Underwriting Issues and Innovations Seminar
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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 ............................................ -
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. -
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. -
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 -
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. -
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. -
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. -
Life Business
61 LIFE BUSINESS THE MALAYSIAN INSURANCE DIRECTORY | 36TH ISSUE 62 AIA Bhd. Date of Incorporation : 4 October 2007 Capital: Authorised : Not Applicable Paid-up : RM 1,450,890,000 Financial Year End : 30 November Major Shareholders/ Ownership : AIA Company Limited: 31.5% Premium Policy Bhd. (under Members’ Voluntary Liquidation Process) 68.5% Classes Written : - Group Life - Healthcare - Individual Life Head Office Address : Menara AIA, 99 Jalan Ampang 50450 Kuala Lumpur Telephone Number : 03-2056 1111 Facsimile Number : 03-2056 1291 E-mail : [email protected] Website : www.aia.com.my Board of Directors : Ching Yew Chye @ Chng Yew Chye Independent Non-Executive Director (Chairman) Mohd Daruis Bin Zainuddin Independent Non-Executive Director Dr. Chong Su-Lin Independent Non-Executive Director Anusha a/p Thavarajah Executive Director/ Chief Executive Officer Shulamite N K Khoo Non Independent Non-Executive Director Chief Executive Officer : Anusha Thavarajah THE MALAYSIAN INSURANCE DIRECTORY | 36TH ISSUE 63 Management Team Chief Executive Officer : Anusha Thavarajah Chief Agency Distribution Officer : Leong Chee Soong Chief Partnership Distribution Officer: Serrina Foo Chief Corporate Solutions Officer : Sainthan Satyamoorthy Chief Officer, AIA Health Services : Choy Shook Yee Sdn.Bhd. Chief Financial Officer : Andrew Loh Chief Human Resources Officer : Thomas Wong Chief Marketing Officer : Heng Zee Wang Chief Customer Experience Officer : Ng Jit Seng General Counsel : Datin S. Veronica CEO, AIA Public Takaful Bhd. : Elmie Aman Najas -
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 -
For Insurance and Takaful Industry
1 8 10 11 14 22 77 84 88 ANNUAL REPORT 2019 1 2019 LIFE INSURANCE INDUSTRy’s HigHLIGHTS INCREASED BY INCREASED BY INCREASED BY 14.19% 6.22% 6.91% NEW BUsiness – NEW BUsiness – NEW BUsiness - TotAL PREMIUMS NUMBER OF POLICIES SUM ASSURED RM11.8 billion 1.31 million RM483.3 billion 2019 2019 2019 RM10.3 billion 1.24 million RM452.1 billion 2018 2018 2018 INCREASED BY INCREASED BY INCREASED BY 7.39% 0.60% 7.83% NUMBER OF POLICIES IN IN FORCE PREMIUMS FORCE SUM ASSURED IN FORCE RM36.9 billion 12.74 million RM1.63 trillion 2019 2019 2019 RM34.4 billion 12.67 million RM1.51 trillion 2018 2018 2018 CLAIMS PAYOUT INCREASED BY NUMBER OF NUMBER OF BANK StAFF AGENTS SELLING LIFE INSURANCE RM11.9 billion 2019 10.19% 75,999 17,809 2019 2019 RM10.8 billion 2018 75,707 17,002 2018 2018 NUMBER OF NUMBER OF AGENTS BY EDUCATION LEVEL 2019 AGENTS BY GENDER 2019 Primary LCE/SRP MCE/SPM 37,863 Male 164 1,178 39,520 HSC/STPM College/University 38,136 Visit our website for Female 2,281 32,316 more information http://www.liam.org.my/ 2 LIFE INSURANCE ASSOCIATION OF MALAYSIA Loh Guat Lan President ANNUAL REPORT 2019 3 PRESIDENT’S MESSAGE On behalf of the LIAM New business sum assured expanded by 6.91% to RM483.4 billion in 2019 Management Committee, The total in force compared to RM452.1 billion in 2018. it gives me great pleasure premiums rose by to present the Annual 7.39% to reach RM37 The total in force premiums rose by Report for Life Insurance billion from RM34.4 7.39% to reach RM37 billion from Association of Malaysia billion in 2018. -
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 -
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