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Random Events and Game Changers

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Random Events and Game Changers The Swedish Club No. 2 - 2015 Doing Random ‘the right events things’ and game right Page 4-5 changers AGM REPORT Page 4-23 New Board Member: Lim Sim Keat Page 20-21 | | Content TSC PHOTO: Jonas Ahlsén Jonas PHOTOS: Courtesy of Levent Akson PHOTO: Page 22-23 Page 31 Page 33 LEADER LEGAL Random events 3 Legal update 30 ANNUAL GENERAL MEETING CLUB INFORMATION Managing Director’s Report 4-5 Maritime Resource Management reality check 31 Keynote speakers: Marine Insurance Course 31 Justin Gardner 6-7 Swedish traditions 32 Xavier Villers 8-9 A dog’s best friend 33 Jonas Ridderstråle 10-11 News from Team Piraeus 34 Panel discussion: Random events and game changers 12-14 News from Team Gothenburg 34 AGM profiles: News from Team Norway 35 Chris Goumas 15 News from Team Asia 35 Xavier Villers 16 Out & About 36-38 Phil Parry 17 Justin Gardner 18 Club Calendar 39 Tord Nilsson 19 Staff News 39 New Board Member: Club Quiz 39 Lim Sim Keat, IMC 20-21 Contact 40 Early Arrivals Dinner 22-23 AGM Dinner 24-25 Out and About at AGM: Mutual Cup 26 Partners’ Programme 27 The Swedish Club Grand Classic 27 A day out 28 The Swedish Club Board of Directors 2015 29 Page 12-14 | 2 | Triton 2 – 2015 August | | Leader PHOTO: Random events Ahlsén Jonas Dear members and associates, ‘Random events and game changers in marine insurance’ was the theme for the panel debate at Members’ Day preceding the AGM in June. Distinguished speakers and panel mem- Lars Rhodin bers delivered interesting thoughts and reflections. One of Managing Director the suggested conclusions was that the marine insurance market is robust, resilient and prepared to absorb losses are aimed at behaviour that we expect more likely to result whatever size they may be. Little has happened historically in claims: cargo handling procedures, pre-employment med- in the insurance market in the aftermath of significant casu- ical examination procedures and the like. alties. Whilst tragic losses are always unwelcome news, we Random events in this context are claims arising from navi- know, as a matter of probability that they do occur. gation. Collisions, groundings and contact incidents remain High profile accidents are many time ‘instigators’ for leg- 50% or more of the total cost of Hull & Machinery and P&I islative initiatives resulting in new rules for the construction, claims. Maritime Resource Management (MRM) does not manning and safe operation of ships. The Exxon Valdez oil address behaviour per definition. It is tailored to address at- spill in 1989 led to OPA 90 and the phasing out of single hull titudes that may result in the most common behavioural tankers. The capsizal of the Herald of Free Enterprise in 1987 shortcomings, i.e. not following adopted procedures and the led to design improvements of RoRo ships and the Interna- failure of communicating in the decision-making process on- tional Safety Management Code. It seems to me that the im- board. The MRM training programme is not about pointing pact of these large losses is so much greater for shipowners fingers. It is about how we can work together to reduce the than for marine insurers. cost of casualties. Casualties cannot be eliminated. Right at- With random events we mean low probability and high titudes can reduce ‘random events.’ severity incidents – cases with major consequences. Those The debate on ‘Random events and game changers in ma- involved in insurance call this ‘tail events’. The challenge for rine insurance’ is covered in this edition of Triton, together an underwriter is to price the exposure adequately across with the other features and social activities of the AGM an insured portfolio. These events will occur – we just don’t events in June. I hope you enjoy your reading. know when, where and to whom. Practical loss prevention focuses on frequencies – types of claims with a higher likelihood of happening. The initiatives The Swedish Club Triton is published three times a year Production Coordinator © The Swedish Club and distributed free of charge. The Swedish Club Triton is an Susanne Blomstrand Articles or extracts may be quoted provided that The Swedish Club is editorially independent newsletter and opinions expressed PR-consultant credited as the source. by external contributors are not necessarily those of The Elaborate Communications Ltd Swedish Club. Articles herein are not intended to provide Layout legal advice and the Club does not accept responsibility Eliasson Information, Gothenburg for errors or omissions or their consequences. For further Print information regarding any issue raised herein, please contact Cover photo: Jonas Ahlsén PR Offset, Mölndal [email protected] our head office in Gothenburg. 