Outsourcing Insurance Risks and Reinsurance: European Solutions

Vértesy, László and Széplaki, Valéria (2020) Outsourcing Insurance Risks and Reinsurance: European Solutions. In: Економічні Та Безпекові Виклики Сучасного Бізнес-Середовища : Колективна Монографія [Ekonomichni Ta Bezpekovi Vyklyky Suchasnoho Biznes-Seredovyshcha : Kolektyvna Monohrafiya]. Міністерство Освіти i Науки України; Харківський Національний Університет Радіоелектроніки, Кафедра економічної кібернетики та управління економічною безпекою, Харків [Kharkiv], pp. 48-55. ISBN 978-966-659-289-0

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Abstract

This study is aimed at drawing a general picture of outsourcing regulations in Europe with special focus on reinsurance, and to highlight the disturbing variety of rules and practice applied in EEA Member States since these present hurdles to the fast and efficient functioning of the European single insurance market. Although reinsurance business in Ukraine has dropped in the first half of 2020, it is still an important method to transfer or disperse original risks among the players of the insurance market. In general, the decision of an insurance company on outsourcing part of its insurance risks, i.e. reinsurance is a way to exclude a group of contracts from their whole insurance portfolio or to cut-off insurance business lines or business areas in the future. The Directive 2009/138/EC on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) entails common European rules on outsourcing/reinsurance between companies, including ones residing in third countries. We aim to support the need for a more detailed EU (EEA) legislation in this area.

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