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Reactions Rendez-Vous Reporter 2018 Day 2 RENDEZ-VOUS REPORTER DAY 2: MONDAY SEPTEMBER 10 2018 Co-sponsor Benchimol backs Lloyd’s remediation moves AXIS Capital chief executive Albert Benchimol is it needs to address and the overall profitability of Contents “highly encouraged” by the moves being made by Lloyd’s is challenged right now,” he told Reactions. Change the Jon Hancock and his team to strengthen Lloyd’s and AXIS increased its investment in Lloyd’s last year Pool for good .......3 improve the market’s profitability. with the circa-$600m acquisition of Novae, and GC’s insurtech matchmaking Back in June, Lloyd’s performance management Benchimol said the Corporation’s commitment to service .................4 director Jon Hancock outlined a plan which will improve syndicates’ performance made the deal Organic growth for force syndicates to deliver a sustained profitable increasingly attractive. Greenlight Re ......7 performance or risk being closed. The market ended “I am highly encouraged with some of the moves Insurance brings 2017 with an underwriting loss of £3.4bn, with we are seeing,” said Benchimol, adding: “I think Jon stability ...............7 attritional losses and heavy natural catastrophe claims Hancock’s initiative to put pressure on individual Tailwinds ahead for QBE NA ...............8 taking their toll on the market. Lloyd’s distribution syndicates to look at their worst performing business Plugging China’s costs also continue to plague One Lime Street, further and take serious action to improve their profitability is protection gap...10 pushing down syndicates’ ability to turn a profit. absolutely the right move by the market.” Reinsurers to focus In response, Hancock revealed a plan earlier this As Benchimol explained, Hancock’s moves may on bottom line ...13 summer that will force syndicates which have ended lead to a lower level of premium being generated by PERILS profile set each of the last three years in the red to submit the Lloyd’s, but that will ultimately lead to the to grow ..............13 a credible business plan that will return them market becoming more profitable. GC fires a warning shot at MGAs .....14 to a profit in the near term. Those syndicates “I support that fully,” Benchimol told M&A not always who fail to submit a viable plan face closure. Reactions. “I am encouraged that some a financial Lloyd’s has also called on syndicates to companies have decided to get out of one godsend ............14 highlight the repeatedly worst performing 10% line of business or another. I encourage The future is green of their businesses before creating a plan which their efforts to no longer participate for ILS ................16 Insurtech teams will bring these units back into the black. in lines of business where they are up with agri .......19 Benchimol, who also serves AXIS not profitable. Europe swells, as president, said that while “We would all be better Bermuda sinks...20 Lloyd’s remains the global centre off, including AXIS, by Montador meets for specialty risk, it does have looking at our portfolios Reactions ..........22 some challenges. and deciding where we Supporting adaptation .........25 “Lloyd’s has an expense problem Continued on page 4 Can we harness data to better protect against the threats from forces of nature? RENDEZ-VOUS REPORTER: MONDAY SEPTEMBER 10 2018 www.reactionsnet.com | 1 Your ambition Our expert parametric solutions Great things happen together Increasingly natural disasters are putting an uncertain global economy under even more stress. At times like these, it’s more important than ever to work with a strong and experienced partner who really knows the market and the challenges ahead. At Swiss Re, we work together with you, leveraging our extensive natural catastrophe expertise and digital innovation skills to create solutions to help your business succeed. Solutions like our real-time parametric insurance off er your customers instant pay outs based on a predefi ned trigger. Innovative solutions to help you better serve existing markets, grow into new ones and effi ciently manage your risks. Because great things happen together. We’re smarter together. Come and join us on Avenue de Monte Carlo, 9–12 September. Follow us on swissre.com/montecarlo2018 Earthquakes: breaking new ground in disaster preparedness When the earth starts to shake, preparedness is everything. collapse or were severely damaged had been built before measures. That means working together with the public Unlike traditional insurance, parametric products no longer Measures such as building codes and emergency evacuation 1987 when new anti-seismic provisions were introduced. sector to systematically identify seismic risk, draw up require any loss adjustment in the event of an earthquake. plans can make all the difference. They significantly increase By contrast, those that withstood the impact had been potential scenarios and raise awareness. In addition, it is Payouts are quick and administrative costs are low. the odds of saving lives in the event of an earthquake. constructed in accordance with newer standards. necessary to quantify all risks, taking