MINUTES OF MEETING - 41st ANNUAL IMIA CONFERENCE Gleneagles, UK - 13 th to 17 th SEPTEMBER 2008

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1 MINUTES OF MEETING - 41st ANNUAL IMIA CONFERENCE Gleneagles, UK - 13 th to 17 th SEPTEMBER 2008 Anti-Trust Statement At the opening of the meeting Detmar Heidenhain referred to the IMIA anti-trust rules to be adhered to (details of the statement are in the IMIA Constitution) and he reminded the participants that no discussions at this meeting should contravene that policy. Participations Some seventy delegates from 22 countries attended this conference. There were new country delegates from Russia, a new association from Mexico, new Insurers from India and Spain, a new reinsurer from Poland and a new associated Member from a loss adjuster from Mexico. President of this year s conference was Mr. David Smith, Chairman of the British Association BMIA and UK Director of Construction, Power and Engineering, RSA. BMIA was hosting the conference. President s Opening Address Mr. Smith opened the meeting referring to Great Britain s Machinery insurance background, the situation of BMIA and the significance of today s Engineering Insurance market. He wished the attendees a fruitful and successful conference.. Chairman s address and current business After welcoming all Delegates and Guests, Detmar Heidenhain expressed IMIA s thanks to the Host for the perfect preparation of the conference. He also thanked the Delegates for all the work and contributions made during the year for bringing IMIA forward and supplying excellent papers. He referred also to the fathering system which is intended to simplify contacts between Delegates and the EC, whereby each Delegate has been allocated to one of the s as their direct contact. Interaction is being regarded as the basis on which IMIA lives. Another means of communication is the IMIA News sheet, but Delegates should make more use of it by contributing more local information from the Members markets. More efforts are also needed to improve the publicity of IMIA, its work and what IMIA s website can offer in respect of Engineering insurance information, best practice and technological know-how etc. Financial Report for 2007 The 2007 Accounts can be seen on Members Area. The position compared with 2006 is further improved due to increased fee income in Expenditure for conference costs is growing substantially, but overall the situation

2 allows a reduction of Membership fees for The revised fee structure will soon be shown on the website (Members Area). Statistics 2007 (Premiums and Claims) The Engineering Premiums and Claims statistics for 2007 now show figures for IDI / Decennial business separately from the other Engineering insurance figures. As in past years the figures and their computation were again discussed at length. The presentation of statistics will be contained in the Library of the IMIA website under Statistics after the conference. Highlights of National Reports from three countries This year the following countries presented market details at the conference: - Canada by Hans Schols of the Boiler Inspection Co. of Canada - Finland by Juha Ettala, if P&C Insurance, Finland, and - Austria by Peter Königsberger, UNIQA Insurance, Austria. The presentations will be shown on the website / Members Area. Delegates of three other member countries agreed to present their highlight presentations next year (Switzerland, India and Russia). Working group papers and presentations Contingent BI in Engineering Insurance Relevant Risk and Underwriting Considerations to improve Clarity and achieve Best Practice Standards IMIA WGP 55 (08) This paper was presented by Alessandro Stolfa. This paper considers Contingent Business Interruption Insurance, commenting on the most common types of extensions applied at present by the market. It also highlights some of the problems that an underwriter can face, when accepting these types of extensions, in terms of assessment of the risk and of the exposure that an Insurer can face in the event that some basic elements are not kept under control during the underwriting process. This paper will be available on the IMIA website under Library, Publications after the Deregulated Electricity Markets: Engineering Insurance BI Exposures related to Construction and Operation of Power Generation Plants IMIA-WGP 56 (08) This paper was presented by Nigel Chapman. This paper explains some examples how the electricity market can work, how Business Interruption insurance is given, which sources of energy supply are used and gives valuable information on claims issues including a case study illustration the difficulties encountered when assessing such losses. 2

