Insurance is like a spare tyre. You may not require it, but not having one is not an option.
  • Reinsurance: Types and Companies

    Reinsurance in simple terms is an insurance policy purchased by insurance companies. This is in place to protect the interests of the insurance companies and ensures that they remain solvent even during events when there is a scope for many major claims, like in the event of a natural disaster. The main purpose of this policy is to reduce the amount of loss an insurance company might incur and also give them enough time to recover from the losses.

    An insurance company transfers the risk involved to another company when opting for reinsurance contracts. Insurance companies that opt to transfer the risk are called direct writers or ceding companies. The company offering the reinsurance policy is called an accepting company. Many of the insurance companies do not enter the reinsurance business as the capital required is much more than what is needed for an insurance company. Lloyds of London and LIC are some of the major players in the reinsurance business in India.

    Types of Reinsurance

    Reinsurance can be broadly divided into two types namely:

    1. Reinsurance By Treaty

      Insurance companies entering into a reinsurance contract with another company providing insurance is also called as treaty insurance. An agreement is in place with the insurance company and the direct writer. Reinsurance companies offer different proposals to the ceding companies mentioning the maximum risk they will be willing take from the insurance company. Direct writers will have the freedom to choose the best offer of their liking and enter into an agreement.

    2. Facultative

      In facultative reinsurance, individual policies are considered and a decision is taken on what policy needs to be provided with reinsurance and the percentage of risk that will be transferred along with it. The important point here is that the coverage need not be offered just by a single company. Multiple companies can cover different individual policies. The amount of risk that is to be transferred is decided not by the reinsurer but by the ceding company.

      One of the disadvantage of the facultative reinsurance is that it works with the underwriting policies of the ceding company. This might at times work against the accepting company if there is a mistake in the classification of risk by the ceding company. This will result in the reinsurance company suffering due to the mistake of the ceding company. In order to protect their interests, accepting companies have now started to get involved in the underwriting process of the insurance companies to ensure that they do not face any major losses due to the ceding company’s underwriting.

    3. Reinsurance Premiums

      There are generally two types of premium that can be paid for a reinsurance. These two variants of the premium payment have been listed below:

      • Direct premium or original premium: this will depend on the percentage of risk that is transferred by the ceding company to the reinsurance company. For example, if an insurance company wishes to transfer 40% of its risk to a reinsurance company, the accepting company will in that case recieve 40% of the premiums received by the ceding company.
      • Revised risk premiums: This type of premium does not depend on the amount of premium received by the ceding company. The reinsurance company in this case will quote a premium on their own depending on the extent of risk covered by the company.

    List of Major Reinsurance Companies Operating in India

    Some of the important insurance companies operating in the country have been listed below:

    • Lloyd’s India
    • XL Insurance Company SE India
    • Hannover Ruck SE - India Branch
    • General Insurance Corporation of India
    • AXA France Vie - India Reinsurance Branch
    • Swiss Reinsurance Company Limited, India Branch
    • Munich RE - India Branch
    • SCOR SE - India Branch

    While insurance has become one of the most important things to have these days, insurance companies also need someone to protect them in the case of any untoward incident and the reinsurance companies offer just that.

