DOCSLIB.ORG

Emerging Risks and Opportunities in Insurance: Technology and Innovation

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Emerging Risks and Opportunities in Insurance: Technology and Innovation MILLIMAN WHITE PAPER Emerging risks and opportunities in insurance: Technology and innovation George Barrett As innovation continues to transform the Then follows the United Kingdom, with over 190 insurtech companies, three-quarters of which are found in London. The transparency, availability and consumer- geographical distribution of insurtech companies can be seen friendliness of insurance products, slow in Figure 1 below. reactions can leave traditional FIGURE 1 PROPORTION OF INSURTECHS BY HEADQUARTERS companies trailing behind. COUNTRY Developing new solutions to manage complex risks has underpinned the culture of the insurance market for centuries. United States Constant innovation to suit the changing needs of its customers has always been particularly evident in the London United Kingdom insurance market. Germany Canada The explosion of funding for insurtech companies in recent years France demonstrates that the insurance industry will continue to evolve. Insurance provides a natural platform for technology. Companies Other Countries seeking new opportunities to take advantage of AI, big data and autonomy may do very well while others will be left behind. Although risk management will need to adapt existing risks and controls for the changes that innovation brings, emerging risks Source: Crunchbase should not be ignored. This paper investigates innovation in the THE SCALE OF INSURTECH global insurance market driven by insurtech, and considers the Over the course of the last decade, the number of insurtech emerging risks faced by insurance companies. companies being founded has increased from fewer than 10 per year, to almost 100 in each of 2015 and 2016. The level of Insurtech funding continues to escalate. From 2010 to 2012, global Insurtech is a term used to group innovative, technology-driven publicised funding averaged approximately $250m p.a. This solutions in the insurance sector. It can cover a wide range of reached in excess of $3.5bn in 2017 and $4.5bn in 2018. functions from front-to-end operations within start-up tech- Figure 2 below shows the trend in funding. minded insurance companies or it can be restricted to one or more components of the insurance value chain. For example: FIGURE 2 NUMBER OF INSURTECH COMPANIES FOUNDED AND VOLUME OF FUNDING PUBLICLY ANNOUNCED BY YEAR (IN Brolly is an AI-driven app providing insurance advice for CONVERTED USD) personal lines products in the UK. It was founded in 2016, 500 $6.0bn raising £1m of capital in the first year. The company focusses on one specific area of the insurance value chain: 400 $5.0bn distribution. Fast purchasing and management of insurance $4.0bn 300 products is its key aim. Insurance partners include Ageas, $3.0bn 200 AXA, and LV=. $2.0bn Lemonade offers home insurance in New York and several 100 $1.0bn other US states. The business model aims to achieve social 0 $0.0bn good by donating reserve surplus to non-profit organisations 2010 2012 2014 2016 2018 selected by policyholders. The company has attracted over Number of Insurtech Companies Founded $180m from investors such as Softbank and Allianz. Volume of Funding Announced (USD) Lemonade maintains its customer relationships via an app, Source: Crunchbase downloaded over 50,000 times each month. There has been a downturn in the number of newly founded WHERE IS IT HAPPENING? companies during 2018 and the early months of 2019 but funding Insurtech start-ups have sprung up worldwide, with companies for 2018 exceeded $4.5bn and 2019 is on track to exceed $5.0bn, headquartered in 50 different countries. The largest insurtech suggesting that the insurtech industry has established strong hub is the United States, with over 800 insurtech companies. foundations within the insurance world and is maturing. Emerging risks in insurance: Technology and innovation 1 June 2019 MILLIMAN WHITE PAPER WHICH AREAS OF INSURANCE? CASE STUDY: DINGHY Investment in insurtech companies is greatest within health Dinghy was founded in 2017 by three entrepreneurs in London. insurance. Life insurance appears to be dragging behind on They had identified a gap in the market for flexible, on-demand insurtech activity, although the prospect for many exciting professional indemnity insurance for contractors and other innovations remains positive. Within general insurance, personal fixed term workers in technology. Within a year, they had lines insurance companies have received large investments. raised £1m in seed funding. Figure 3 below shows the number of funding rounds for Dinghy’s strengths lie in flexibility, interacting with policyholders insurtech companies operating in different sectors of insurance: using their mobile phones and offering an on/off switch for cover which enables a pay-as-you-use insurance arrangement. FIGURE 3 NUMBER OF INSURTECH FUNDING ROUNDS BY INSURANCE Such pay-as-you-go arrangements are seen by many industry SECTOR AND YEAR professionals as an inevitable next step for many personal lines insurance products. 