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Insurable interest regarding :-
1/ The insured :-
the code refer to a monetary interest exist on the insured who have actual insurable interest in the subject matter of insurance and should have real interest in avoiding risks , to do so consequently he transfer his own risk to an insurance company and obtain the necessary coverage .
2/ The insurance company :-
The insurance company ( insurer ) has an insurable interest which is an insurance contract or policy that has been issued and the insurance coverage completed from it's side to cover the risk that transfered by the insured , hence the insurance company being on risk accordingly need a reinsurance protection , so retain part of the risk and transfer the other part to the reinsurer .
3/ The reinsure :-
Simultaneously the liability of the reinsurer is the amounts ceded to him by the insurance company ( ceding company ) which represents the insurable interest in respect of the reinsurer who being on risk following his acceptance to the cession offered by the insurance company ( insurer ) , hence transfering part of the cession to the retrocessionaire .
To conclude , that is to say the insurable interest in respect of :-
1/ The insured is the interest insured or the subject matter of insurance .
2/ In respect of The insurance company is the insurance policy or contract .
3/ In respect of the reinsurer is the reinsurance contract .
Best wishes .