15085000B www.swedishclub.com Triton 2 – 2015 August | 3 | | AGM/ Managing Director's Report | Doing ‘the right things’ right “Management is doing things right; 4.1 million. He added that it was a benign leadership is doing the right thing,” claims year and the good results reflected said Lars Rhodin as he started his the effect of the diversification policy and speech at the Club’s 143rd Annual the strong marine operating performance. General Meeting (AGM) in Gothen- The Club’s investment performance re- burg on 11 June, with a quote from flected the impact of currency movements management guru Peter Drucker. – for example, as the US dollar gets stron- ger, so assets in other currencies become “Applying that to The Swedish Club, our less in dollar terms. At present, the Club’s leadership comes from the board and that assets are split into 80% bonds and 20% tells us to do the right thing – and as the equities. The underwriting per- Managing Director’s Report formance shows a total net combined ratio of 86%, while management we try to do it right,” he said. the net combined ratio for He then followed up with a quote from Marine was 71%, Energy 98%, P&I 95% Ernest Hemingway: “Hesitation increases and FD&D 72%. Over the past four years, in relation to risk, in equal proportion to while the world fleet has grown 22.6% in age. The older we get, the more risk-averse tonnage, The Swedish Club’s entered ton- we become,” he said. “We are in the risk nage has risen by more than 35%. business – we need to take risks and I don’t think we have ever taken as much risk Claim trends onboard as we do today. We are on this He went on to discuss trends in claim active root cause analysis are key parts of journey, this wonderful journey, and there categories in P&I. In particular, he said, that. “We look at where we have the high- is no finishing line – so we must love the personal injury and illness claims have est frequency of incidents and what we journey!” increased. “Regarding crew illness, we are can do about it.” seeing hypertension, high blood pressure, The year in review diabetes and heart failure. It is quite clear SCOL – Swedish Club On Line 2014 was another good year for The that most of this should be detectable – “The Swedish Club On Line System Swedish Club, with the underwriting and there are things we can do about that (SCOL) is the extranet system we intro- result outperforming the financial together.” duced in 2000 – an interactive system performance, he said. The Club’s strong Turning his attention to the ‘random where members can look at claims, bench- performance delivered an overall surplus events’ theme and discussions, he said: “In marks, and so forth. This is very much a of USD 18.4 million and free reserves insurance language we are talking about state-of-the-art system, featuring monthly reached a high of USD 186.3 million. P&I low probability-high severity actions. We reports through our notification system. volumes increased by about 10% and the know that they are going to happen, but Our latest upgrade to include a number Club attained an A-rating from A.M. Best. we don’t know where and to whom. Last of facilities in this program in relation to “We continued to diversify – but when- year there were 11 Pool claims notified by claims information, was very much pro- ever we do that, we do so with a purpose, the International Group Clubs. So far the moted and instigated by a member that and the purpose is to serve you. We will group has seen two in 2015. wanted to have additional functionality – not do uncorrelated diversification – there “That is why we are focusing even more we say, thank you for pushing us!” should be a need from the shipowner.” on our MRM programme, as we recognise Looking at the overall figures Lars the importance of the right attitude and Member feedback Rhodin pointed to an excellent USD 23.1 behaviour.” Loss prevention remains at the Feedback from members continues to million underwriting result, but a ‘slightly heart of The Swedish Club’s focus, he ex- drive the Club forward and the latest negative’ financial result, at minus USD plained. The analysis of statistics and inter- feedback figures, from 6 (excellent) to 1 | 4 | Triton 2 – 2015 August | / Managing Director's Report | AGM PHOTO: Jonas Ahlsén Jonas – I would quote Churchill: ‘It is always wise to look ahead, but difficult to look further than you can see.’ (poor) are encouraging. On underwriting “Our mission is to be a leader in the in- be seen as a traditionally managed Club services, 98% of members rated the Club ternational marine insurance market and, while still being progressive. at 4, 5 or 6, while on the claims side 97% on a mutual basis, to provide shipowners, “We need to follow the market.
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