80 70 HOW IS THE INDUSTRY REACTING? 60 Innovation is not limited to start-up companies and new product 50 types. Incumbent insurance companies are creating innovative 40 products which capture data in new ways. Health insurance companies in the UK can now provide more focussed health 30 benefits to their customers using data collected from smart 20 devices provided to the policyholder at discounted costs. 10 Traditional insurance classes such as marine are also using 0 Blockchain technology to improve the sharing of data between 2013 2014 2015 2016 2017 2018 the insurer and the insured so that risks can be covered more Life Health Motor Property Commercial quickly, with more transparent pricing, and with a quicker claims management process than ever before. Source: Crunchbase Figure 4 below shows the announced volume of funding We discuss below some of the other ways in which insurance incumbents are reacting to innovation. rounds for insurtech companies operating in different sectors: Venture Capital Subsidiaries FIGURE 4 VOLUME OF PUBLICLY ANNOUNCED INSURTECH FUNDING Large companies are reacting to insurtech by forming venture BY INSURANCE SECTOR AND YEAR (IN CONVERTED USD) capital subsidiaries and investing in start-up companies. For $1200m example: $1000m AXA’s subsidiary, AXA Venture Partners, has made 46 $800m investments in companies innovating in insurtech (Limelight Health), Blockchain technology (Blockstream), cyber security $600m (Contrast Security), digital authentication (Futurae), data- $400m driven recruitment (Zenjob) and many other areas. XL innovate, another member of the AXA XL group, has $200m invested in companies including Windward, a marine analytics $0m company, and Slice Labs, which offers an on-demand insurance 2012 2013 2014 2015 2016 2017 2018 platform to support the on-demand economy. Life Health Motor Allianz X, a subsidiary of Allianz, has invested in a number of Property Commercial start-up companies including the aforementioned Lemonade. They have also invested in companies innovating in virtual Source: Crunchbase reality (Drone Racing League), cyber security (Argus Cyber Security), wealth management (Moneyfarm) and an on- Figure 4 shows only disclosed information. The details of many demand app covering ride-hailing, food delivery and funding rounds, particularly seed rounds, are often not public. payments & financial services (Gojek). Figure 4 also shows a dramatic uptick in the funding of Aviva Ventures, the venture capital arm of Aviva, has insurtech companies in the Motor Insurance sector during 2018 invested in companies building solutions for autonomous driven by a $500m investment in Cambridge Mobile vehicles (AppyParking), home security (Cocoon) and medical Telematics, a leading analytics and mobile telematics provider, diagnostics (Owlstone medical). from the Softbank vision fund. Emerging risks in insurance: Technology and innovation 2 June 2019 MILLIMAN WHITE PAPER It is clear from these examples that incumbent companies are Complexity of Models and Systems: investing in up-and-coming technologically focussed Insurers are using increasingly complex models and businesses within and on the periphery of the insurance space. automated processes, making best use of machine learning These wider technology companies are developing solutions algorithms for pricing and underwriting. Automation of that could be integrated into the insurer’s products or used to underwriting, claims handling and policy servicing will reduce operating costs. continue to improve Sponsoring Insurtech Competitions The additional complexity of systems leads to risks arising from a lack of transparency; future business decisions based on a This approach is to create internal platforms for insurtech large array of underlying factors could become impossible to companies to pitch their ideas and compete for capital. For understand. This is similar to the search algorithms used by example: Google and YouTube, which are based on machine learning to Lloyd’s of London has created the Lloyd’s Lab, providing an the extent that the justification for any individual decision is environment where technology-driven concepts, ideas and impossible to fully explain from the ground up. products can be tested and, if successful, introduced to the Unconstrained increases in model complexity can also lead insurance world to meet the demands of a rapidly changing to algorithmic bias, where algorithms used to train models and unique insurance market. The support and active can lead to selection
Load more

Recommended publications
  • Challenges of Fronting Programs
