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Member, Beacon International Group, Ltd.
Singapore's Contract Certainty Working Group, which was formed to ensure clarity for all parties in a reinsurance contract, has said a "material improvement in performance" is needed with regards to contract certainty, reports Asia Insurance Review.
Reinsurance buyers reported high levels of contract certainty in January 2014, including 88.5% for treaty and 76.8% for facultative business.
But the market aggregate score for January was 68.5%.
Brokers and reinsurers have lower contract certainty performance than the reinsureds, Asia Insurance Review reported.