Glossary
Choose a letter
- Acceptance
- Operation by which a reinsurer accepts to cover part of a risk already underwritten or accepted by an insurer. This is the opposite of a cession or transfer.
- Accident Year
- The accounting year, in which loss events occur, regardless of when the losses are claimed, booked or paid.
- Accounting Year
- The company's financial year in which the accounts are recorded. Because of the time required to transfer information for a given period of cover, the ceding company's accounting year may differ from that of the reinsurer. For reinsurers such as SCOR wishing to calculate their results more rapidly, estimates are made for the accounts of ceding companies for the last quarters not yet received at closing date.
- Accumulation
- All the risks that could be hit by the same event or all the underwritten lines regarding the same risk.
- Actuary
- Specialist who applies probability theory to Life and Non-Life (property) insurance and reinsurance in order to measure risks and calculate premiums, as well as technical or mathematical reserves.
- Additional reserve
- Reserves for claims are recorded in the accounting system for the amount communicated by the cedants. They can be topped up for amounts calculated according to past experience, to take into account estimated future adverse developments.
- Adverse development
- Losses for which initial estimates prove insufficient.
- Attachment point
- The amount of losses above which excess of loss reinsurance becomes operative.