    Challenges of Fronting Programs Underwriting (often multi-line) Legal Credit (R/I agreements (transaction and indemnities/ counterparty guarantees) analysis) Financial Regulatory (local solvency, (intercompany technical reserves reinsurance) R/I recovery) Administration Accounting (loss billings, (transfer of risk, cash flow) claims) Captive Program Considerations Timing • 60 to 90 days prior to inception, depending on program complexity. • Allow sufficient time for discussion of requirements, structuring, client internal communication, multinational program design, and legal contract review, etc. Critical Information • Policy summary: insured name, coverage, terms, limit structure, reinsurance panel, special wording/endorsements, Required expiring premium. • Insured (and parent company): general information, organizational structure, exposure (asset value, turnover, headcounts, etc.), audited financial statements, credit rating, etc. • Captive info: audited financials, certificate of incorporation, insurance license, banking/wire instructions (on captive letterhead), business plan (for new captive). • 5 to 10 year loss history. • Understanding of the motivation for fronting. Program Structure • Gross line (100% cession to captive) or net line (AIG retains a portion of the risk on net position). • Captive retention (per claim and in the aggregate). • Multinational program? A list of countries/local entity info/policy terms required. Fronting Premium • Should be consistent and commensurate with owned risks. • Regulators are paying attention
    [Show full text]
  • The State of the Property Insurance Market | Spring 2020
    THE STATE OF THE PROPERTY INSURANCE MARKET | SPRING 2020 WHAT IT MEANS FOR INSURANCE BUYERS THE STATE OF THE PROPERTY INSURANCE MARKET | SPRING 2020 WHAT IT MEANS FOR INSURANCE BUYERS An Advisen whitepaper Rising premiums. Disappearing capacity. Tighter contract terms. sponsored by AXA XL This is the new reality for risk managers as they renew their property insurance programs. Brokers are reporting premium April 2020 increases of more than 50 percent for many insureds. The property/casualty insurance market is cyclical. A period of rising premiums and reduced capacity—a hard market—is fol- lowed by a typically longer period of falling rates and expanding capacity—a soft market. Analysts debate whether the current period of rising premiums technically qualifies as a hard market since certain key attributes are missing. Some call it a “transition- ing” market instead.1 Risk managers, brokers, and underwriters, however, aren’t overly concerned about technical definitions—this passes the duck test: it looks, feels, and acts like a hard market. For many people in the insurance ecosystem, this is their first experience of hard market conditions. While rate levels fluctu- ated somewhat over the past decade, the overall trend has been softening rates since 2004, the end of the last industry-wide hard market. Facing an uncharacteristically volatile market, many risk managers find it difficult to budget their insurance costs, or even to explain to senior management why premiums are rising so sharply. The pressure is on to find creative ways of keeping their total cost of risk in check. For insurance carriers, rising rates are finally bringing relief from a prolonged period of chronically underpriced business that took a toll on the bottom line.
    [Show full text]
  • New Agcs Biographies of Selected Key Appointments
    ALLIANZ GLOBAL CORPORATE & SPECIALTY NEW AGCS BIOGRAPHIES OF SELECTED KEY APPOINTMENTS JULY 2020 NEW MEMBERS OF THE AGCS SE BOARD OF MANAGEMENT DR. RENATE STRASSER, Chief Underwriting Officer Specialty* Since 2016, Renate Strasser has been Chief Executive Officer of NewRe, a carrier of Munich Re Group. In her current role, she is responsible for the entire legal entity, including traditional P&C reinsurance business and structured reinsurance solutions. Strasser spent six years as an Assistant Professor for Corporate Finance at the University of Klagenfurt, before joining the Munich Re Group in 2004 as a pricing expert for Aviation. From 2007 onwards, she took over the role of Head of Aviation Facultative, where she was responsible for the worldwide portfolio. Strasser holds an MBA from the University of Graz (Austria) and a PhD in Business Administration/Corporate Finance from the University of Klagenfurt (Austria). TONY BUCKLE, Chief Underwriting Officer Corporate* Tony Buckle started his career in financial consulting with Andersen, before moving into the insurance sector with GE Capital. He has subsequently held senior underwriting and portfolio management positions both in reinsurance (Swiss Re, GE Frankona) and corporate insurance (Swiss Re Corporate Solutions, RSA and AXA XL), most recently as Chief Underwriting Officer International P&C at AXA XL, based in Zurich. Buckle is a graduate of Cambridge University and holds an MPhil from the University of London as well as an MBA from Instituto de Estudies Superiores de la Empresa (IESE) in Barcelona, Spain. AGCS SE BOARD OF MANAGEMENT* CHIEF EXECUTIVE CHIEF FINANCIAL OFFICER CHIEF REGIONS & CHIEF REGIONS & OFFICER Claire-Marie MARKETS OFFICER 1 MARKETS OFFICER 2 Joachim Müller Coste-Lepoutre Henning Haagen William Scaldaferri CHIEF CLAIMS OFFICER CHIEF UNDERWRITING CHIEF UNDERWRITING CHIEF OPERATING OFFICER CORPORATE OFFICER SPECIALTY OFFICER Dr.
