Reaseguros

Reaseguros, or reinsurance in English, is the practice by which primary insurers transfer a portion of their risk to reinsurers. By sharing exposure, cedents gain additional underwriting capacity, improve volatility in results, and protect themselves against large or catastrophic losses. Reinsurance can cover individual risks or entire portfolios and may involve multiple layers of protection across different markets.

Reinsurance is typically categorized by method and scope. Proportional reinsurance, including quota share and surplus treaties, involves the reinsurer receiving a fixed percentage of premiums and losses. Non-proportional reinsurance, such as excess of loss and stop-loss, pays only when aggregate losses exceed a predefined threshold. Facultative reinsurance covers specific risks, while treaty reinsurance covers a portfolio of risks under a standing agreement. Reinsurers may also use retrocession, where they pass some of their own risk to other reinsurers.

Participants in the reinsurance market include large multinational reinsurers, specialty firms, captive reinsurers, and brokers who arrange treaties. The market also features retrocessionaires and, increasingly, alternative capital vehicles such as catastrophe bonds and sidecars, which provide additional capacity.

Regulation and accounting influence reinsurance activity. In many jurisdictions, solvency and capital requirements govern how much risk insurers may retain. In accounting terms, standards such as IFRS 17 affect how reinsurance contracts are recognized and reported. Global reinsurers, notably Munich Re, Swiss Re, and Hannover Re, play a central role in spreading risk and stabilizing the insurance industry, while ongoing innovation and regulatory developments shape the evolution of reaseguros.