Life and non-life reinsurance are different. One of the major differences is the prominence of the role of the reinsurance broker in non-life reinsurance - more than 75 percent of non-life business is transacted through brokers. This compares with only 5 percent transacted in life reinsurance. There are 3 reasons why J. B. Boda Reinsurance Broker can play a prominent role :
The traditional proportional cover and facultative cover are much simpler. The purchase of life reinsurance as a capital substitute requires strong expertise in three areas.
We at J B Boda have the expertise to act as a Professional Life Reinsurance brokers for the Life Insurance Companies therefore we bring a perspective that can be valuable . For Life Insurers , reinsurance is a small percentage of cession.
As a broker we have the ability to develop a completely new solution and then find the reinsurance markets that can support it. Successful development and execution of these advanced structures requires a variety of expertise and skills: risk modeling, cost assessment, structuring solutions and selling new ideas to reinsurers.
It would be difficult for many small to medium-sized insurers also to have this full suite of capabilities, thus we as Reinsurance brokers can play a valuable role in structuring a Life Reinsurance program suiting the needs of the clients.