    [Show full text]
  • Xl Bermuda Ltd. Financial Condition Report December 2019
    XL Bermuda Ltd An AXA Group Company Financial Condition Report ("FCR") December 31, 2019 forming part of the annual regulatory reporting package submitted to the Bermuda Monetary Authority (“BMA”) by June 16 2020 1 | Page 2 | Page Declaration Statement To the best of our knowledge and belief, the financial condition report fairly represents the financial condition of XL Bermuda Ltd in all material respects. Patrick Tannock Simon Argent Chief Executive, Insurance Chief Risk Officer - Bermuda June 16 2020 June 16 2020 3 | Page Table of Contents A. Business and Performance 6 A.1. Name of Insurer 6 A.2. Supervisors 6 A.3. Approved Auditor 6 A.4. Ownership Details 6 A.5. Group Structure 6 A.6. Insurance Business Written by Business Segment and by Geographical Region 6 A.7. Performance of Investments and Material Income and Expenses for the Reporting Period 8 A.7.1. Performance of Investments for the Reporting Period 8 A.7.2. Material income and Expenses for the Reporting Period 9 A.8. Other Material Information 10 B. Governance Structure 12 B.1. Board and Senior Executive 12 B.1.1. Structure of the Board and Senior Executive, Roles, Responsibilities and Segregation of Responsibilities 12 B.1.2.Executive/Employee Compensation 13 B.1.3. Pension or Early Retirement Schemes for Members, Board and Senior Employees 13 B.1.4. Shareholder Controllers, Persons who Exercise Significant Influence, the Board or Senior Executive Material Transactions 13 B.2. Fitness and Propriety Requirements 14 B.2.1. Fit and Proper Process in Assessing the Board and Senior Executive 14 B.2.2.
    [Show full text]
  • Ireland Insurer Consulting Agreements
    Insurer Consulting Group Marsh receives compensation from the following insurers for the provision of consulting, data analytics or other services. These services are designed to improve the offerings available to our clients, assist insurers in identifying new opportunities, and enhance insurers’ operational efficiency. AIG Group Allianz Global Corporate & Specialty (UK Branch) Allied World Assurance Company Arch Insurance Company (Europe) Limited Aspen Insurance UK Limited and Aspen Managing Agency Limited Assicurazioni Generali S.P.A (UK Branch) Aviva Insurance Limited Axa XL AXIS Specialty Europe SE, Axis Managing Agency Ltd, Axis Re and Axis Specialty Limited Beazley Management Limited Brit Syndicates Limited Catlin Insurance Company Ltd Chaucer Syndicates Limited Chubb Group Holdings Inc / Chubb Group Management and Holdings Ltd CNA Insurance Company Limited/Hardy (Underwriting Agencies) Limited Endurance Specialty Insurance Limited Everest National Insurance Company Hiscox Limited Liberty Insurance Limited Liberty Mutual Insurance Europe Limited Markel International Insurance Company Limited and Markel Syndicate Management Limited MS Amlin Underwriting Limited Neon Underwriting Limited QBE Insurance (Europe) Limited Royal & Sun Alliance Plc RSA Insurance Limited DAC SCOR Global P&C SE Starr Global Holdings AG, Starr USA Asset Holdings LLC, Starr Global Financial Inc., Starr Surplus Lines Insurance Company Swiss Re Corporate Solutions Limited Tokio Marine Kiln Insurance Services Limited Travelers Insurance Company Limited and Travelers
    [Show full text]
  • Liability Settlement
