DOCSLIB.ORG

Turning Risk Into Success

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Turning Risk Into Success Insight and Intelligence on the European and International (Re)insurance Markets 21 OCTOBER 2019 MONDAY BADEN-BADEN Adapt to Industry 4.0 or face irrelevance, say industry leaders he (re)insurance industry must (re)insurance market was “complacent” our way into oblivion”. Tevolve quickly to address the client about the changes ahead. The RenRe executive pointed to the needs and challenges which come with “We have a short term-driven market experience of other industries like the fourth industrial revolution or face which creates incentives not to look at publishing, where innovation came from irrelevance, industry leaders warned the long term,” he said. “But if we are newcomers to the space. “It’s rarely the at the Guy Carpenter Baden-Baden not prepared we are going to miss [the case that the existing executive team can Reinsurance Symposium yesterday. opportunity].” lead innovation,” he said. “You have to get Speaking during a panel discussion, RMS In an earlier keynote speech, Lloyd’s the majority of them out of the way from CEO Karen White cautioned that if firms did performance management director Jon executing the day-to-day, and then a side not adapt their model to a new, data-driven Hancock said the scale of the challenge group needs to lead that innovation.” and technologically efficient age then their ahead for the (re)insurance industry was Guy Carpenter international CEO James business was at risk. “enormous” because to date it had never Nash noted that a major theme throughout “The next five years matter more than really embraced technology in the way it the whole discussion at the Symposium was most realise,” she said. should have. the need for industry collaboration in order Panellists noted that there was great “This is a massive opportunity to just for it to prepare itself for Industry 4.0. opportunity to be had from so-called leapfrog the third industrial revolution and “The battleground is not necessarily on Industry 4.0 through providing solutions get ahead of the game by really embracing the front end – the battleground for each for new technologically driven risks and the fourth,” he said. constituent is how to add value,” he said. “It’s insuring intangible assets. However, they RenaissanceRe chief risk officer Ian not just about the transaction of risks, we all warned that the industry must be proactive Branagan also noted the industry’s slowness need to play our part in reducing frictional in addressing this challenge. to adapt to new client demands in the past, costs, and all of us need to be focused on Laurent Rousseau, deputy CEO of and warned that the sector must embrace finding ways to get capital to risk in a more Scor Global P&C, said a big part of the the new pace of change and not “decline efficient manner.” 03 Mapfre Re drops London 05 European reinsurer 08 Interview: Swiss Re’s facultative business Q3 results preview Urs Baertschi INSIDE 04 Swiss Re exits Italian 06 InsurTech market 13 Big questions: crop-hail QS market matures in Europe Market conditions Turning Risk Into Success 1_Monday cover.indd 1 20/10/2019 18:46 RR_InsInsiderAD_BadenDallies_Sept19Partner279x215.inddBaden-Baden 2019 Day 2.indb 2 1 09/09/201920/10/2019 4:25 15:43 PM COMMENT Beware complacency perhaps unique characteristic of the flat renewal for European wind – and 2019/20 underwriting year is going to be AEuropean windstorm market is that it another year below technical levels. another period in which reinsurers are in remarkably stubborn. Europe may be pretty siloed from the huge deficit. It pretty much refused to budge in the rest of the cat world, as a balancing peril The experience – particularly the Jebi wake of Hurricane Katrina and following the for reinsurers with big US wind bets, but it creep – has also laid bare that there is scope 2011 year of cats it was close to pancake would do well to take note of some of the for model miss, particularly when a long flat. This despite long-run fears that the parallels from recent events. period of low activity means they have not market is technically underpriced. There are lessons for writers of European been tested. And it looks as though again it will refuse windstorm to be taken from the recent This creates more room for shock losses to follow in the footsteps of the Floridian wind losses In Japan. to emerge. and Japanese markets, where underwriters For years in the run-up to Jebi, have said enough is enough after elevated Europe may be pretty underwriters complained that Japanese claims activity and shock losses. “ windstorm was priced below technical Higher retro costs, which started to much siloed from the rest of levels, but for the most part they stuck make themselves felt in a big way at the cat world, as a balancing in and left themselves