human
Write a paper that discusses the term 'risk' and associated insurances, focus on the concepts of the 'third party administrator' and 'reinsurance,' and report on the financial results of the major insurance companies operating in the UAE and GCC countries. Provide an #Risk, Insurance, and Third-Party Administrators Report only.
assistant
human
Provide an #Table 2. Financial Information for Insurance Companies. section.
assistant
Insurance Company                   Al Dhafra Insurance             Al-Ain Ahlia             Oman Insurance Co.             Al Khazna Insurance             
TPA (Yes or No)                    No                     No                  No                     No                     
Establish Year                    1979                    1975                 1975                    1996                    
Insurance rating and the source            bbb (Reuters, 2015a)            A3 (Moody’s Investors Service, 2015) a (Reuters, 2015b)             b (Oxford Business Group, 2014)       
Net Profit/Loss in 2013                AED 48,811,568               AED 42,177,000 (Al Ain Ahlia, 2014)  AED 247,118,000 (Oman Insurance Co, 2014) AED (162,866,289)              
Net Profit/Loss in 2014                AED 42,383,871 (Al Dhafra Insurance, 2014) AED 64,950,000            AED 229,371,000              AED (68,442,597) (Al Khazna Insurance, 2014)
Gross Premium Written 2013              AED 303,139,619               AED 516,529,000            AED 2,919,594,000             AED 95,417,609               
Gross Premium Written 2014              AED 346,689,456               AED 600,135,000            AED 3,248,944,000             AED 127,927,415               
Reinsurance ceded 2013                AED (117,193,116)              AED (289,829,000)           AED (1,471,496,000)            AED (56,512,872)              
Reinsurance ceded 2014                AED (119,652,377)              AED (358,557,000)           AED (1,670,261,000)            AED (57,429,725)              
Total claims collected from reinsurance 2013     AED (198,962,105)              AED (218,146,000)           AED (1,811,801,000)            AED (42,545,932)              
Total claims collected from reinsurance 2014     AED (189,498,921)              AED (278,766,000)           AED (1,923,813,000)            AED (75,818,415)              
Total commission from reinsurance 2013        AED (15,291,644)              AED (37,798,000)           AED (205,251,000)             AED (2,476,222)               
Total commission from reinsurance 2014        AED (19,673,400)              AED (39,983,000)           AED (362,898,000)             AED (1,940,062)               
Gross premium Written minus (reinsurance ceded) 2013 AED 185,946,503               AED 211,558,000            AED 1,448,098,000             AED 38,904,737               
Gross premium Written minus (reinsurance ceded) 2014 AED 227,037,079               AED 208,321,000            AED 1,777,448,000             AED 70,497,690
human
Provide an Conclusion: The Best Insurance Companies section.
assistant
While referring to the results of the analysis of financial statements for several insurance companies popular in the GCC countries, it is possible to provide the list of the most successful and reputable organizations. According to the data of 2014, the most successful insurance companies are Emirates Insurance and Oman Insurance Co. It is important to note that ADNIC lost its positions in comparison with the year of 2013.
human
Provide an Introduction section.
assistant
Risk and insurance are notions that are closely connected, and risks should be discussed in the context of the expected insurance that differs depending on the type of risk. These aspects need to be discussed in detail with the focus on insurance companies in the United Arab Emirates (UAE) and the Gulf Cooperation Council (GCC) countries. The purpose of this paper is to discuss the term ‘risk’ and associated insurances, focus on the concepts of the ‘third party administrator’ and ‘reinsurance,’ and report on the financial results of the major insurance companies operating in the UAE and GCC countries.
Risk and Mitigation with the Help of Insurance
A risk can be defined as a threat of negative circumstances for a person or business. In the context of personal life, risks are associated with the probability of injuries or traumas. In the context of business, risks are associated with the probability of financial or material loss for the company. Insurance is the provided financial protection that is aimed at mitigating risks and actual results of negative events with the focus on the financial compensation (Cummins & Santomero, 2012; Zietsch & Von Harpke, 2014). Thus, health risks are usually mitigated being covered by health insurance, and business risks can be addressed by a range of corporate insurance types.
