Reinsurance is insurance purchased by an insurance company (the insurer) from another insurance company (the reinsurer) to reduce the insurer’s exposure to risk.
icare self insurance has a comprehensive reinsurance program that aims to protect the NSW Government (and ultimately the NSW taxpayer) from the budgetary impacts of large-scale insurance loss. The program includes workers compensation, property, fine arts, marine, aviation, medical malpractice, general liability and terrorism.
By splitting the insurance risk by lines of business, reinsurance is not only more affordable but enables reinsurers to provide insurance protection in their specialist area whilst accepting a percentage share of the total risk in line with their risk appetite.
icare self insurance's reinsurance program is renewed annually on 30 June. The reinsurance service provider for the contract period commencing January 2014 and finishing January 2019 is JLT RE.