establish a link between an insurable object(s) and the contract which covers this object
Open wanted business and navigate to the Classification tab
Right mouse click and select Edit Classification from the pop-up menu
From the list menu, select Insurable Objects
Right mouse click and select Assign.
From Find Insurable Objects, highlight wanted objects and select Transfer from the pop-up menu.
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The Ultimate Loss Ratio reflects the worst case scenario for a risk, and is used to calculate for example IBNR reserves. The fields can be registered in Underwriters Estimates at Portfolio Program level, and can be used in the calculation of Underwriters Estimates on linked Assumed Businesses.
In addition, you can register one or two IBNR Methods which can be used to determine the formula to be used when calculating IBNR on linked Assumed Businesses.
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On the Administration Conditions window you define the accounts and the details of the accounts applicable for the business. Conditions related to the accounts such as advice- and payment conditions, currency exchange and closed period handling are also defined in the Administration Conditions.
When you select the Administration Conditions button, you see the Administration Conditions window. The window that you see varies depending on the type of business.
Administration Condition must be defined on main level of the business and cannot be overridden on sub-sections.
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Release date # July 3rd. 2019.