    FURTHER INFORMATION ON AGENDA ITEMS 10 AND 11 I. Settlement agreement between Volkswagen Aktiengesellschaft, AUDI AG and Profes- sor Martin Winterkorn of 9 June 2021 Liability Settlement between (1) VOLKSWAGEN AKTIENGESELLSCHAFT, Berliner Ring 2, 38440 Wolfsburg (“VOLKSWAGEN” or “VOLKSWAGEN AG”), represented by the Supervisory Board, (2) AUDI Aktiengesellschaft, Auto-Union-Strasse 1, 85045 Ingolstadt (“AUDI” or “AUDI AG”), represented by its Board of Management and Supervisory Board, – VOLKSWAGEN and AUDI also referred to hereinafter as “Companies” – (3) Prof. Dr. Martin Winterkorn, represented by Dr. Kersten von Schenck, M.C.J. (NYU), law- yer and notary, Arndtstrasse 28, 60325 Frankfurt am Main and by CYRUS Rechtsanwälte PartG mbB, Mainzer Landstrasse 50, 60325 Frankfurt am Main, each being authorised to represent him on their own. (VOLKSWAGEN, AUDI and Professor Winterkorn also referred to hereinafter individu- ally as “Party” and collectively as “Parties”). Preamble (A) From 1996 to 2005, Prof. Dr. Winterkorn was a member of the Board of Management for the Volkswagen Passenger Cars brand, where he was responsible for the Technical Development Division. Between 2000 and 2002, he was responsible for the Research and Development Division on VOLKSWAGEN’s Group Board of Management. He was Chairman of the Board of Management of AUDI from 2002 to the end of 2006, before becoming Chairman of the Board of Management of VOLKSWAGEN on 1 January 2007, taking over responsibility for, among other things, the Research and Develop- ment, Sales, Quality Management and Legal Divisions as well as the position of Chair- man of the Board of Management for the Volkswagen Passenger Cars brand.
    [Show full text]
  • Complaint Against Insurance Company in Pakistan
    Complaint Against Insurance Company In Pakistan Placed Joachim hydrolyse or underquotes some Elisha unitedly, however auctionary Grove pollinated congenitally or epitomise. Meyer lards her trivalence aesthetically, scampering and unbelievable. Traveled and legible Krishna never prig unscrupulously when Patel falls his radome. Insurance company registration fee or his family and trust securities in number, reflecting the complaint in case where the particular includes whether doctors. File an air travel complaint Air Passenger Protection. If any material to pakistan primarily quetta and dealing commission cannot constitute itself in insurance company in pakistan to recover stolen belongings covered by way to strengthen ties and advocacy for claims? KARACHI Dec 22 The Pakistan Insurance Regulatory Authority. SGI Insurance. You within first learn a complaint to your insurance company's in Dispute Resolution IDR section The complaint should be made in contempt Most insurers have a complaint form you can lodge online through their website or together by post suspend your insurance company charge the contact details of their IDR department. Ahmedabad hospital association launches redressal cell for. And against me of complaint against in insurance company can now coming up in provision of course includes tutorial videos, discriminated against a letter to resolve them from that is an opportunity to? TPL Insurance is portable first insurance company in Pakistan to sell general insurance products directly to the consumer Since lean in 2005 the copper has. If you race a complaint against an insurance agency or producer agent the MIA. FBR Federal Board show Revenue Government of Pakistan. In the administrative support of similar offices are investment company in insurance pakistan we realize the earlier.