exposed to a 1 January, did not make much of an peril for reinsurers with big punishing series of losses. impression on pricing at the beginning What’s worse is that underwriters of this year, and once more there is US wind bets, but it would continued to write the risk even as the scepticism that they will make much of do well to take note of some models warned about thin returns, a difference come 1 January. of the parallels from recent only to find the models had woefully Reinsurers and brokers themselves events underestimated the losses. describe the market as boring – or stable if ” There is a parallel to be drawn here with they feeling diplomatic. European windstorm, and the market A prolonged period of benign windstorm After 25 years of pretty benign typhoon should take note. losses in Europe has allowed this state of activity – which broadly led to softening Writing major cat-exposed books based affairs to drag on longer than many feel it – Japan has been hit by four meaningful on a look at the recent loss record, even should have. landfalling storms in less than two years. as the models point to pricing inadequacy, The European wind market has not seen Typhoon Jebi, which struck last year, is a risky bet and one that has recently a major windstorm loss since Kyrill in 2007, made itself felt for much longer than was gone very badly wrong in the international and losses from other cat events have been welcome. cat market. limited. Market loss estimates seem to have And even though global reinsurers may settled at around the $15bn mark, but be hurting elsewhere, European cedants this is several times the size of initial see little reason why they should pay more estimates of $2.3bn-$4.5bn from AIR to compensate reinsurers for a hurricane in and $5.5bn from RMS. Catrin Shi, Florida or a typhoon in Japan. The outcomes of Faxai and Hagibis for Acting Managing Editor, The Insurance Insider As a result, the early indications for the reinsurance market are less certain but 1 January are that we will see yet another the damage wrought is extensive, and the [email protected] Mapfre Re exits London fac market apfre Re has ceased underwriting was EUR4.2bn ($5.4bn) in 2018. “improve the service it delivers to its Mfacultative business in London At a group level, facultative business clients, and further develop its presence following a review of the profitability and made up 31 percent of Mapfre Re’s in the market”. strategic fit of the portfolio, The Insurance gross written premiums according to It added that it would still service Insider can reveal. its latest financial statement, with most international clients in the London market Sources told this publication that Mapfre coming from proportional reinsurance in specialty insurance lines such as aviation, Re’s London facultative portfolio included business at 71 percent, and the remaining aerospace and oil and gas. power, renewable energy and property 9 percent coming from non-proportional The exit comes after the reinsurer lines. reinsurance. restructured its specialty commercial unit A portion of the portfolio is housed in its In a statement to this publication the last year, closing the German branch of its global risks arm, which was folded in to reinsurer reiterated its commitment to the global risks arm and folding its UK, French Mapfre Re’s global facultative portfolio last treaty reinsurance market in the UK, adding and Italian branches into Mapfre Re. year as part of a restructure. that it was a “key pillar in the company’s This effectively made Mapfre Global The London portfolio of facultative international strategy”. Risks an MGA, writing insurance on Mapfre business made up around 1 percent of It added that the exit would “help Mapfre Spain paper and reinsurance through Mapfre Re’s overall premium volume, which Re optimise its financial efficiency” and Mapfre Re. DAY 2: MONDAY 03 Baden-Baden 2019 Day 2.indb 3 20/10/2019 15:43 NEWS NEWS Industry leaders must drop proprietary attitudes to data he (re)insurance sector must embrace was at a “crossroads” and a point at which warehoused separately the industry would Ta more “open-source” and less the market was changing so rapidly that be unable to make progress. proprietary approach to the use of data, “the pain of staying the same is worse “We think if you lock up the data you are speakers at the Baden-Baden conference than the pain of changing” for carriers part of the problem.” have warned. and brokers alike. White stressed a difference between Speaking at the Guy Carpenter Baden- the proprietary data that (re)insurers and Baden Reinsurance Symposium on Sunday, We think if you lock up brokers hold and that which they could Lloyd’s performance management director the“ data you are part of share with fellow market participants for the Jon Hancock said the industry must “get greater good of the industry as a whole.
