A Guide to Reinsurance Law
The speed at which a reinsurer handles and pays claims is one of the most important factors for a reinsured since taking some of the burden of the payment of losses when they occur is the reason for entering into a reinsurance contract in the first place. Apart from the initial contact which insurers have with the reinsurance underwriters (assuming that they do since many reinsurance inceptions and renewals are simply handled by the brokers) the most contact that an insured will have with its reinsured will be when a large claim occurs which he is contractually required to report to reinsurers or for which he is seeking reimbursement, and it is therefore of paramount importance that the reinsurer has an efficient claims service.
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