{
  "id": "clause-currency-clause-reinsurance",
  "type": "clause",
  "languages": {
    "en": {
      "id": "clause-currency-clause-reinsurance",
      "lang": "en",
      "type": "clause",
      "title": "Currency Clause (Reinsurance)",
      "shortDefinition": "The currency clause (reinsurance) specifies the currency in which premiums and losses are settled and how amounts in other currencies are converted where a treaty covers several currencies.",
      "synonyms": [
        "Currency conversion clause"
      ],
      "linesOfBusiness": [
        "Reinsurance"
      ],
      "jurisdictions": [
        "Global"
      ],
      "tags": [
        "Reinsurance",
        "Settlement"
      ],
      "relations": {
        "relatedTerms": [
          "term-currency-clause",
          "term-treaty-reinsurance"
        ],
        "partOf": [],
        "appliesTo": [
          "term-treaty-reinsurance"
        ],
        "regulatedBy": [],
        "relevantFor": [],
        "insurableVia": [],
        "mitigatedBy": [],
        "comprises": [],
        "alternativeTo": [],
        "complementedBy": []
      },
      "attribute": null,
      "profile": null,
      "coverageProfile": null,
      "clause": {
        "kind": "condition",
        "origin": "reinsurance-market",
        "favours": "neutral",
        "negotiability": "standard",
        "standardWordings": []
      },
      "legalBasis": [],
      "standards": [],
      "reviewStatus": "expert-reviewed",
      "reviewedBy": "Guido Hesse, Hesse Group Holding AG",
      "lastReviewed": "2026-09-04",
      "version": "0.1.0",
      "updated": "2026-09-03",
      "generated": {
        "by": "cursor-agent/claude-sonnet-5",
        "at": "2026-09-03T00:00:00.000Z"
      },
      "verified": [
        {
          "by": "human:ghesse",
          "at": "2026-09-04T00:00:00.000Z",
          "method": null
        }
      ],
      "staleAfter": null,
      "url": "https://hgh.ch/lexikon/en/knowledge/clause/currency-clause-reinsurance/",
      "alternateUrl": "https://hgh.ch/lexikon/de/wissen/klausel/currency-klausel-rueckversicherung/",
      "body": "## Purpose\n\nInternational reinsurance programmes often cover risks in several countries and therefore several currencies. The currency clause fixes a treaty currency and sets out the exchange rate and conversion date for amounts originally incurred in another currency – for example the rate on the date of loss, the date of payment, or a rate fixed in the contract.\n\n## Effect and limits\n\nWithout a clear rule, one of the parties bears an unintended exchange rate risk between the date of loss and settlement. The clause also determines how limits and retentions fixed in the treaty currency are applied to losses in a foreign currency – important where exchange rates fluctuate significantly during the treaty period.\n\n## Negotiation and practice\n\nThe choice of the applicable exchange rate (spot rate, average rate, fixed rate) and the conversion dates are key negotiation points, particularly where the treaty currency differs from the cedent's functional currency."
    },
    "de": {
      "id": "clause-currency-clause-reinsurance",
      "lang": "de",
      "type": "clause",
      "title": "Currency-Klausel (Rückversicherung)",
      "shortDefinition": "Die Currency-Klausel (Rückversicherung) legt fest, in welcher Währung Prämien und Schäden abgerechnet werden und wie Beträge in Fremdwährung umgerechnet werden, wenn ein Vertrag mehrere Währungen umfasst.",
      "synonyms": [
        "Währungsklausel Rückversicherung"
      ],
      "linesOfBusiness": [
        "Rückversicherung"
      ],
      "jurisdictions": [
        "Global"
      ],
      "tags": [
        "Rückversicherung",
        "Zahlungsverkehr"
      ],
      "relations": {
        "relatedTerms": [
          "term-currency-clause",
          "term-treaty-reinsurance"
        ],
        "partOf": [],
        "appliesTo": [
          "term-treaty-reinsurance"
        ],
        "regulatedBy": [],
        "relevantFor": [],
        "insurableVia": [],
        "mitigatedBy": [],
        "comprises": [],
        "alternativeTo": [],
        "complementedBy": []
      },
      "attribute": null,
      "profile": null,
      "coverageProfile": null,
      "clause": {
        "kind": "condition",
        "origin": "reinsurance-market",
        "favours": "neutral",
        "negotiability": "standard",
        "standardWordings": []
      },
      "legalBasis": [],
      "standards": [],
      "reviewStatus": "expert-reviewed",
      "reviewedBy": "Guido Hesse, Hesse Group Holding AG",
      "lastReviewed": "2026-09-04",
      "version": "0.1.0",
      "updated": "2026-09-03",
      "generated": {
        "by": "cursor-agent/claude-sonnet-5",
        "at": "2026-09-03T00:00:00.000Z"
      },
      "verified": [
        {
          "by": "human:ghesse",
          "at": "2026-09-04T00:00:00.000Z",
          "method": null
        }
      ],
      "staleAfter": null,
      "url": "https://hgh.ch/lexikon/de/wissen/klausel/currency-klausel-rueckversicherung/",
      "alternateUrl": "https://hgh.ch/lexikon/en/knowledge/clause/currency-clause-reinsurance/",
      "body": "## Zweck\n\nInternationale Rückversicherungsprogramme decken oft Risiken in mehreren Ländern und damit mehreren Währungen ab. Die Currency-Klausel legt eine Vertragswährung fest und regelt den Umrechnungskurs und -zeitpunkt für Beträge, die ursprünglich in einer anderen Währung angefallen sind – etwa den Kurs am Schadeneintrittstag, am Zahlungstag oder ein vertraglich fixierter Kurs.\n\n## Wirkung und Grenzen\n\nOhne klare Regelung trägt eine der Parteien ein unbeabsichtigtes Wechselkursrisiko zwischen Schadeneintritt und Abrechnung. Die Klausel legt zudem fest, wie Limite und Prioritäten, die in der Vertragswährung fixiert sind, auf Schäden in Fremdwährung angewendet werden – wichtig bei stark schwankenden Wechselkursen während der Vertragslaufzeit.\n\n## Verhandlung und Praxis\n\nWahl des massgeblichen Umrechnungskurses (Tageskurs, Durchschnittskurs, fixierter Kurs) und der Umrechnungszeitpunkte sind zentrale Verhandlungspunkte, insbesondere bei Vertragswährungen, die von der funktionalen Währung des Zedenten abweichen."
    }
  }
}