into account their Increasingly, insurers and reinsurers like Swiss Re are Considering that many of the world’s major cities are located potential loss amounts and probability of occurrence. offering parametric products as part of a fully automated, in quake-prone areas – from Tokyo to Istanbul, Mexico City It is a similar story in Italy where only 1% of residential The next step is to discuss the residual risk and clarify cloud-based insurance solution. Features are modular and or Los Angeles – the importance of such measures cannot buildings are insured against earthquake risk. The last how the potential financial losses can be covered. This is include real-time reporting, dynamic pricing and automated be stressed enough. major quakes to hit central Italy in 2016 caused combined particularly challenging in the case of wider secondary claims payments. In fact, there’s no need for lengthy claims economic losses of USD 6 billion, of which only impacts, such as disruption to business and supply chains. procedures, since payments are made instantaneously when Saving lives is top priority, coping with USD 200 million were insured. Historically, the Italian a predefined trigger is reached. catastrophic losses a close second government has intervened with disaster emergency Innovative digital solutions offer new options Yet, even the most stringent measures cannot prevent all relief and reconstruction measures. But in light of An integrated risk management strategy ensures that Building resilience on shaking ground possible damage. This is why millions of people and already overstretched public budgets, this is an option insurance options stay available and affordable. Besides Major earthquakes such as those experienced in recent businesses around the world remain heavily exposed to that is becoming too costly and ineffectual. traditional indemnity-based insurance covers, parametric years in Japan, Mexico, Haiti or New Zealand remain potentially large financial losses caused by earthquakes. solutions are increasingly becoming an attractive alternative exceptional. But they serve as a stark reminder that a There is of course the immediate risk to homes, offices and An integrated risk management approach is vital to protect against earthquake risk. Parametric covers are destructive tremor can strike without warning in any of the physical infrastructure. But often overlooked are the costly The insurance industry has the knowledge and financial based on a pre-defined index, such as the magnitude of an world’s earthquake zones. Being prepared is the best option ripple effects: destructive aftershocks, tsunamis in coastal capacity to step in and close the ever widening protection earthquake, and trigger payment when that threshold is to keep safe. Insurance can help people and economies regions, landslides and subsidence, not to mention gap. It can only do so, however, if the risk from earthquakes reached. In Turkey and Japan, for example, Swiss Re has rebound quickly after the shock. New product innovations production stoppages and disruption to global supply chains. is addressed through an integrated risk management been offering index-based earthquake covers for business have opened up the possibility of bringing affordable approach that combines risk prevention and risk transfer interruption for some time. insurance protection to many more communities around the This is where insurance comes in. Unlike physical protection world. Together, let’s make things happen and turn this measures, insurance cannot prevent the loss of life. But possibility into reality. insurance can make all the difference when it comes to the question of whether or not the economic damage from an earthquake poses an existential threat to those affected. It plays a key role in helping people and businesses get back on their feet and allowing the economy to recover swiftly after an earthquake. Online tools such as Swiss Re’s CatNet® provide information on where earthquakes are likely to occur, what the loss potential is in any given location and how to price earthquake risk when developing insurance solutions. In recent years, the insurance industry has created more sophisticated earthquake models and given greater attention to losses associated with business interruption and industrial production shortfalls. Closing the protection gap – still a challenge In spite of these recent advances, however, a significant gap in coverage for earthquake risk exists around the world. Even in earthquake-prone areas, insurance take-up rates continue to be low. In Mexico, for example, only about 5% of homes carry earthquake insurance. When in September 2017 two of the most powerful earthquakes hit the regions of Tehuantepec and Puebla in the span of two weeks, close to 500 people lost their lives and over 142 000 properties were damaged. The total economic loss amounted to over USD 12 billion, but only USD 1.6 billion was insured. Last year’s tremors in Mexico reveal a significant protection gap in a country that faces high earthquake risk and where the government has been working hard for years to promote disaster preparedness.
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