Reinsurance/Coinsurance Practices

Reinsurance activities conducted based on the principles of participation and the shared risk-sharing and solidarity principles are referred to as participation-based reinsurance. For this purpose, participation-based reinsurance companies (re-Takaful) have been established in different parts of the world. Participation-based insurance companies are obliged to work with participation-based reinsurance companies due to their organizational structure. However, in cases where participation-based reinsurance companies cannot meet the necessary demands in terms of number and capacity, it becomes necessary, with the approval of the advisory committees, to work with traditional reinsurance companies.

Co-insurance, in its general sense, refers to the sharing of the insured risk among various parties. Participation-based insurance companies, due to their organizational structure, are obligated to work with participation-based insurance companies in co-insurance agreements. However, in cases where participation-based insurance companies cannot meet the necessary demands in terms of number and capacity, it becomes necessary, with the approval of the advisory committees, to enter into co-insurance agreements with traditional insurance companies.

Here is the list of participation-based insurance and traditional insurance companies that Neova Participation Insurance has co-insurance agreements with: