Risk Exchange believes motor insurance is one of the major sources of premiums of the non-life insurers and reinsurers. Though, all property damages and/or personal accidents are not always reinsured, motor third party liability is reinsured through an excess of loss treaty and when the insurer purchases a proportional treaty, usually a quota share, it seeks a way to develop its motor portfolio.
Motor insurance encompasses own property damages and third-party liability when using the vehicle and separate into 3 different categories of coverage that are usually reinsured:
- First, Motor Third Party Liability, covers the material and bodily injury damages suffered by third parties for which the insured (mainly the drivers, but not only) are found liable according to the civil laws of each country. Usually, this coverage is compulsory.
- Second, all property damages covering damages or losses arising out of a motor accident. Theft, fire, windscreen breakage, and others are also covered.
- Third, personal accident coverage of the vehicle occupants in case of disability or fatality.
As we work in partnership, we aim to develop an in-depth understanding of your business and risk management requirements.
We take a proactive approach offering, quoting, and structuring services and deploy lead capacity on both a proportional and non-proportional basis.