3 This paper will be available on the IMIA website under Library, Publications after the Desalination Plants Technological development, Risks affecting Engineering Insurers and Claims Experience IMIA WGP 57 (08) This paper was presented by Hans Mahrla. It deals with the most common desalination processes and the technical aspects. In the second part it discusses a variety of exposures, individual underwriting and risk management consideration, as well as safety and security aspects. Finally it presents a few loss examples. This paper will be available on the IMIA website under Library, Publications after the CO 2 Free Coal Combustion Technology Influence on Insurance IMIA WGP 58 (08) This paper was presented by Michael Bove. The paper discusses technologies for carbon dioxide capture when burning fossil fuels for electrical power generation. This paper will be available on the IMIA website under Library, Publications after the Bridges Construction, Insurance and Risk Management IMIA WGP 59 (08) This paper was presented by Heiko Wannick. The goal of this paper is to give the underwriters an understanding of bridge construction, to build up awareness of the wide variety of perils bridges are exposed to during construction, to help to perform professional risk analysis and underwriting and to draw attention to possible loss scenarios by some illustrative loss examples. This paper will be available on the IMIA website under Library, Publications after the Special additional presentations How the local Market works John Forder of Willis gave an interesting survey of the British Insurance market. His presentation will be shown on IMIA website, Members Area, IMIA Information on past Conferences after the conference. 3

4 Heathrow - Terminal 5 Richard Williams of Swiss Re, London delivered a presentation on the implications of providing CAR insurance for the construction of the Terminal 5 project at Heathrow airport. His presentation will be shown on IMIA website, Members Area, IMIA Information on past Conferences after the conference. Liquidated Damages Insurance with reference to projects like Wembley Stadium Richard Radevsky and Oscar Treceno jointly presented a paper on this topic which is often not easily understood and insufficiently evaluated by underwriters. Their presentation will be shown on IMIA website, Members Area, IMIA Information on past Conferences after the conference. Theft of Contractor s Plant This very interesting topic was presented by Ian Elliott of the London Metropolitan Police who gave a clear picture of how the situation of thefts of contractor s plant and machinery has developed and what measures are taken to counteract pant theft. The presentation will be shown on IMIA website, Members Area, IMIA Information on past Conferences after the conference. Working Group Topics 2009 Mike Petruzzello presented the list of new topics put together from the suggestions received last year and stated the names of the chairmen and delegates / experts who had already volunteered to contribute to the new papers. The topics approved for 2008 and the the members who agreed to chair are: Tunnel boring machines IMIA-WGP 60 (09) Chairman: Mike Spencer, Zurich, London Mining Industry - Engineering Insurance exposure IMIA-WGP 61 (09) Chairman: Utz Groetschel, IMIA Secretary New challenges for Wind Energy IMIA-WGP 62 (09) Chairman: Karl-Christian Hertenberger, HDI Germany ALoP claim adjustment issues IMIA-WGP 63 (09) Chairman: Neil Clutterbuck, Allianz, London 4

5 Combustion turbines: critical losses and trends IMIA-WGP 64 (09) Chairman: Thomas Aström, Pohjola Ins. Co., Finland Additional names of possible group members who could contribute were named and the groups setup completed. Some names were still to be confirmed and advised to the IMIA Secretariat. Breakout Sessions at this year s conference As in previous years informal working groups were discussing five selected topics: 1. Influence of computer controls on machinery and related claims Chairman: Steve Kelly 2. Cover of 'Soft Costs' in EAR / CAR policies Chairman: Hervé Landrin 3. Project Insurance: Adjustment of final contract value Chairman: Franscois Engels 4. Theft of construction material Chairman: David McGhie 5. Availability of (used or new) Power Gen Equipment Chairman: Oliver Stein. The summaries of the discussions were presented afterwards. The Secretary collected the summary sheets for putting them together in a document for distribution to all Delegates. Report on the Development of the Website Louis Wassmer reported again on the new IMIA website which was introduced in April last year. Since then a lot of new papers and other information was included or replaced on the website. It was noted that there is an encouraging increase in the number of visitors to our website, pages viewed and papers downloaded. Interesting Claims Juha Ettala from IMIA s claims working group reported on the present situation on interesting claims. A number of new interesting claims were advised and some more claims examples were extracted by the claims working group from previous IMIA papers. These loses have been added to our collection of interesting claims in the library of our website. Delegates were reminded to report interesting claims examples more frequently. 5