Third-Party Administrators
The Third Party Administrator (TPA) is an organization that addresses the insurance claims and cooperates with insurance companies in order to administer the insurance cases effectively (Wollan & Brook, 2015). Thus, the TPA has a range of administrative responsibilities in order to guarantee that risk management is conducted appropriately, and insurance companies cover their obligations in a proper manner (Clarke, 2013). In the UAE, the functions of TPAs are performed by Next Care, NAS network companies (NAS Administration Services Ltd.), MSH International LLC, FMC Network UAE Management Consultancy, Inayah TPA LLC, and WapMed TPA Services LLC among others.
Risks Associated with Providing Passenger Boats Renting Services
There are many risks that are associated with providing boat services. The risks to the life of passengers are most typical, and the main way to mitigate them is to refer to the boat or airboat insurance provided by insurance companies in the context of additional programs. This type of insurance covers such risks as accidents, threats to life, and damages related to the property (Gorge, 2015). The health risks and accidents are also covered by third party liability insurance for passengers that guarantee the provision of financial assistance in cases of accidents that are not caused by the malfunctioning of the boat.
There are also risks associated with fishing and violation of safety rules (Borch, Sandmo, & Aase, 2014). These risks are not covered by insurance provided by the organization, but they are under consideration by the programs providing life and health insurance. If the fishing risks are not associated with the passengers’ violation of norms, such cases are covered by the specific fishing insurance provided by the organization.
Reinsurance and Selection of the Insurance Company
Reinsurance is a specific type of insurance acquired by an insurance company from any other company in order to resolve all possible problems associated with addressing the clients’ claims. Thus, using the reinsurance procedure, insurance companies share their obligations with other companies while reducing the risk of the finical loss (Cummins & Derrig, 2012). It is appropriate to choose those insurance companies that use reinsurance practice with the focus on the assistance of reputable and reliable companies with high financial and insurance rating.
Insurance Companies in the UAE and GCC Countries: Financial Information
human
Delete the last sentence.
assistant
Risk and insurance are notions that are closely connected, and risks should be discussed in the context of the expected insurance that differs depending on the type of risk. These aspects need to be discussed in detail with the focus on insurance companies in the United Arab Emirates (UAE) and the Gulf Cooperation Council (GCC) countries. The purpose of this paper is to discuss the term ‘risk’ and associated insurances, focus on the concepts of the ‘third party administrator’ and ‘reinsurance,’ and report on the financial results of the major insurance companies operating in the UAE and GCC countries.
Risk and Mitigation with the Help of Insurance
A risk can be defined as a threat of negative circumstances for a person or business. In the context of personal life, risks are associated with the probability of injuries or traumas. In the context of business, risks are associated with the probability of financial or material loss for the company. Insurance is the provided financial protection that is aimed at mitigating risks and actual results of negative events with the focus on the financial compensation (Cummins & Santomero, 2012; Zietsch & Von Harpke, 2014). Thus, health risks are usually mitigated being covered by health insurance, and business risks can be addressed by a range of corporate insurance types.
Third-Party Administrators
The Third Party Administrator (TPA) is an organization that addresses the insurance claims and cooperates with insurance companies in order to administer the insurance cases effectively (Wollan & Brook, 2015). Thus, the TPA has a range of administrative responsibilities in order to guarantee that risk management is conducted appropriately, and insurance companies cover their obligations in a proper manner (Clarke, 2013). In the UAE, the functions of TPAs are performed by Next Care, NAS network companies (NAS Administration Services Ltd.), MSH International LLC, FMC Network UAE Management Consultancy, Inayah TPA LLC, and WapMed TPA Services LLC among others.
Risks Associated with Providing Passenger Boats Renting Services
There are many risks that are associated with providing boat services. The risks to the life of passengers are most typical, and the main way to mitigate them is to refer to the boat or airboat insurance provided by insurance companies in the context of additional programs. This type of insurance covers such risks as accidents, threats to life, and damages related to the property (Gorge, 2015). The health risks and accidents are also covered by third party liability insurance for passengers that guarantee the provision of financial assistance in cases of accidents that are not caused by the malfunctioning of the boat.
