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Belarus Re 2011

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Belarus Re 2011 BELARUSIAN NATIONAL REINSURANCE ORGANIZATION REPUBLICAN UNITARY ENTERPRISE ACHIEVING SUCCESS TOGETHER ABOUT US INTRODUCTION Belarus Re is the only reinsurance-specialized company in Belarus. Established on 4 November 2006 Strategic Goal Business To create an international reinsurance company, Mission Principles offering a full range of reinsurance services and Statement providing clients with comprehensive high-standard protection Responsibility, confidence and transparency in relation to clients and associates To develop insurance infrastructure of Belarus To provide top-quality reinsurance services and do business fairly To create national reinsurance system Our staff is a main resource allowing to achieve high performance results, gain To improve the status of Belarus on the competitive advantage and international insurance encourage further development and reinsurance markets RATINGS INTRODUCTION The latest assessment executed by Standard & Poor’s International Services affirmed Counterparty credit and Financial strength ratings of Belarus Re at “B-” in accordance with the same Sovereign ratings of Belarus. The outlook – «Stable». Standard & Poor’s revised the outlook on Belarus Re from «Negative» to «Stable» after similar revision of the Sovereign ratings of Belarus, that mirrors signs of stabilizations in national economy. Besides, Standard & Poor’s considers company’s operating efficiency as admissible, featuring low combined loss ratios. Moreover, Standard & Poor’s admits, that Belarus Re is sufficiently capitalized and competitive, whereas company’s single status within Belarusian reinsurance market. 3 BELARUS RE ACHIEVING SUCCESS TOGETHER PARTNERS INTRODUCTION Belarusian Insurance Companies Foreign Insurers and Reinsurers Brokers 4 BELARUS RE ACHIEVING SUCCESS TOGETHER BELARUSIAN INSURANCE MARKET STRUCTURE DOMESTIC MARKET BELARUSIAN INSURANCE MARKET 6 Participants 25 Operating Companies (1 Reinsurance-specialized) Insurance Brokers Business Specialization 21 Non-life Insurance 4 Life Insurance 3 4 1 Ownership With 50%+ 14 3 State- State- Form state- Private Private owned participation owned 5 BELARUS RE ACHIEVING SUCCESS TOGETHER BELARUSIAN INSURANCE MARKET PECULIARITIES DOMESTIC MARKET Belarusian Belarus Re Foreign Reinsurer Insured Insurer (Reinsurer / (Retrocessionaire) (Reinsured) Retrocedant) □ 70% of the undertaken liabilities under each contract of voluntary non-life insurance, exceeding legislative standard of liability (20% of its equity capital) shall be transferred to Belarus Re; □ Ceding commission on each compulsory transfer cannot exceed 4%; □ Belarus Re is the sole company which cooperates with foreign insurance and reinsurance companies (brokers) on placing risks insured on the territory of the Republic of Belarus; □ Insurance companies’ tariff policy is coordinated with Belarus Re upon conclusion of insurance contracts, exceeding legislative standard of liability; □ Life reinsurance is not permitted; □ Fronting is forbidden. Thus, the legislation system provides means for insurance market