The Somewhat Different Reinsurer September 2021 Agenda
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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 ............................................ -
Annual Report 2007
Annual Report 2007 hannover re R CONTENTS 1 Boards and officers 7 Management report 8 Economic climate 8 Business development 11 Development of the individual lines of business 17 Investments 19 Human resources 22 Sustainability report 24 Risk report 31 Forecast 35 Other information 37 Proposal for the distribution of profits 38 Accounts 38 Balance sheet 42 Profit and loss account 45 Notes 71 Auditors' report 72 Report of the Supervisory Board 76 Declaration of conformity 77 Glossary KEY FIGURES of Hannover Re +/- previous in Mio. EUR 2007 2006 2005 2004 2003 year Gross written premium 6,652.6 -13.0% 7,644.6 6,340.4 6,095.2 6,539.3 Net premium earned 4,979.3 -12.4% 5,685.3 4,383.8 4,030.8 3,695.3 Underwriting result 5) (111.1) -176.3% 145.6 (95.5) (42.8) 60.7 Allocation to the equalisation reserve and similar provisions (309.1) -312.6% 145.4 228.3 232.5 301.8 Investment result 451.2 -43.6% 799.9 895.7 584.7 578.2 Pre-tax profit 438.1 +69.3% 258.7 376.1 149.1 133.2 Profit or loss for the financial year 272.0 +38.8% 196.0 374.6 120.6 114.9 Investments 18,106.1 -2.1% 18,499.7 16,699.4 13,465.3 11,670.8 Capital and reserve 2,085.83) 2,085.83) 2,085.82)3) 1,215.8 1,292.51) Equalisation reserve and similar provisions 1,406.5 -18.0% 1,715.6 1,570.3 1,342.0 1,109.5 Net technical provisions 13,286.7 +2.0% 13,022.7 12,471.9 9,844.2 8,286.7 Total capital, reserves and technical provisions 16,779.0 -0.3% 16,824.1 16,128.0 12,402.0 10,688.7 Number of employees 660 +6 654 628 599 569 Retention 73.9% 74.2% 68.3% 67.8% 56.8% Loss ratio 4)5) 80.0% 72.7% 76.7% 79.6% 80.3% Expense ratio 4) 25.2% 25.4% 26.4% 20.1% 16.1% Combined ratio 4)5) 105.2% 98.1% 103.1% 99.7% 96.4% 1) including surplus debenture (Genussrechtskapital) 2) including allocation to reserves proposed by the Annual General Meeting 3) including subordinated liabilities 4) excluding life reinsurance 5) from the 2006 financial year onwards the option of including special allocations to the provisions for outstanding claims in the non-technical account rather than the technical account will no longer be exercised. -
Annual Report 2008
Annual Report 2008 hannover re R CONTENTS 1 Boards and officers 6 Management report 6 Economic climate 7 Business development 10 Development of the individual lines of business 15 Investments 17 Human resources 20 Sustainability report 22 Risk report 28 Forecast 33 Other information 35 Accounts 36 Balance sheet 40 Profit and loss account 43 Notes 69 Auditors' report 70 Report of the Supervisory Board 74 Declaration of conformity 75 Glossary KEY FIGURES of Hannover Re +/- previous Figures in EUR million 2008 2007 2006 2005 2004 year Gross written premium 7,328.7 +10.2% 6,652.6 7,644.6 6,340.4 6,095.2 Net premium earned 5,429.4 +9.0% 4,979.3 5,685.3 4,383.8 4,030.8 Underwriting result 1) 78.9 -171.0% (111.1) 145.6 (95.5) (42.8) Allocation to the equalisation 33.6 110.9% (309.1) 145.4 228.3 232.5 reserve and similar provisions Investment result 66.9 -85.2% 451.2 799.9 895.7 584.7 Pre-tax profit (104.2) -123.8% 438.1 258.7 376.1 149.1 Profit or loss for the financial year (209.6) -177.1% 272.0 196.0 374.6 120.6 Investments 17,885.1 -1.2% 18,106.1 18,499.7 16,699.4 13,465.3 Capital and reserve 1,878.82) -9.9% 2,085.82) 2,085.82) 2,085.82)3) 1,215.8 Equalisation reserve and similar provisions 1,440.1 +2.4% 1,406.5 1,715.6 1,570.3 1,342.0 Net technical provisions 14,145.0 +6.5% 13,286.7 13,022.7 12,471.9 9,844.2 Total capital, reserves and technical provisions 17,463.9 +4.1% 16,779.0 16,824.1 16,128.0 12,402.0 Number of employees 708 +48 660 654 628 599 Retention 75.2% 73.9% 74.2% 68.3% 67.8% Loss ratio 1)4) 74.0% 80.0% 72.7% 76.7% 79.6% Expense ratio 4) 24.5% 25.2% 25.4% 26.4% 20.1% Combined ratio 1)4) 98.5% 105.2% 98.1% 103.1% 99.7% 1) including allocation to reserves proposed by the Annual General Meeting 2) including subordinated liabilities 3) excluding life reinsurance 4) from the 2006 financial year onwards the option of including special allocations to the provisions for outstanding claims in the non-technical account rather than the technical account will no longer be exercised. -