There are also risks associated with fishing and violation of safety rules (Borch, Sandmo, & Aase, 2014). These risks are not covered by insurance provided by the organization, but they are under consideration by the programs providing life and health insurance. If the fishing risks are not associated with the passengers’ violation of norms, such cases are covered by the specific fishing insurance provided by the organization.
Reinsurance and Selection of the Insurance Company
Reinsurance is a specific type of insurance acquired by an insurance company from any other company in order to resolve all possible problems associated with addressing the clients’ claims. Thus, using the reinsurance procedure, insurance companies share their obligations with other companies while reducing the risk of the finical loss (Cummins & Derrig, 2012). It is appropriate to choose those insurance companies that use reinsurance practice with the focus on the assistance of reputable and reliable companies with high financial and insurance rating.
human
Provide an #Table 1. Financial Information for Insurance Companies and TPAs. section.
assistant
Insurance Company                   ADNIC                              Arab Orient Insurance            (Next care)       Abu Dhabi National Takaful             Emirates Insurance             (NAS network)  
TPA (Yes or No)                    No                               No                     Yes           No                         No                     Yes       
Establish Year                    1972                              1996                    1999 (Next Care, 2016) 2003                        1982                    2002 (NAS, 2016)
Insurance rating and the source            a- (Business Wire, 2016)                    bbb+ (Business Wire, 2015a)         N/A           bbb+ (Business Wire, 2015c)            a- (Business Wire, 2015b)          N/A       
Net Profit/Loss in 2013                AED 156,000,000                         JD 4,108,479                N/A           AED 35,755,627                   AED 85,702,834               N/A       
Net Profit/Loss in 2014                AED (280,000,000) (Abu Dhabi National Insurance Company, 2016) JD 5,027,365 (Arab Orient Insurance, 2016) N/A           AED 35,173,681 (Abu Dhabi National Takaful, 2014) AED 103,371,490 (Emirates Insurance, 2014) N/A       
Gross Premium Written 2013              AED 2,410,000,000                        JD 86,019,536                N/A           AED 235,124,382                  AED 720,846,573               N/A       
Gross Premium Written 2014              AED 2,630,000,000                        JD 94,949,636                N/A           AED                        AED 840,072,954               N/A       
                                                                                             265,676,459                                                  
Reinsurance ceded 2013                AED (956,328,000)                        JD (44,029,614)               N/A           AED (32,980,232)                  AED (366,693,238)              N/A       
Reinsurance ceded 2014                AED (1,048,350,000)                       JD (40,354,780)               N/A           AED (46,069,138)                  AED (408,810,910)              N/A       
Total claims collected from reinsurance 2013     AED (1,575,077,000)                       JD (61,633,012)               N/A           AED (59,463,382)                  AED (362,776,426)              N/A       
Total claims collected from reinsurance 2014     AED (2,706,559,000)                       JD (70,717,236)               N/A           AED (84,367,757)                  AED (384,617,259)              N/A       
Total commission from reinsurance 2013        AED (121,978,000)                        JD (8,005,650)               N/A           AED (65,751, 173)                 AED (57,170,129)              N/A       
Total commission from reinsurance 2014        AED (144,528,000)                        JD (9,722,612)               N/A           AED (74,933,879)                  AED (77,765,524)              N/A       
Gross premium Written minus (reinsurance ceded) 2013 AED 1,450,000,000                        JD 41,989,922                N/A           AED 202,144,150                  AED 354,153,335               N/A       
Gross premium Written minus (reinsurance ceded) 2014 AED 1,600,000, 000                       JD 54,594,856                N/A           AED 219,607,321                  AED 431,262,044               N/A
human
The complete essay please.
assistant
#Risk, Insurance, and Third-Party Administrators Report
##Introduction
Risk and insurance are notions that are closely connected, and risks should be discussed in the context of the expected insurance that differs depending on the type of risk. These aspects need to be discussed in detail with the focus on insurance companies in the United Arab Emirates (UAE) and the Gulf Cooperation Council (GCC) countries. The purpose of this paper is to discuss the term ‘risk’ and associated insurances, focus on the concepts of the ‘third party administrator’ and ‘reinsurance,’ and report on the financial results of the major insurance companies operating in the UAE and GCC countries.