    [Show full text]
  • Press Release
    FOR IMMEDIATE RELEASE Berkshire Hathaway Specialty Insurance One Lincoln Street, 23rd Floor Boston, MA 02111 BERKSHIRE HATHAWAY SPECIALTY INSURANCE EXPANDS CASUALTY CAPABILITIES TO ENERGY & TECHNICAL LINES IN THE UK BOSTON, LONDON, MANCHESTER – June 22, 2021 – Berkshire Hathaway Specialty Insurance (BHSI) today announced that it has launched Energy and Technical Lines Casualty products in the UK and established a dedicated London-based Energy & Technical Lines underwriting team. e company’s UK Casualty Energy & Technical Lines team includes: • Oliver Brown, Manager, Energy Casualty. He comes to BHSI with 20 years of experience in technical energy risks. He most recently spent 10 years at AXA XL as Class Underwriter, Energy Casualty. • Penny Wang, Senior Energy Casualty Underwriter. She joins BHSI with 16 years of energy casualty experience, most recently as Senior Casualty Underwriter at Starr Companies. • James Emson, who has been promoted to Casualty Manager, Technical Casualty, UK. He was previously Senior Casualty Underwriter, UK. • Jack Erritt, Technical Casualty Underwriter, UK. He was most recently Energy Casualty Underwriter at AIG. “We are pleased to expand our casualty capabilities with the deep technical risk expertise of our new team,” said Hilary Browne, Head of Casualty, UK & Europe. “Now BHSI can provide both technical Casualty and Property solutions, backed by stellar nancial strength and service, to energy operations and other technical risks across the U.K.” “I’m excited to work closely with this talented team to bring our CLAIMS IS OUR PRODUCT® philosophy and service to a diverse and expanding portfolio of casualty customers,” said Nikki Nagra, who last month joined BHSI as Head of Casualty Claims, UK.
    [Show full text]
  • Cyber Terrorism Reinsurance USD 235903
    Boston Gas Company d/b/a National Grid D.P.U. 20-120 Attachment AG-51-12-3 Page 1 of 4 2020 Terrorism Premium Breakdown Original Details USD Currency FX Rate Reinsurance Terrorism Reinsurance USD 238,026 - Premiums Cyber Terrorism Reinsurance USD 235,903 - Terrorism Reinsurance USD 13,845 GBP 11,076 1.25 Broker Fees* Cyber Terrorism Reinsurance USD 13,845 GBP 11,076 1.25 Admin & Terrorism Reinsurance USD 13 Expenses Cyber Terrorism Reinsurance USD 13 Total Retail Premium: USD 501,645 *Broker fees allocated based on % of Reinsurance premium ceded (US: 42.6% & UK: 57.4%) Terrorism Boston Gas Company d/b/a National Grid D.P.U. 20-120 Attachment AG-51-12-3 Page 2 of 4 2020 Excess Liability Premium Breakdown 2020 Excess Liability Reinsurance Structure and Breakdown NGI USA Signed Premium USD Premium Layer Reinsurer Signed Line FX Rate Original Line % (Original Amount Details USD Currency FX Rate Currency) Reinsurance Premiums USD 3,222,088 GBP 2,577,670 1.25 G11: GBP10m xs GBP830.5m AXA XL 100.00% GBP 10,000,000 GBP 24,000 1.25 Broker Fees* USD 139,150 GBP 111,320 1.25 xs USD85m Total: 100.00% GBP 10,000,000 GBP 24,000 1.25 USD 30,000.00 Admin & Expenses USD 113,763 Chubb Bermuda Insurance Ltd 66.67% GBP 50,000,000 GBP 135,000 1.25 GL10: GBP75m xs GBP755.5m Total Premium: USD 3,475,000 American International Reinsurance Company Ltd 33.33% GBP 25,000,000 GBP 67,500 1.25 xs USD85m Total: 100.00% GBP 75,000,000 GBP 202,500 1.25 USD 253,125.00 *Broker fees allocated based on % of Reinsurance premium ceded (US: 50.6% & UK: 49.4%) Hiscox Syndicate HIS 33 33.33% GBP 10,000,000 GBP 27,000 1.25 Ascot Syndicate ASC 1414 16.67% GBP 5,000,000 GBP 13,500 1.25 GL9: GBP30m xs GBP725.5m MS Amlin Syndicate AML 2001 16.67% GBP 5,000,000 GBP 13,500 1.25 xs USD85m HDI Global SE 33.33% GBP 10,000,000 GBP 21,000 1.25 Total: 100.00% GBP 30,000,000 GBP 75,000 1.25 USD 93,750.00 Liberty Agency Ltd.