6 Elections Three s retired at the end of the conference: Anders Lindberg, Mike Petruzzello and Louis Wassmer. Mike Petruzzello, however, will stay with IMIA as a USA Delegate for one year. It was agreed that Detmar Heidenhain will stay for another year to continue his duties as Chairman of IMIA until next annual conference. Neil Clutterbuck, Delegate of BMIA was now elected as new. Chairman s Closing Speech In his closing speech Detmar Heidenhain summarised the results of the conference and highlighted the quality of the papers presented. He stressed the need for maintaining underwriting discipline and the importance of paying attention to contractor s and customer s risk management processes. Finally Detmar Heidenhain expressed his and all the delegates very warm thanks to the British hosts for an excellent conference with perfect arrangements and for the great and generous hospitality. General Comment on the conference This year the hosts invited press representatives to join the main part of the conference. Their reports or articles will be collected and distributed to all Delegates who are invited to further spread the information locally. The conference next year will be held at Istanbul, Turkey from Saturday 26 th to Wednesday 30 th September UG 24 th September 2008 Minutes on Gleneagles conference Enclosure: List of Participants at the Gleneagles conference

7 List of Participants at the Gleneagles conference 2008 David SMITH Detmar HEIDENHAIN Anders LINDBERG Hans PÖTTKER Louis WASSMER Oscar TRECENO Emanuel BALTIS Mike PETRUZZELLO Volkan BABÜR Neil CLUTTERBUCK Archie WATT Utz GROETSCHEL Brad DALTON Peter KÖNIGSBERGER Jean-Guy TURMEL Hans SCHOLS Bo BALSCHMIDT Niels KRAGELUND Thomas ÅSTROM Juha ETTALA Frank THYROLF Karl-Christian HERTENBERGER Friedrich SCHOLZ Stephanie WATKINS Thomas HOWE Mike SPENCER Steve KELLY Levy RACHMANI Maurizio COLAUTTI Silvano BONELLI Massimo FEDELI Munenori TAKEMURA Shoichi TAKAHASHI Rafael AUDELO MENDEZ Michel VILIJN Alexander ARTAMONOV Marina ZYUGANOVA Konstantin ARTAMONOV Franscois ENGELS Trevor KERST Jaime de ARGÜELLES Chris BLÜCKERT Michael JOHST Gunthard NIEDERBÄUMER John WU Erdinc YURTSEVEN Michael BOVE Alessandro STOLFA Hans MAHRLA Max BENZ Antonio ARIZA ARCA Luis BERNUES GONZALES Jose-Carlos NAJERA HERRANZ J.K. GUPTA President Chairman Nominated Secretariat AUSTRALIA AUSTRIA CANADA CANADA DENMARK DENMARK FINLAND FINLAND GERMANY GERMANY GERMANY GREAT BRITAIN GREAT BRITAIN GREAT BRITAIN GREAT BRITAIN ISRAEL ITALY ITALY ITALY JAPAN JAPAN MEXICO NETHERLANDS RUSSIA RUSSIA RUSSIA SOUTH AFRICA SOUTH AFRICA SPAIN SWEDEN SWEDEN SWITZERLAND TAIWAN TURKEY USA Generali Global Infrassure XL Insurance Mapfre Mapfre Mapfre New India 7

8 Hervé LANDRIN Christoph HOCH Kun Hong HO Oliver STEIN Frank VAN DER VELDE Juerg BUFF Silvio FISCHER Darrell CORNER Richard RADEVSKY Nigel CHAPMAN Robert GLYNN Ugo PINO Munich Re Munich Re Scor Gen Re Gen Re Partner Re Partner Re JLT, London CTC Services Ltd., London Clyde & Co., London Benfield Corporate Risk Engineering Ins. Consultant 8