US: (1) A group of insurers or reinsurers through which particular types of risks (often of a substandard nature) are underwritten, with premiums, losses, and expenses shared in agreed ratios. (2) A group of organizations that form a shared risk pool. Pooling is an attractive alternative for insureds that are not large enough to legally or feasibly self-insure but that desire more control over their loss exposures as well as an opportunity to reduce their cost of risk, compared to a program written by a commercial insurer.
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UK: A combination of insurers in a specific class of insurance in which they agree to share the premiums and losses. Pooling is used for exceptionally heavy risks, e.g. atomic energy risks.
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UK: a group of insurers through which particular risks are insured, normally by each insurer assuming an agreed proportion of the risk, premiums, losses and expenses being shared in the same proportion (see also reinsurance pool).
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REINSURANCE: A pool is a form of Reinsurance arrangement between member companies by which one or more classes of business is pooled and then retrocede to members in an agreed proportion or volume of business ceded. In certain cases, business may be ceded to non-members of the pool. Such pools may be privately arranged between member companies or may be a national pool initiated by government or regional pools of member countries. As per IRDA’s General Insurance-Reinsurance Regulations, 2000 “pool” means any joint underwriting operation of insurance or reinsurance in which the participants assume a pre-determined and fixed interest in all business written.
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An organization in which insurers cover certain types of risks as a group and share premiums, expenses, and losses. Pools are often used to underwrite larger risks.
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An Organization of Insurer or Reinsurers through which particular types of Insurance are written with the premiums ‘losses and expenses shared in agreed proportions among these Insurers. A pool is often appropriate for insuring large values, such as commercial aircraft, or for insuring exposures unwelcome in the voluntary market. See Also: “Residual market.”
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MEDICAL,USA: Group of insurance companies that combine some assets to provide an amount of insurance that is greater than that which can be provided by an individual company.
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REINSURANCE,REFERENCE See: Association, Syndicate.
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MEDICAL,USA,REFERENCE See: pooling and risk pool.