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. -
The Stuttgart Region – Where Growth Meets Innovation Design: Atelier Brückner/Ph Oto: M
The Stuttgart Region – Where Growth Meets Innovation oto: M. Jungblut Design: Atelier Brückner/Ph CERN, Universe of Particles/ Mercedes-Benz B-Class F-Cell, Daimler AG Mercedes-Benz The Stuttgart Region at a Glance Situated in the federal state of Baden- The Stuttgart Region is the birthplace and Württemberg in the southwest of Germa- home of Gottlieb Daimler and Robert ny, the Stuttgart Region comprises the Bosch, two important figures in the history City of Stuttgart (the state capital) and its of the motor car. Even today, vehicle five surrounding counties. With a popula- design and production as well as engineer- tion of 2.7 million, the area boasts a highly ing in general are a vital part of the region’s advanced industrial infrastructure and economy. Besides its traditional strengths, enjoys a well-earned reputation for its eco- the Stuttgart Region is also well known nomic strength, cutting-edge technology for its strong creative industries and its and exceptionally high quality of life. The enthusiasm for research and development. region has its own parliamentary assembly, ensuring fast and effective decision-mak- All these factors make the Stuttgart ing on regional issues such as local public Region one of the most dynamic and effi- transport, regional planning and business cient regions in the world – innovative in development. approach, international in outlook. Stuttgart Region Key Economic Data Population: 2.7 million from 170 countries Area: 3,654 km2 Population density: 724 per km2 People in employment: 1.5 million Stuttgart Region GDP: 109.8 billion e Corporate R&D expenditure as % of GDP: 7.5 Export rate of manufacturing industry: 63.4 % Productivity: 72,991 e/employee Per capita income: 37,936 e Data based on reports by Wirtschaftsförderung Region Stuttgart GmbH, Verband Region Stuttgart, IHK Region Stuttgart and Statistisches Landesamt Baden-Württemberg, 2014 Stuttgart-Marketing GmbH Oliver Schuster A Great Place to Live and Work Top Quality of Life Germany‘s Culture Capitals 1. -
Baden-Baden 2019 Day 1
Insight and Intelligence on the European and International (Re)insurance Markets 20 OCTOBER 2019 SUNDAY BADEN-BADEN Reinsurers brace for squeezed returns as retro costs set to bite uropean property catastrophe Reinsurance underwriters added that Etreaty reinsurers fear a second year Key points the trend seen in the US and Japan of of squeezed returns as they face being increasingly specific pricing, with rate caught between flat inwards pricing c European loss experience has been increases strongly tied to loss-affected and steepening retrocession costs at benign and globally 2019 does not regions, risks or individual clients, is the 1 January renewal. look to have been an above-average increasingly evident within Europe. Insurers on the continent have experienced cat year Even European cedants with some losses another relatively benign year for cat events. c Hagibis, Faxai and Dorian will put are likely to argue that they have paid Globally, despite creep on Typhoon Jebi some pressure on retro capital, enough in premiums in loss-free years to losses in the first half, as well as Hurricane driving up prices justify a flat renewal rate this year, sources Dorian and typhoons Faxai and Hagibis, c Increasing retro costs plus said. 2019 does not yet appear to be an above- anticipated flat European property Reinsurers, on the other hand, are arguing average cat loss year. cat treaty rates will squeeze for increases after a decade-long downward This 2019 loss record, coupled with a long reinsurers’ returns trend in European property cat treaty benign period for cat claims in Europe and c Some cedants are starting rates which has left pricing at levels many a continued abundance of capacity, means negotiations early in a bid to lock in consider unsustainable. -