    [Show full text]
  • The Benefits of Membership
    THE BENEFITS OF MEMBERSHIP Education, Information Resources, Advocacy and Networking IMUA is a non-profit national trade association, founded in 1930, representing the interests of the commercial inland marine insurance industry in the U.S. Our membership includes over 45 insurance and reinsurance companies along with over 25 associate members and producer affiliates involved in the industry. Our focus is to add value and maintain relevance to our member companies and the thousands of their industry professionals, underwriters, loss control/claims staff and brokers, participating in IMUA. IMUA’s mission is to champion the interests of the inland marine industry and foster the education and development of industry professionals. www.imua.org IMUA—a Powerful Business Tool! Members can take advantage of the many benefits offered by IMUA to increase profitability and enhance the professional development of their employees. Bridging the Gap PROFESSIONAL DEVELOPMENT • Education curriculum helps develop young staff members Education & Training — our curriculum includes a wide variety of webinars, classes and seminars into productive underwriters (with a distance learning option)on a variety of technical subjects along with the acclaimed IMUA • Senior staff share wisdom and Annual Meeting, a two day education conference that attracts almost 300 industry professionals. experience through papers, presentations and committee Committee Engagement — our eight technical committees and eight regional advisory groups leadership offer employees of member
    [Show full text]
  • Guide to Government Pools
    GUIDE TO GOVERNMENT POOLS AXA XL is a division of AXA Group providing products and services through four business groups: AXA XL Insurance, AXA XL Reinsurance, AXA XL Art & Lifestyle and AXA XL Risk Consulting. Neither AXA XL nor any of AXA or XL employees make any warranty, express or implied, or assumes any legal liability or responsibility for the accuracy, completeness, or usefulness of any information or data disclosed herein, or represents that its use would not infringe privately owned rights. The views, findings and opinions of the authors expressed herein are the views, findings and opinions of the authors and do not necessarily reflect the views of AXA XL. © 2018, AXA SA. All rights reserved. GUIDE TO GOVERNMENT POOLS Contents 4 Making the most of our strength 24 Protecting the most vulnerable Reinsurance pools seek to provide insurance where there is AXA XL’s involvement with Flood Re makes business sense, but none or where it is not readily available, but the demand for also helps close the protection gap, says Catherine Turner, head of them is not as great as it could be. To introduce this special international property treaty, London Reinsurance. report, Jonathan Gale of AXA XL writes that the industry needs to develop a broader approach to how the risk is assumed and 26 Spreading the terror protection load accounted. Pool Re, the UK’s terrorism reinsurance pool, aims to maximise involvement of the private market. CEO Julian Enoizi explains 7 What makes a pool successful? how it achieves this. There are many factors to be considered during the formation and maintenance of a reinsurance pool to ensure it achieves 29 A different market its objectives, says Jonathan Gale of AXA XL.
    [Show full text]
  • Solutions Not Products
    Solutions not products SRS Business Unit 2021 1 THOMAS BUBERL CEO, AXA 2 Structured Risk Solutions (SRS) Rob Turner Global Chief Underwriting Officer Structured Risk Solutions Per Deal Resources: Austin Su Beatrice Jud Reiner Hoffmann Jiten Halai Head of SRS, Global Underwriting Practice Leader SRS, Head of SRS UK & Risk Engineering Americas Manager SRS APAC Europe Lloyd’s Actuarial Legal Winston Tan Simon Taylor Shiwei Jin Stuart Jones Accounting Senior Underwriter SRS Champion SRS Champion SRS Champion & Singapore Hong Kong Australia Finance ▪ Global Underwriting Unit ▪ Non-traditional and alternative risk transfer solutions ▪ Cover for various lines of business and non-traditional risks ▪ Provide (re)insurance cover for Corporate Clients and Captives ▪ Value added / Client enabling solutions 4 Whiteboard Session ▪ Structured (Re)insurance for Captives and Corporate Clients ▪ Customized risk transfer solutions for Corporate Clients 5 Whiteboard Session ▪ For Captives and Corporate Clients ▪ Multi-year (Re)insurance ▪ Offering coverage for traditional lines of business and/or non- standard perils ▪ Providing protection against risk volatility over time ▪ Enabling Captives to grow significantly in size and scope ▪ Optimizing capital efficiency benefits for Captive Clients 6 Whiteboard Session Structured Re(Insurance) Structuring the most relevant cover to enable the client to achieve their objectives Risk Transfer Experience Experience Balance Experience Balance Experience Balance Experience Balance Balance Y1 Y2 Y3 Y4 Y5 ▪ Providing
    [Show full text]