Load more

Recommended publications
  • Annual Report
    Annual Report 2006–2007 Group of Thirty 30 Group of Thirty, Washington, DC Copies of this paper are available from: Group of Thirty 1726 M Street, N.W., Suite 200 Washington, DC 20036 Tel.: (202) 331-2472, Fax (202) 785-9423 E-mail: [email protected] WWW: http://www.group30.org Annual Report 2006–2007 Published by Group of Thirty© Washington, DC 2008 Table of Contents I. Introduction ..................................................................................... 5 II. The Group of Thirty Membership ................................................... 7 III. The Work of the Group of Thirty in FY2006 and FY2007 ........... 13 Plenary Sessions .......................................................................... 13 International Banking Seminars ................................................. 13 Study Group Activities ................................................................ 14 Publications ................................................................................. 16 IV. The Finances of the Group .......................................................... 19 Annex 1. Past Membership of the Group of Thirty .......................... 31 Annex 2. Schedule of Meetings and Seminars: .............................. 33 Annex 3. International Banking Seminars ...................................... 35 Annex 4. Plenary Sessions ............................................................... 37 Annex 5. The Group of Thirty (G30) Study on Reinsurance and International Financial Markets ............................................
    [Show full text]
  • TAL Life Boosts Revenue, Strips Internal Costs, and Serves Advisers and Customers with Amazing Speed
    TAL Life boosts revenue, strips internal costs, and serves advisers and customers with amazing speed Automation Solutions The Insurer Not-taken-up rates remained The traditional roots of TAL Life unchanged, and losing sales through Limited (TAL) go as far back as underwriting was unacceptable to 1869 when it began as the New advisers and TAL. Zealand Government Life Office. Later known as TOWER Life, it To make matters worse, customers acquired several Australian life were ending up without the insurance companies during the coverage they needed, and some 1990s. Dai-ichi Life Insurance walked away disillusioned with the Company Limited of Japan became process. Advisers demanded a better a minority shareholder in 2008, and faster solution. Any failure to Automation Solutions moving to full ownership in May satisfy changing needs risked TAL Munich Re 2011, when the company became losing pace as a market leader. Mountain View, Central Park, known as TAL Life. Dai-ichi is the Leopardstown, Dublin 18, second largest life insurer in Japan According to David Denison, Head Ireland. and seventh largest in the world with of Product at TAL, “Our objective Tel: + 353 1 293 2888 assets nearing AUD$400 billion. was to launch a completely new and Automation Solutions Japan Its operations in Japan, Australia, revolutionary customer and adviser Munich Re Vietnam, India, and Thailand employ proposition, to turn underwriting Sanno Park Tower 13F, 57,000 direct staff and 40,000 times on their head. We wanted 85 PO Box 13, 2-11-1 Nagatacho, representatives. percent of underwriting decisions Chiyoda-ku, Tokyo 100-6113, accomplished within three days.” Japan.
    [Show full text]
  • Munich Re Specialty Insurance a Claims Team Like No Other
    Munich Re Specialty Insurance A claims team like no other We have what it takes to handle Legal Professional Liability and Miscellaneous Professional Liability claims professionally, efficiently, and expertly. The MRSI Claims team has decades of experience in professional lines and understands your business innately. Our team includes licensed attorneys with trial experience, and we are experts in claims strategy and litigation management. Most importantly, we handle your claims with the utmost diligence and professionalism. Our E&S professional liability team knows the importance of a close partnership between underwriting and claims. Because of this, we speak your language and can protect you by foreseeing claim pitfalls. Your MRSI team Mary Beth McClellan Chuck Kroh Chief Claims Officer Head of Core Specialty and P&C Claims MRSI [email protected] [email protected] Melanie Brown Bill Quackenboss Head of Complex Claims Claims Practice Lead MRSI [email protected] [email protected] Ed Kozel Sarah Gurka Claims Practice Lead Claims Manager [email protected] Public Entity and Financial and Professional Lines [email protected] Mary Beth McClellan is MRSI’s Chief Chuck Kroh is MRSI’s Head of Core Bill Quakenboss is MRSI’s Claims Claims Officer. Mary Beth has a wealth of Specialty and P&C Claims. Chuck has Practice Lead. Bill has nearly 20 years of knowledge in insurance, claims, and headed Specialty Markets claims for over experience in advising on coverage litigation management spanning North 10 years, with 20 years of claims matters and claims-handling practices. America’s P&C markets. Prior to joining management expertise. Chuck has over Prior to joining MRSI, Bill served as an MRSI, she was Practice Leader for the 35 years of insurance industry Associate General Counsel at Markel Americas at AXA XL for Excess & experience, and manages with an Insurance, where he provided guidance Surplus, Global Programs, U.S.