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 -
PI St Peter's Basilica
www.osram.com 1/4 Press Munich, February 19, 2018 New lighting system for St. Peter’s Basilica taking shape Initial lighting tests show that illumination of the domes is 10 times brighter than before Planning for the new LED lighting system for the world’s largest church has entered its final phase: The lighting calculations and simulations have been successfully completed. In the basilica, the LED lighting system has been tested in many areas, and everyone involved is really pleased with the results. Tests show that the illumination level of the domes is 10 times brighter than before. The new indirect lighting system also eliminates unsightly drop shadows on the circular inscription, which is carved into the wall below the cornices of the basilica. “At St. Peter’s Basilica, we are able to demonstrate our lighting expertise once again,” says Olaf Berlien, CEO of OSRAM Licht AG. “A total of 700 custom-made luminaires with more than 100,000 powerful light-emitting diodes from Regensburg brilliantly illuminate this tremendous building in a way never seen before. And our technology will bathe individual works of art and statues at the Basilica in dazzling light.” “We are really pleased with the new lighting system for St. Peter's Basilica,” said Mons. Rafael De La Serrana Villalobos, Director Department Technical Services of the Governorate of the Vatican State (Servizi Tecnici del Governatorato dello Stato della Città del Vaticano). “During the first tests, we could clearly see details of artwork in the domes that we could only guess at in the past.” The innovative LED light sources will create an unforgettable visitor experience, much like the brilliant results achieved by Osram at the Sistine Chapel and the Raphael Rooms. -
Insurance Companies Axa, Zurich, and Swiss Re: Divestment in Canadian Oil and Gas Compared with Their Investments in “Not Free” Countries
Insurance Companies Axa, Zurich, and Swiss Re: Divestment in Canadian Oil and Gas Compared with Their Investments in “Not Free” Countries CEC Research Brief Ten Lennie Kaplan and Mark Milke Table of contents Page Executive Summary 1 Introduction 4 Overview of the Worldwide Insurance Industry 5 Key Findings 6 Axa, Zurich, and Swiss Re investments in “Not Free” countries 6 Axa, Zurich, and Swiss Re Property and Casualty (P&C) insurance 6 premiums in “Not Free countries Breakdowns by company 8 Axa 8 Zurich Insurance 9 Swiss Re 10 Summary 12 References 12 About CEC Research Briefs 13 About the authors 13 Acknowledgements 13 Insurance Companies Axa, Zurich, and Swiss Re: Divestment in Canadian Oil & Gas Compared with Their Investments in “Not Free” Countries Executive summary Insurance companies Axa, Swiss Re, and While these companies have apparently bowed to pressure Zurich versus Canadian oil and gas from some anti-oil and gas activists to curtail their investments in Canadian oil and gas, they continue to invest Property and casualty (P&C) insurance allows oil and gas in other countries, including those considered “Not Free.” companies to protect themselves against such events as This report profiles the investments and insurance coverage damage to property, accidents and other incurred liabilities. of these three insurers in Not Free countries2, where civil and other rights, labour standards and environmental According to HTF Market Intelligence, the size of the oil and performances are often far below those of Free countries. gas property and casualty (P&C) insurance premiums market was about $17.3 billion in 2018. -
