The insurance community has not been left unscathed by the present economic crisis and continues to grapple with significant costs associated with the resolution of disputes in the reinsurance arena, where issues surrounding ultimate financial responsibility for insured losses are rampant. By contract, these disputes are generally referred to arbitration, which has evolved into an expensive process that has seriously dampened the ability of insurers to resolve relatively small balances on a cost efficient basis. To address this, the Association of Insurance & Reinsurance Companies (AIRROC) has introduced the AIRROC Dispute Resolution Process, which provides an effective and significant cost reducing mechanism for the resolution of smaller balances that in the aggregate produce a surplus drain having wide ranging negative market ramification.
The insurance community has not been left unscathed by the present economic crisis and continues to grapple with significant costs associated with the resolution of disputes in the reinsurance arena, where issues surrounding ultimate financial responsibility for insured losses are rampant. By contract, these disputes are generally referred to arbitration, which has evolved into an expensive process that has seriously dampened the ability of insurers to resolve relatively small balances on a cost efficient basis. To address this, the Association of Insurance & Reinsurance Companies (AIRROC) has introduced the AIRROC Dispute Resolution Process, which provides an effective and significant cost reducing mechanism for the resolution of smaller balances that in the aggregate produce a surplus drain having wide ranging negative market ramification.