    [Show full text]
  • Report International Conference on Inclusive Insurance 2020 Digital Edition
    Report International Conference on Inclusive Insurance 2020 Digital Edition Edited by Zahid Qureshi and Dirk Reinhard Report International Conference on Inclusive Insurance 2020 — Digital Edition Conference documents and This report is the summary of the Inter- presentations are available online: national Conference on Inclusive Insur- ance — Digital Edition, which took place from 2 to 6 November 2020. Individual summaries, in various styles, were contributed by a team of international www.inclusiveinsurance.org rapporteurs. Readers, authors and organisers might not share all opinions expressed or agree with the recommen- dations given. These, however, reflect the rich diversity of the discussions. Over 70 speakers participated in the conference. Report International Conference on Inclusive Insurance 2020 — Digital Edition 1 Contents 1 Contents 31 Agenda 61 Agenda 2 Foreword Day 3—4 November 2020 Day 5—6 November 2020 3 Acknowledgements How to reach scale and develop Lessons learnt and next steps 4 Participant overview inclusive insurance markets 62 Session 16 5 Agenda 32 Session 8 Technology driving Day 1—2 November 2020 Integrated risk inclusive insurance Inclusive insurance management solutions amidst a pandemic 65 Session 17 36 Session 9 The ups and downs of 6 Session 1 How digitisation can inclusive insurance: Opening of the conference — spur market growth Learning from experience The landscape of inclusive insurance 2020 39 Session 10 68 Session 18 Lessons learnt from Outlook: What will be the next 9 Keynote national strategies milestones
    [Show full text]
  • Pioneering Cyber Insurance: Munich Re Partners with Google Cloud and Allianz
    Munich Media Release 2 March 2021 Pioneering cyber insurance: Munich Re partners with Google Cloud and Allianz ▪ Combination of market-leading cyber risk-transfer expertise with Google Cloud’s security know-how to address specific client needs ▪ Launch of innovative cyber insurance solution “Cloud Protection +” exclusively for Google Cloud customers ▪ Data-driven submission and underwriting enable an easier, more efficient and more transparent purchase process for customers ▪ Data insights will allow Munich Re to further advance the modelling of cloud specific cyber risks “By combining the expertise of three industry leaders we address the specific risk management needs of organisations that are moving their business to the cloud. Embedded in an efficient underwriting process, our solution Cloud Protection + provides a holistic response to cyber risk. Above and beyond the immediate benefit for Google Cloud customers, the cooperation will contribute to the further enhancement of Munich Re’s cyber risk modelling.” Stefan Golling, Member of the Board of Management The coverage of cyber risks is a strategic field of business in which Munich Re aims to achieve further sustainable growth. As one of the pioneers, Munich Re was early to accept the challenges in cyber insurance. As cyber risks and loss scenarios change quickly and continuously, Munich Re maintains its position among the top providers by steadily developing its own approach and risk modelling, and also by collaborating with clients and partners. Munich Re has now agreed on a cooperation with Google Cloud and Allianz Global Corporate & Specialty (AGCS) focusing on providing cloud specific cover for organisations. The starting point for the cooperation is the continuing trend towards cloud usage: for a majority of larger organisations, the cloud has already been embraced as a way of doing business.
