A confidential survey of property-casualty insurance executives has revealed that over half their companies are still using inefficient manual methods to track their reinsurance recoverables, which represent a huge chunk of their assets.
The findings were released by Minneapolis-based Paragon Strategic Solutions Inc., a reinsurance and asset recovery firm.
According to Paragon, reinsurance recoverables are the U.S. p-c sector's largest asset class, representing almost 45 percent of policyholder surplus, but less than half of primary insurers use an automated or semi-automated system to process and track reinsurance.
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