stability and optimal risk distribution through 6 BELARUS RE ACHIEVING SUCCESS TOGETHER CORE FIGURES 2011 PERFORMANCE BYR ‘000 000 2007 2008 2009 2010 2011 Quantity of contracts 2 047 4 461 4 741 6 515 8 706 Premium written 5 608 28 837 48 589 65 578 128 934 Premium received 3 213 22 500 43 012 55 397 110 429 Premium ceded 897 12 466 27 152 32 912 59 650 Indemnity 1 148 5 888 10 299 7 191 18 953 Liability accepted 5 998 000 30 334 000 69 994 000 71 581 000 104 932 000 Actuarial reserves 1 450 4 980 6 480 15 610 48 970 Authorized fund 54 650 407 490 460 890 469 740 477 700 Net worth 57 639 412 250 472 070 482 450 497 797 Net profit 3 090 4 920 11 140 13 570 20 552 Solvency Margin 38 634 412 244 472 068 482 453 515 972 Combined Ratio, % 81.16 35.48 73.97 39.79 45.51 7 BELARUS RE ACHIEVING SUCCESS TOGETHER CORE FIGURES DYNAMICS 2011 PERFORMANCE 128 934 BYR ‘000 000 PREMIUM 65 578 48 589 59 650 28 837 32 912 5 608 27 152 12 466 897 104 932 000 2007 2008 2009 2010 2011 69 994 000 71 581 000 89 795 000 56 452 000 30 334 000 39 324 000 29 817 000 5 998 000 LIABILITY 4 187 000 2007 2008 2009 2010 2011 8 BELARUS RE ACHIEVING SUCCESS TOGETHER PREMIUM UNDERWRITTEN STRUCTURE DYNAMICS 2011 PERFORMANCE 2,6% 4,4% 6,0% 70,30% 65,40% 65,10% 97,4% 95,6% 94,0% 29,70% 34,60% 34,90% 2009 2010 2011 2009 2010 2011 Direct Cessions Via Brokers Treaty Facultative 25,50% 20,80% 18,70% Compulsory 79,20% 81,30% 74,50% Voluntary 2009 2010 2011 9 BELARUS RE ACHIEVING SUCCESS TOGETHER INWARDS REINSURANCE PORTFOLIO BY LINES OF BUSINESS 2011 PERFORMANCE PREMIUM UNDERWRITTEN LIABILITY UNDERWRITTEN Other Cargo 5,4% Property 2,9% 12,9% Aviation Green Card 22,9% 13,0% Financial risks 2,8% Other 6,1% TIR Convention 5,2% Financial Risks Motor 17,8% Transport 4,5% Cargo 4,8% Property Aviation 76,0% 25,7% 10 BELARUS RE ACHIEVING SUCCESS TOGETHER OUTWARD REINSURANCE PORTFOLIO BY LINES OF BUSINESS 2011 PERFORMANCE PREMIUM CEDED LIABILITY CEDED Property Cargo Aviation 5,1% 2,0% Other 39,2% 1,2% Property 24,3% Marine 2,2% Green Card Cargo 21,0% 3,5% TIR Other Convention 3,5% Aviation 6,3% 91,8% 11 BELARUS RE ACHIEVING SUCCESS TOGETHER OUTWARD REINSURANCE PORTFOLIO 2011 PERFORMANCE Insurers of Belarus Other Insurers and 5,59% Reinsurers of Russia Lloyd's Syndicates 3,31% 37,41% Others Rosles Re 6,05% 1,90% Allianz 2,01% Amlin 2,30% Alphastrakhovanie 2,37% SCOR 4,03% Hannover Re Ingosstrakh 4,34% 9,33% Partner Re Chartis Munich Re 5,49% 7,54% 8,34% 71,45% 20,59% 5,59% From AAA to A From BBB to B N/R 12 BELARUS RE ACHIEVING SUCCESS TOGETHER SOME INWARD REINSURANCE TREATIES THRU 2011 2011 PERFORMANCE Chaucer Space Ingosstrakh Risks Cat XL GIC Hannover Re Title MSK Ingosstrakh Insurance Korean Re Property and MSK Engineering Pomosch Risks Energy Risks SOGAZ Rosgosstrakh Unity Re 13 BELARUS RE ACHIEVING SUCCESS TOGETHER MAX RETENTION LIMITS RETENTION POLICY Treaty Reinsurance, Facultative Reinsurance, Class of Business USD USD Property 15 000 000 2 000 000 CAR/EAR 15 000 000 2 000 000 Cargo 2 000 000 2 000 000 Aviation/Marine Hull (per each vessel/aircraft) 1 000 000 500 000 Launch of spacecraft 500 000 500 000 Orbital operation of spacecraft 500 000 500 000 Land transport (per each vehicle) 300 000 300 000 