    [Show full text]
  • Underwriting Issues and Innovations Seminar
    Underwriting Issues and Innovations Seminar Attendee List by Last Name As of July 12, 2017 Stephen Abrokwah Merly Agellon Geoff Andrews Swiss Re Life & Health America Inc Sun Life Financial Carpe Data Fort Wayne, IN Toronto, ON Santa Barbara, CA David Aronson Thomas Ashley Denise Bates MIB Gen Re Penn Mutual Life Insurance Co Braintree, MA Stamford, CT Horsham, PA Natalie Bergstrom JP Bewley Phillip Beyer AIG Big Cloud Analytics USAA Life Insurance Company Milwaukee, WI Atlanta, GA San Antonio, TX Donnamarie Blake Paul Boudreau Laura Boylan Lexisnexis Risk Solution Munich Re Haven Life Alpharetta, GA Atlanta, GA New York, NY Greg Brandner Colin Bruesewitz Jessica Bublitz Munich Re American Family Insurance Milliman Intelliscript Nashwauk, MN Sun Prairie, WI Brookfield, WI Peggy Buck Marc Cagen Minyu Cao Milliman Intelliscript Fidelity Life Association RGA Brookfield, WI Chicago, IL Chesterfield, MO Eric Carlson Paul Carmody Audrey Chervansky Milliman Inc Pacific Guardian Life Insurance Swiss Re Life & Health America Brookfield, WI Honolulu, HI Armonk, NY Amanda Christensen Juliet Christenson Jennifer Ciollaro Riversource Insurance Royal Neighbors of America Swiss Re Minneapolis, MN Rock Island, IL Fort Wayne, IN Derek Coburn Brian Coens Joanne Collins Unum Clinical Reference Laboratory Stoneriver Worcester, MA Lenexa, KS Waxhaw, NC Chris Connor Sean Conrad Steve Cox Illinois Mutual Life Insurance Hannover Re Oneamerica Financial Partners Company Charlotte, NC Indianapolis, IN Peoria, IL Kathryn Cox Kim Curley Mike Curran RGA Great-West Financial Force Diagnostics, Inc. Chesterfield, MO Greenwood Village, CO Bannockburn, IL Bruce Dahlquist Donna Daniells Ben Davidson Clinical Reference Laboratory AXA US Sagicor Life Insurance Lenexa, KS Charlotte, NC Scottsdale, AZ Jim Davis Dee Davis Paul Dennee Synodex Swiss Re Trustmark Insurance Co Canton, CT Fort Wayne, IN Lake Forest, IL Tedd Determan Ammon Dixon Cris Downey Force Diagnostics, Inc.
    [Show full text]
  • General Terms and Conditions of Purchase of Munich Reinsurance
    General Conditions of Purchase of Munich Reinsurance Company for Works and/or Services (“General Conditions”) 1. SCOPE OF APPLICATION These General Conditions shall apply to each engagement by Munich Reinsurance Company (“Munich Re”) or its Affiliates of a supplier (the “Supplier”) for the provision of works and/or services, provided the parties have expressly agreed to their applicability. 2. PLACING OF ORDERS, SCOPE AND PERFORMANCE OF THE WORKS AND/OR SERVICES 2.1 Offers made by the Supplier are binding. The deadline for their acceptance by Munich Re is 20 calendar days from the date of receipt. 2.2 Details of the works and/or services to be provided and the obligations to be discharged by the Supplier shall be set out in a separate contract document (the “Order”). The Supplier’s offer, Munich Re’s Order, these General Conditions and any amendments or supplements in accordance with Section 22.2 of these General Conditions together form the contract for the purchase of the relevant works and/or services (the “Contract”). 2.3 The Supplier shall inform Munich Re prior to commencing performance if, in its opinion, the terms of the engagement are unclear, incorrect or incomplete or if there are discrepancies in the information, including numerical data, provided by Munich Re. The Supplier will be responsible for any defects or delays resulting from its failure to inform Munich Re accordingly. 2.4 The Supplier is obliged to perform the works and/or services and discharge the obligations described in the Order. The Supplier shall discharge its obligations using all due skill, diligence and expertise, in accordance with the latest standards of science and technology and to a high standard.
