The MainStream Reinsurance Company Limited and KEK Reinsurance Brokers (Africa) Limited PLC collaborative 3-day non-life capacity-building programme ended at the Eastern Premium Hotel Koforidua last weekend.
The Seminar kicked off on the 11th of September 2024 on the theme: “Treaty Negotiation and Renewal Significance of Data and Statistics.” The event was attended by over 45 reinsurance practitioners from the non- life underwriting companies in Ghana and a few from the sub region.
Topics tackled by a renowned reinsurance practitioner; Dr. Kwaku Appietu- Ankrah from the first day of the seminar include understanding statistics/IBNI/Risk Profile, statistical information requirement, reinsurance programme and structures, rules of thumbs in designing reinsurance programme, and setting retention/ceding commission.
Participants, primarily expressed high level of satisfaction with the training. The commended the high expertise of the trainer, the clarity with which complex concepts were explain and the practicality. In addition, the practical tools and techniques provided for immediate implementation.
Speaking at the opening ceremony on day one, Prof. Kwame Adom – Frimpong, Managing Director of Mainstream Reinsurance said: “I am grateful to the organisers for bringing together this tremendous partnership between KEK and Mainstream Re. and to strengthening the cordial relationship between the reinsurers and the insurers in Ghana.
“You might have all the experience, treaty negotiations as big part of our lives; Reinsurance company and Reinsurance brokers. As a reinsurer, you have to really know the insurer – also called the “ceding company” or “cedent” – and understand its stakes. The goal is to understand and evaluate the cedent’s portfolio as accurately as possible,” he added.
He further explained that the reinsurance companies do business with the ceding companies under two types of the treaty and facultative business. Under treaty reinsurance both the reinsurance and ceding company commit themselves into terms and conditions under as agreement where risks within a class of business are shared between the two companies.
Nuerkie Afi Odzeyem, Chief Executive Officer, KEK reinsurance brokers Africa Limited, pointed out that in today’s competitive and data driven world, the negotiation and renewal of treaties rely on accurate and timely data.
According to her, the seminar has been organised to explore how data and statistical tools can be used to streamline treaty renewals and negotiations, provide clarity in risk assessment, and ensure optimal terms for stakeholders.
She encouraged every participant to give out his or her full attention and actively participate in the seminar. “I am confident you will leave with a deeper understanding and appreciation of the powerful role data plays in treaty negotiations”.
