ReInsurance

BACKGROUND The Reinsurance Broking Division of Clarkson Insurance Brokers Ltd was established in 2004, as a fully fledged department of one of the oldest broking houses in the region. In addition to handling routine placements of treaty and facultative business across all classes, the unit is well equipped to handle special risks in East Africa and beyond. OUR OBJECTIVE: To be the reinsurance broker of choice OUR SCOPE The services we currently offer:
  • Portfolio Administration & Management
  • Treaty Design and Placement
  • Treaty Reinsurance Broking
  • Facultative Reinsurance Broking
  • Claims Management
  • Consultancy & Training
  • Retakaful
  • Risk Management
Our Products range from General Insurance, Life Insurance, Special Risks, Credit Risks, Terrorism Risks and Political Violence & Sabotage

Risk Management

Clarkson Insurance Brokers Ltd. provides specialised risk management services. This involves carrying out comprehensive assessment and analysis of risk and exposures, designing various treatment methods to ensure optimum return on equity. What is Risk Management? Risk management is a process that identifies, analyses and economically controls those factors that threaten assets or earning capacity within an organisation. The objective of Risk Management is to identify your risk and categorise it for mitigation of portfolio and risk reduction and to ultimately justify your cost of risk. True risk management is the identification, measurement, and management of risk to provide a targeted return on equity. Cost of Risk - measures the degree of success with which risk spending optimally matches risk exposures. Physical, procedural and operation risk management measures seek to not only prevent loss, but also to strengthen the operating integrity of the company. The concept Companies are inclined to benchmark virtually all risks on historical value and not on projected trends as in business development. To cater adequately for risk exposures, the ergonomic and demographic environments should be addressed. The progress of a company should coincide with their risk management philosophy and have the same advancement. It does not help to have a lucrative financial portfolio that is eventually eroded due to deficient loss control measures. Our Risk Management Services a) Risk Surveys and Audits We do the following:- i) Carry out comprehensive risk surveys to identify areas of inherent risks and exposures and suggest appropriate economic risk control measures. ii) Carry out comprehensive risk audits to identify risk management practice weaknesses and establish risk control implementation status and suggest appropriate remedial measures. b) Porfolio Evaluation and Rating i) Evaluate and rate the impact of Risk Management activities on risk quality vis-a-vis insurance and show the benefits. c) Insurance Programme Analysis and Review i) Monitor /review risk management and insurance programmes in relation to market trends /benefits and suggest cost effective revisions in risk treatment strategies to ensure they continue to be pre-emptive and responsive to potential risks and exposures. ii) Prepare superior presentation of the client's insurance portfolio for the consumption of the Insurance market d) Risk Standards Entrenchment and Training i) Support any existing in-house Risk Management programme through provision of a help line on related issues, e.g. participation in standards entrenchment, training and awareness programmes. e) Derivation of Optimum Deductible Levels Analyse historical data and suggest optimum levels of deductibles to adopt for each policy.

Pension

Pensions products as offered by Clarkson include: 1. Provident Fund schemes These are arranged by an employer to provide for their employees a lump sum amount on their retirement. The employer may decide to contribute and exempt the employees from contributing, although in most schemes both the employer and employees contribute towards the fund. On retirement a lump sum amount is paid to the retiring member. 2. Pension Schemes These are schemes that provide a retiring member with a regular pension, unlike the provident fund schemes which pay out a lump sum payment. A retiring member is allowed under the law to withdraw up to 1/3rd of the accumulated amount as a lump sum, and the balance utilized to buy a pension. 3. Annuities An individual may wish to utilize a lump sum amount to purchase an annuity. This is a regular payment made to a retired member. An annuity may be funded from the proceeds of a provident scheme. The annuity ensures that the recipient continues receiving the regular payment for a longer duration. 4. Individual Pensions Individual pensions arrangement are available for self employed people who may not be members of an occupational scheme.

Life Insurance

Clarkson offers the following life covers for customers : Life Assurance Products 1. Group Life Assurance A Group Life policy is arranged for employees of a company, to provide a lump sum amount for a deceased employee's beneficiaries. Cover is normally based on a multiple of an employee's annual salary A Funeral Expense Rider can be incorporated in the Group Life policy to provide for the deceased member's burial costs. Cover can also be arranged for individual members, for example the self-employed people who may not constitute a group. 2. Mortgage Protection Assurance This cover pays the outstanding Mortgage loan to the financiers in the event of the death of a borrower. This ensures that the beneficiaries of a deceased borrower do not lose the asset financed if the borrower dies before redeeming the loan borrowed. 3. Credit Life Assurance As with the Mortgage protection, this policy pays out the outstanding loan on the death of the borrower. The credit Life policy is however restricted to low amounts of cash, usually up to Kshs. 1,000,000/= 4. Term Assurances Term Assurances are ideal for young families, where a lump sum, usually know as the Sum Assured, is paid out on the death of the insured person. This eases the burden on the surviving family in the event of the death of the breadwinner. 5. Endowment Assurance This product provides a combination of life cover with an investment element. It pays out the sum assured on the death of the life assured or, on survival to the end of the policy term, it pays out the maturity value. This is in contrast with the Term Assurance, which does not pay anything on the survival of the life assured to the end of the policy term.