    [Show full text]
  • These Comments Are Submitted by Allianz of America,1 Munich
    a ALLIANZ OF AMERICA CORPORATION MUNICH REINSURANCE AMERICA CORPORATION SWISS RE AMERICA HOLDING CORPORATION These comments are submitted by Allianz of America,1 Munich Reinsurance America,2 and Swiss Re America.3 For the past three years, the Administration’s Budget has included a proposal to deny the deduction for property-casualty reinsurance premiums placed with a foreign affiliate by a U.S. insurer.4 The Administration proposal was introduced in the 112th Congress by Rep. Richard Neal (H.R. 3157) and by Sen. Robert Menendez (S. 1693). These comments demonstrate that the Administration proposal would disrupt essential risk distribution practices followed by domestic and foreign insurers, alike; increase premiums and reduce coverage available to U.S. consumers, particularly in catastrophe prone areas along the coastlines; and violate U.S tax treaty obligations and commitments to the World Trade Organization. In addition, the Administration errs in characterizing routine affiliate transactions with treaty partners with significant corporate tax regimes as erosion of the U.S. tax base. BACKGROUND Under current law, a U.S. insurer may deduct the premium for reinsurance placed with another company, whether affiliated, unaffiliated, domestic or foreign. A current deduction for this crucial expense ensures that there is a proper matching of income and expense. The U.S. insurer will include in income any ceding commission received from the reinsurer, and, when it 1 Allianz S.E., a German company, owns Fireman’s Fund Insurance Company, Allianz Global Corporate and Specialty Insurance, Euler Hermes-USA, and Allianz Global Assistance –USA. Together, Allianz’s property- casualty insurance subsidiaries in the U.S.
    [Show full text]
  • Munich Re America Corporation
    MUNICH RE AMERICA CORPORATION Annual Report For The Fiscal Year Ended December 31, 2020 (Pursuant to Section 4.04 of the Indenture between the Company and the holders of the Company’s 7.45% Senior Notes*) 555 College Road East PRINCETON, NEW JERSEY 08543 (609) 243-4200 *IN MARCH 2002 THE COMPANY DEREGISTERED THE NOTES IN ACCORDANCE WITH THE RULES AND REGULATIONS OF THE SECURITIES AND EXCHANGE ACT OF 1934. THIS FINANCIAL REPORT IS NOT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. March 31, 2021 MUNICH RE AMERICA CORPORATION TABLE OF CONTENTS Page Business ...............................................................................................................................................1 Risk Factors .........................................................................................................................................2 Selected Financial Information of the Company .................................................................................13 Management’s Discussion and Analysis of the Company’s Results of Operations and Financial Condition ......................................................................................................................13 Financial Statements and Supplementary Schedules ...........................................................................F-1 Unless indicated otherwise, all financial data presented herein are derived from or based on Munich Re America Corporation’s consolidated financial statements prepared in accordance with accounting principles generally
    [Show full text]
  • 2021 CRC Registration
    2021 CRC Registration NAME COMPANY Kevin Pledge Acceptiv Jessica Newman Actuarial Design Steven Clayburn American Council of Life Insurers Patrick Lesage Arch Reinsurance Ltd. Igor Afanassiev Berkshire Hatahway Group, Reinsurance Division Zlata Jagurinac Berkshire Hatahway Group, Reinsurance Division Christina Lee Berkshire Hatahway Group, Reinsurance Division York Lee Berkshire Hatahway Group, Reinsurance Division Lisa Loisel Berkshire Hatahway Group, Reinsurance Division Karen Smyth Berkshire Hatahway Group, Reinsurance Division Lucy Sun Berkshire Hatahway Group, Reinsurance Division Michael Wang Berkshire Hatahway Group, Reinsurance Division Michelle Wong Berkshire Hatahway Group, Reinsurance Division