Risk and Mitigation with the Help of Insurance
A risk can be defined as a threat of negative circumstances for a person or business. In the context of personal life, risks are associated with the probability of injuries or traumas. In the context of business, risks are associated with the probability of financial or material loss for the company. Insurance is the provided financial protection that is aimed at mitigating risks and actual results of negative events with the focus on the financial compensation (Cummins & Santomero, 2012; Zietsch & Von Harpke, 2014). Thus, health risks are usually mitigated being covered by health insurance, and business risks can be addressed by a range of corporate insurance types.
Third-Party Administrators
The Third Party Administrator (TPA) is an organization that addresses the insurance claims and cooperates with insurance companies in order to administer the insurance cases effectively (Wollan & Brook, 2015). Thus, the TPA has a range of administrative responsibilities in order to guarantee that risk management is conducted appropriately, and insurance companies cover their obligations in a proper manner (Clarke, 2013). In the UAE, the functions of TPAs are performed by Next Care, NAS network companies (NAS Administration Services Ltd.), MSH International LLC, FMC Network UAE Management Consultancy, Inayah TPA LLC, and WapMed TPA Services LLC among others.
Risks Associated with Providing Passenger Boats Renting Services
There are many risks that are associated with providing boat services. The risks to the life of passengers are most typical, and the main way to mitigate them is to refer to the boat or airboat insurance provided by insurance companies in the context of additional programs. This type of insurance covers such risks as accidents, threats to life, and damages related to the property (Gorge, 2015). The health risks and accidents are also covered by third party liability insurance for passengers that guarantee the provision of financial assistance in cases of accidents that are not caused by the malfunctioning of the boat.
There are also risks associated with fishing and violation of safety rules (Borch, Sandmo, & Aase, 2014). These risks are not covered by insurance provided by the organization, but they are under consideration by the programs providing life and health insurance. If the fishing risks are not associated with the passengers’ violation of norms, such cases are covered by the specific fishing insurance provided by the organization.
Reinsurance and Selection of the Insurance Company
Reinsurance is a specific type of insurance acquired by an insurance company from any other company in order to resolve all possible problems associated with addressing the clients’ claims. Thus, using the reinsurance procedure, insurance companies share their obligations with other companies while reducing the risk of the finical loss (Cummins & Derrig, 2012). It is appropriate to choose those insurance companies that use reinsurance practice with the focus on the assistance of reputable and reliable companies with high financial and insurance rating.
Insurance Companies in the UAE and GCC Countries: Financial Information
###Table 1. Financial Information for Insurance Companies and TPAs.
Insurance Company                   ADNIC                              Arab Orient Insurance            (Next care)       Abu Dhabi National Takaful             Emirates Insurance             (NAS network)  
TPA (Yes or No)                    No                               No                     Yes           No                         No                     Yes       
Establish Year                    1972                              1996                    1999 (Next Care, 2016) 2003                        1982                    2002 (NAS, 2016)
Insurance rating and the source            a- (Business Wire, 2016)                    bbb+ (Business Wire, 2015a)         N/A           bbb+ (Business Wire, 2015c)            a- (Business Wire, 2015b)          N/A       
Net Profit/Loss in 2013                AED 156,000,000                         JD 4,108,479                N/A           AED 35,755,627                   AED 85,702,834               N/A       
Net Profit/Loss in 2014                AED (280,000,000) (Abu Dhabi National Insurance Company, 2016) JD 5,027,365 (Arab Orient Insurance, 2016) N/A           AED 35,173,681 (Abu Dhabi National Takaful, 2014) AED 103,371,490 (Emirates Insurance, 2014) N/A       
Gross Premium Written 2013              AED 2,410,000,000                        JD 86,019,536                N/A           AED 235,124,382                  AED 720,846,573               N/A       
Gross Premium Written 2014              AED 2,630,000,000                        JD 94,949,636                N/A           AED                        AED 840,072,954               N/A       
                                                                                             265,676,459                                                  
Reinsurance ceded 2013                AED (956,328,000)                        JD (44,029,614)               N/A           AED (32,980,232)                  AED (366,693,238)              N/A       
Reinsurance ceded 2014                AED (1,048,350,000)                       JD (40,354,780)               N/A           AED (46,069,138)                  AED (408,810,910)              N/A       
Total claims collected from reinsurance 2013     AED (1,575,077,000)                       JD (61,633,012)               N/A           AED (59,463,382)                  AED (362,776,426)              N/A       
Total claims collected from reinsurance 2014     AED (2,706,559,000)                       JD (70,717,236)               N/A           AED (84,367,757)                  AED (384,617,259)              N/A       
Total commission from reinsurance 2013        AED (121,978,000)                        JD (8,005,650)               N/A           AED (65,751, 173)                 AED (57,170,129)              N/A       
Total commission from reinsurance 2014        AED (144,528,000)                        JD (9,722,612)               N/A           AED (74,933,879)                  AED (77,765,524)              N/A       
Gross premium Written minus (reinsurance ceded) 2013 AED 1,450,000,000                        JD 41,989,922                N/A           AED 202,144,150                  AED 354,153,335               N/A       
Gross premium Written minus (reinsurance ceded) 2014 AED 1,600,000, 000                       JD 54,594,856                N/A           AED 219,607,321                  AED 431,262,044               N/A       
###Table 2. Financial Information for Insurance Companies.