Winter 2015 Volume 11 • Number 1 Annual Report Edition in This Issue 4 President’S Message
Winter 2015 Volume 11 • Number 1 Annual Report Edition In This Issue 4 President’s Message 6 Annual Report 34 In the Spirit of Pax et Bonum: An Interview with Mrs. Rodgers 38 The Year In Review President 52 Alumnae Community Margo Reid Brown ’81 57 Calendar Principal 58 In Memoriam Theresa Rodgers 60 SFHS By the Numbers School Board Tom Kandris, Chair Most Reverend Bishop Myron J. Cotta, Ex Officio Kathleen Deeringer Dr. Pam DiTomasso ’72 Roxanne Elliot ’94 Tom McCaffery Mary Norris ThePax et Bonum magazine seeks to share with the reader the spirit of St. Francis Catholic High School. Stories and pictures of the activities and accomplishments of students, parents, staff and alumnae provide glimpses into the ways in which the school’s mission is carried out and its legacy continues. St. Francis benefactors are gratefully acknowledged in the Annual Report of Donors. St. Francis Catholic High School 5900 Elvas Avenue • Sacramento, CA 95819 Phone: 916.452.3461 • Fax: 916.452.1591 www.stfrancishs.org St. Francis Catholic High School is Fully Accredited by the Schools Commission of the Western Association of Schools and Colleges Western Association of Schools and Colleges: Accrediting Commission for Schools 533 Airport Blvd., Suite 200 • Burlingame, CA 94010 • Phone: 650.696.1060 On the cover When the weather permits, Serra Court is alive with Troubadours sharing their stories and their spirit. At St. Francis, food and community go hand in hand. It is fitting that the most prominent project in this phase of the campus expansion is the construction of a new dining hall. -
The Global Risk Landscape After COVID-19: What Role for Insurance?
The global risk landscape after COVID-19: What role for insurance? The global risk landscape after COVID-19: What role for insurance? Kai-Uwe Schanz, Deputy Managing Director and Head of Research & Foresight, The Geneva Association Acknowledgements Our many thanks to all the experts whose comments and contributions have benefited this publication: Edward Barron (AIG), Paul DiPaola (AIG), Kean Driscoll (AIG), Andreas Funke (Allianz), Maryam Golnaraghi, Gong Xinyu (PICC), Arne Holzhausen (Allianz), Kei Kato (Tokio Marine Holdings), Christian Kraut (Munich Re), Roman Lechner (Swiss Re), Ivo Menzinger (Swiss Re), Cameron Murray (Lloyd’s of London), Guillaume Ominetti (SCOR), Gisela Plassmann (ERGO), Olivier Poissonneau (AXA), Veronica Scotti (Swiss Re) and Lutz Wilhelmy (Swiss Re). The Geneva Association is very grateful to the following executives and academic experts who shared their perspectives through in-depth interviews: / Oliver Bäte, CEO, Allianz / Mark J. Browne, Professor and Chair of the Faculty of Risk Management, Insurance and Actuarial Science, Tobin College of Business at St John's University / Brian Duperreault, Executive Chair of the Board, AIG / Jan-Hendrik Erasmus, Chief Risk Officer, Aviva / Renaud Guidée, Chief Risk Officer, AXA / Jerome Haegeli, Chief Economist, Swiss Re / Jean-Jacques Henchoz, CEO, Hannover Re / Ekhosuehi Iyahen, Secretary General, Insurance Development Forum (IDF) / Paula Jarzabkowski, Professor of Strategic Management, The Business School (formerly Cass), City, University of London / JIANG Xing, CEO, ZhongAn Online P&C Insurance / Denis Kessler, Chairman & CEO, SCOR / LUO Xi, Chairman, People's Insurance Company of China (PICC) / Michael Menhart, Chief Economist, Munich Re / Tsuyoshi Nagano, Chairman of the Board, Tokio Marine / Eduardo Pérez de Lema, Chairman & CEO, MAPFRE RE / Richard Peter, Associate Professor of Finance, The Emmett J.