Kevin Wu Berkshire Hatahway Group, Reinsurance Division Ivy Zhang Berkshire Hatahway Group, Reinsurance Division Sherry Zhou Berkshire Hatahway Group, Reinsurance Division Judy Chan Berkshire Hathaway Group, Reinsurance Division Larry Cho-Chu Berkshire Hathaway Group, Reinsurance Division Salvatore Desiato Berkshire Hathaway Group, Reinsurance Division Jennifer Fitzgerald Berkshire Hathaway Group, Reinsurance Division Renee Gao Berkshire Hathaway Group, Reinsurance Division Ralph Germaine Berkshire Hathaway Group, Reinsurance Division Graham Grieve Berkshire Hathaway Group, Reinsurance Division Chris Odugbemi Berkshire Hathaway Group, Reinsurance Division Charles Rodricks Berkshire Hathaway Group, Reinsurance Division Brian Smith Berkshire Hathaway Group, Reinsurance Division Adrian Wong Berkshire Hathaway Group, Reinsurance Division
    [Show full text]
  • READ the RELEASE Munich Re Extends Client Portfolio in France
    Dublin – 19 March 2019 News Announcement Munich Re extends client portfolio with successful digital underwriting implementations in France Munich Re Automation Solutions Ltd., leading insurtech specialist and subsidiary of the Munich Re group, has announced successful implementations of their ALLFINANZ new business and underwriting solution with leading insurance companies in France. Natixis Assurance and Aviva France now provide a full-digital, automated underwriting solution to their customers, enabling best-in-class customer experiences and operational excellence. Luc Heurtaux, Project Director at Natixis Assurance commented: “Thanks to ALLFINANZ, our customers can complete their medical underwriting digitally. We give them a much better customer experience and faster processing of their application." Bruno Fischer, Aviva France's provident products and medical expertise director commented: “After incorporating ALLFINANZ in our sales process, we offer a completely digital process between the broker, the underwriter and the client. Using the ALLFINANZ suite, we have both increased our efficiency by automating straightforward decisions and increased customer satisfaction with a shorter journey.” France is the latest addition to the list of countries where Munich Re has successfully implemented its new business technology. ALLFINANZ is now deployed in 39 countries, making it the most widely used underwriting rules engine in the world. Munich Re Automation Solutions Ltd. has experienced double digit growth over the past 30 years and has
    [Show full text]
  • Munich Reinsurance Company Annual Report
    2000 Munich Reinsurance Company Annual Report SEEING THE WHOLE PICTURE >> Münchener Rück Munich Reinsurance Company Annual Report 2000 – English M Munich Re Group Munich Reinsurance Company 1998* 1999 2000 in €min €min €m Gross premiums written 9,952 10,955 12,818 Investments 36,062 40,211 43,384 Net underwriting provisions 29,227 32,355 34,559 Shareholders’ equity 3,324 3,951 4,228 Profit for the year 158 328 441 Dividend 81 168 221 Dividend per share in € 0.92 0.95 1.25 Share price at 31st December in € 206.31 251.80 380.00 Market capitalization at 31st December 36,103 44,548 67,239 * Balance sheet date changed to 31st December. CONTENTS Munich Reinsurance Company Report for the 121st year of business 1st January 2000 to 31st December 2000 PAGE 01 SUPERVISORY BOARD 2 02 BOARD OF MANAGEMENT 6 03 MANAGEMENT REPORT 8 FINANCIAL STATEMENTS AS AT 31.12.2000 18 04 Balance sheet 20 Income statement 24 Notes to the financial statements 28 Auditor’s report 42 Proposal for appropriation of profit 43 Note: The abbreviation T€ used in this report stands for thousand euros. 1 01 01 SUPERVISORY BOARD REPORT OF THE SUPERVISORY BOARD Ladies and gentlemen, We were informed in detail by the Board of In the business year 2000 Munich Re took import- Management about the strategic planning for ant strategic steps to consolidate and extend its the business year 2001. In this context we closely position in the insurance and reinsurance markets. considered the existing management tools and In so doing, it was able to continue building on the possibilities for refining the planning and con- very solid financial foundations.
    [Show full text]