    Two Wheeler Insurance Reviews

  • Page 1 of 50 1 2 3 4 5
    • United India Two Wheeler Insurance
      "Good"
      0.5 4.5/5 "Excellent!"
      I hold a two wheeler insurance with United India Insurance from last 7 years, i pay a premium of approx Rs 800 for this insurance policy and it has tam happy with the coverage value.o be renewed every year. I have no claim experience so far from this insurance policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 17, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my two wheeler insured with HDFC ERGO from last 2 years, i am happy with the coverage value of this insurance policy. A premium of Rs 1200 has to be paid for this insurance policy and i have no claim experience so far.
      Was this review helpful? 2
      , mumbai
      Reviewed on Sep 14, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a two wheeler insurance with Bajaj Allianz from last 3 years, i am happy with the coverage value of this insurance policy. A premium of Rs 1600 has to be paid for this insurance policy and i have not claimed anything so far with this two wheeler insurance.
      Was this review helpful? 1
      , bangalore
      Reviewed on Sep 14, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my two wheeler insured with Bajaj Allianz from last 1 year, i pay a insurance premium of Rs 1400 for this insurance policy. I have not claimed anything so far from this insurance policy. I am happy with the coverage value of this insurance policy.
      Was this review helpful? 1
      , pune
      Reviewed on Sep 12, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I am having a two wheeler insurance policy with HDFC ERGO from last 5 years, i am happy with the coverage value of this insurance policy. I have not claimed anything so far from this insurance policy. I pay a insurance premium of Rs 1100 for this policy.
      Was this review helpful? 1
      , rajahmundry
      Reviewed on Sep 12, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I had a two wheeler insurance with ICICI lonbard for quite long time. I am happy with the coverage value of this insurance policy. I am not aware of the premium amount of this insurance policy. I have claimed 3-4 times and all my claim experience was good.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Sep 12, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      My bike is insured with the HDFc Ergo general insurance. The premium is low and I do not have any claim experience with the policy so far. So far there hasn't been any issues with their services. I'll have to wait and see how they respond to my requests in future.
      Was this review helpful? 3
      , bangalore
      Reviewed on Sep 11, 2018
    • L and T Two Wheeler Insurance
      "Excellent Service"
      0.5 4.0/5 "Great!"
      I had taken this insurance policy long time back and i had been making the payments of premium annually. Their customer support also had been good as well and i had also taken a claim which was a good experience. There has not been any hassle faced so far.
      Was this review helpful? 3
      , coimbatore
      Reviewed on Sep 07, 2018
    • New India Two Wheeler Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have my two wheeler insured with New India Assurance from last 2-3 years, i am happy with the coverage value of this insurance policy. My claim experience was good with this insurance policy. A premium of Rs 2500 has to be paid for this insurance policy. I am satisfied with the policy coverage and plan benefits of this policy.
      Was this review helpful? 5
      , chennai
      Reviewed on Sep 05, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Good Service so far"
      0.5 4.0/5 "Great!"
      My bike is insured with the HDFC Ergo. I do not have any claim experience with the policy. The premium is really less. So far there hasn't been any issues with their services. I'll have to wait and see how they respond to my request in future if I'll have any
      Was this review helpful? 2
      , chandigarh
      Reviewed on Sep 04, 2018
    • National Insurance Two Wheeler Insurance
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this two wheeler insurance a long time back. The premium amount which i had to pay every year had been nominal and i had been making the payments online. Their customer support also had been good as well. I had not made any claims so far.
      Was this review helpful? 2
      , coimbatore
      Reviewed on Sep 04, 2018
    • Tata AIG Two Wheeler Insurance
      "Average policy "
      0.5 3.0/5 "Satisfactory"
      I have take a two wheeler insurance from Tata AIG insurance . This policy covers for 1 year . It covers bumper to bumper coverage ,cashless garage benefits . Am satisfied with premium amount which am making the payment. I'm satisfied with the customer care.
      Was this review helpful? 3
      , chennai
      Reviewed on Sep 04, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Normal Service"
      0.5 3.0/5 "Satisfactory"
      My Bike is insured with the ICICI Lombard General Insurance. I am paying a premium 12000, it only covers the metal parts. I do not have any claim experience with the policy so far. There hasn't been any issues with the services as well.
      Was this review helpful? 1
      , guntur
      Reviewed on Aug 31, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my two wheeler insured with ICICI lombard from last 10 years and it is a good policy to use. The premium amount for this insurance policy is nominal when compared to other policies. I have no claim experience with this insurance and the coverage value is good.
      Was this review helpful? 8
      , pune
      Reviewed on Aug 30, 2018
    • Tata AIG Two Wheeler Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      Premium for this insurance is normal, they took the processing time was less, i have been making payment for this premium for past few years, they have given me the good benefits in this premium, i feel it will give good benefits will be given in future, over all it a good insurance.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Aug 29, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a two wheeler insurance with ICICI LOMBARD from last 3-4 years, i am happy with the coverage value of this insurance policy. I am not aware of the premium amount for this insurance. I have no claim experience so far with this insurance policy.
      Was this review helpful? 5
      , bangalore
      Reviewed on Aug 29, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my two wheeler insurance with ICICI Lombard from last 3 years, i am happy with the coverage value of this insurance policy. A premium of Rs 1200-1500 has to be paid for this insurance policy. I have not claimed anything so far from this insurance policy.
      Was this review helpful? 5
      , kolkata
      Reviewed on Aug 29, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Good Service so far"
      0.5 5.0/5 "Blown Away!"
      My bike is insured with the HDFC Ergo general Insurance. I am paying a premium of 3000 Per year, It covers the entire bike. I do not have any claim expereince with the policy so far. So far there hasn't been any issues with their services.
      Was this review helpful? 5
      , chennai
      Reviewed on Aug 29, 2018
    • National Insurance Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a two wheeler insurance with national insurance from last 3 year, i am happy with the coverage value of this insurance policy. I have not claimed anything so far from this insurance policy. A premium of Rs 1500 has to be paid for this insurance policy.
      Was this review helpful? 3
      , coimbatore
      Reviewed on Aug 29, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a two wheeler insurance with ICICI lombard from last 1 year, i am happy with the coverage value of this insurance policy. I have not claimed anything so far from this insurance policy. A premium of Rs 1700 has to be paid for this insurance policy.
      Was this review helpful? 2
      , new delhi
      Reviewed on Aug 29, 2018
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