Insurance Company                   Al Dhafra Insurance             Al-Ain Ahlia             Oman Insurance Co.             Al Khazna Insurance             
TPA (Yes or No)                    No                     No                  No                     No                     
Establish Year                    1979                    1975                 1975                    1996                    
Insurance rating and the source            bbb (Reuters, 2015a)            A3 (Moody’s Investors Service, 2015) a (Reuters, 2015b)             b (Oxford Business Group, 2014)       
Net Profit/Loss in 2013                AED 48,811,568               AED 42,177,000 (Al Ain Ahlia, 2014)  AED 247,118,000 (Oman Insurance Co, 2014) AED (162,866,289)              
Net Profit/Loss in 2014                AED 42,383,871 (Al Dhafra Insurance, 2014) AED 64,950,000            AED 229,371,000              AED (68,442,597) (Al Khazna Insurance, 2014)
Gross Premium Written 2013              AED 303,139,619               AED 516,529,000            AED 2,919,594,000             AED 95,417,609               
Gross Premium Written 2014              AED 346,689,456               AED 600,135,000            AED 3,248,944,000             AED 127,927,415               
Reinsurance ceded 2013                AED (117,193,116)              AED (289,829,000)           AED (1,471,496,000)            AED (56,512,872)              
Reinsurance ceded 2014                AED (119,652,377)              AED (358,557,000)           AED (1,670,261,000)            AED (57,429,725)              
Total claims collected from reinsurance 2013     AED (198,962,105)              AED (218,146,000)           AED (1,811,801,000)            AED (42,545,932)              
Total claims collected from reinsurance 2014     AED (189,498,921)              AED (278,766,000)           AED (1,923,813,000)            AED (75,818,415)              
Total commission from reinsurance 2013        AED (15,291,644)              AED (37,798,000)           AED (205,251,000)             AED (2,476,222)               
Total commission from reinsurance 2014        AED (19,673,400)              AED (39,983,000)           AED (362,898,000)             AED (1,940,062)               
Gross premium Written minus (reinsurance ceded) 2013 AED 185,946,503               AED 211,558,000            AED 1,448,098,000             AED 38,904,737               
Gross premium Written minus (reinsurance ceded) 2014 AED 227,037,079               AED 208,321,000            AED 1,777,448,000             AED 70,497,690               
##Conclusion: The Best Insurance Companies
While referring to the results of the analysis of financial statements for several insurance companies popular in the GCC countries, it is possible to provide the list of the most successful and reputable organizations. According to the data of 2014, the most successful insurance companies are Emirates Insurance and Oman Insurance Co. It is important to note that ADNIC lost its positions in comparison with the year of 2013.
human
Write a summary for this essay.
assistant
This paper discusses the term 'risk' and associated insurances, focus on the concepts of the 'third party administrator' and 'reinsurance,' and report on the financial results of the major insurance companies operating in the UAE and GCC countries. Insurance is the provided financial protection that is aimed at mitigating risks and actual results of negative events with the focus on the financial compensation.