Third Party Liability: • Civil liability of aircraft owners 6 000 000 6 000 000 • General liability for spacecraft launch 5 000 000 5 000 000 • Civil liability of hazardous organizations 1 500 000 2 000 000 • Civil liability of carrier and forwarder 1 000 000 500 000 14 BELARUS RE ACHIEVING SUCCESS TOGETHER PREMIUMS/INDEMNITIES STRUCTURE LOSSES 2011 798,8 110 429,0 18 953,0 18 154,2 Indemnity Premium Received Share of Retrocessionaires Share of Belarus Re 2010 2009 990,7 1 477,6 10 229,0 55 397,0 7 191,0 43 012,0 9 238,3 5 713,4 15 BELARUS RE ACHIEVING SUCCESS TOGETHER MAJOR INDEMNITIES PAID LOSSES Sum Date Event Reinsured Insured Total loss of CRJ-100LR Aircraft while 1 960 000 USD 14.02.2008 taking off. Promtramsinvest Belavia (Zvarnots airport, Armenia) 500 000 USD 18.08.2011 Express-AM4 Satellite insertion failure Ingosstrakh RSCC Belarusian Potash Company Cargo Belarusian 469 593 USD 31.08.2009 Loss. Promtramsinvest Potash (Pt.Paris Gudang, Malaysia) Company Property damage caused by 23.12.2010 Ingosstrakh RTI Limited 437 000 USD manufacturing line breakdown RD-171M Rocket Engine Explosion of Russian 25.12.2009 Energomash 299 504 USD Energomash Insurance Centre 16 BELARUS RE ACHIEVING SUCCESS TOGETHER AVIATION RISKS REINSURANCE RETROCESSION Since 2007 Belarus Re has been providing aviation risks reinsurance, including risks of national air carriers: Belavia - Belarusian National Airlines and Transaviaexport Airlines National carriers’ air fleet: Boeing 737-300/500 (10 Aircrafts) Boeing 737-800 (1 Aircraft) CRJ-100/200 LR (4 Aircrafts) Тu-154 (3 Aircrafts) IL-76 TD (4 Aircrafts) Challenger - 850 CL-600-2819 (1 Aircraft) Risks are placed on facultative quota share basis Overseas placing broker – Willis Limited Limits of liability under reinsurance contracts: Aviation hull – up to 44,2 m USD Airline liability – up to 750 m USD Retrocessionaires: Lloyd’s Syndicates Munich Re Allianz Global Corporate & Specialty AG Swiss Re Frankona Rückversicherungs AG Chartis Liberty Mutual Insurance Europe Ltd Aviabel S.A. Brussels Aspen Insurance Generali IARD Ingosstrakh 17 BELARUS RE ACHIEVING SUCCESS TOGETHER PROPERTY AND ENGINEERING RISKS EXCESS OF LOSS REINSURANCE RETROCESSION 18 BELARUS RE ACHIEVING SUCCESS TOGETHER GREEN CARD CERTIFICATES REINSURANCE RETROCESSION * Given Net Retention volume is for a whole Belarusian insurance market ** Belarus Re covers 5% on 1st and 2nd layers each 19 BELARUS RE ACHIEVING SUCCESS TOGETHER REINSURANCE WITHIN T.I.R. CONVENTION RETROCESSION 20 BELARUS RE ACHIEVING SUCCESS TOGETHER CONTACT INFORMATION BELARUS RE 14, Chkalov Str., 220039 Minsk, Belarus Web address www.belarus-re.com Mail to [email protected] Director General tel./fax: (+375 17) 256 07 11 tel.: (+375 17) 256 04 11 Reinsurance Division fax: (+375 17) 256 05 77 Actuarial Department tel.: (+37517) 256 05 06 Loss Settlements Department tel.: (+37517) 224 42 79 Analysis & Risk Management Dept. tel.: (+37517) 256 06 23 Accounting Department tel.: (+37517) 256 05 93 21 BBELARUSELARUSIAN RE N ATIONAL R EINSURANCE O RGANIZATION ACHIEVING SUCCESS TOGETHER THANK YOU FOR BEING WITH US BELARUS RE ACHIEVING SUCCESS TOGETHER .
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