Minutes of meeting IMIA 40 th ANNUAL CONFERENCE Monday 29 th to Wednesday 3 rd October 2007 in Tokyo

Transcription

1 Minutes of meeting IMIA 40 th ANNUAL CONFERENCE Monday 29 th to Wednesday 3 rd October 2007 in Tokyo 1. Anti-Trust Statement Detmar Heidenhain opened the meeting referring to the IMIA anti-trust statement, details of which are in the IMIA Constitution and he reminded the participants that no discussions at this meeting should contravene that policy. Thereafter he welcomed all delegates to the 40 th IMIA conference, the third to be held in Japan and furthermore expressed IMIA s gratitude to the hosts with Kato and his team for excellent preparations of the conference. The newcomers to IMIA were given a warm welcome and a special warm welcome was given to this year s President Masami Suzuki, Managing Director and Member of the Board Tokio Marine & Nichido Fire Insurance Co., Ltd. The newcomers this year were: Allan Obando Karl-Christian Hertenberger Joji Kawamoto Neil Clutterbuck Mike Spencer Cass Kuhlke Clifton Lancaster Darrell Corner Australia / Munich Re, Sydney Germany / HDI, Hannover Gen Re, Tokyo (attending this year only) Great Britain / Allianz Cornhill, London Great Britain / Zurich, London USA / Zurich, Atlanta USA / HSB Hartford JLT (Jardine Lloyd Thompson), London 2. President s Opening Address Mr Suzuki officially opened this year s IMIA Conference and expressed his thanks for IMIA s trust in the three hosting companies, Tokio Marine & Nichido Fire Insurance Co., Mitsui Sumitomo Ins. Co. and Sompo Japan Insurance Co. to host this year s conference. Mr Suzuki also expressed his thanks to Utz Groetschel and Archie Watt for their support and advice on all matters to be dealt with in arranging a conference of this format. Mr Suzuki thereafter gave a brief view on the developments of his company and the Japanese market and could tell that Boiler and Machinery insurance was written for the first time in Japan in A pool for MB and CAR/EAR insurance, the Union of Machinery Insurers was formed in 1956 where Tokio Marine&Fire Ins. was one of the founders. Mr Suzuki s view of the Japanese market is that it is an interesting and challenging market, where exchange of international experience is always important, and stressed the importance of IMIA and the values IMIA represents. 3. Chairman s address and current business Detmar Heidenhain (DH) focused in his address to the conference that the values and success of IMIA is dependent on the contributions from its members and delegates not only at the conferences but also in between. The concept of fathering launched by the EC with designating special contacts between the EC members and delegates is one measure taken to maintain contact between the conferences. 1(7)

2 Another activity is the IMIA News sheet distributed to all delegates after each EC meeting and where all delegates are asked for contributions in advance. In order to expand the EC and to secure the continuity DH informed that two new members have been co-opted to the EC, Volkan Babür and Wilko Emmens and also made clear that the EC can be further expanded. DH also stressed that IMIA must be better known and encouraged the delegates to come up with suggestions on how to do that and also ideas on how IMIA can be further expanded. DH stressed the importance of the IMIA Papers and asked the delegates to make notes on possible topics for new papers during the conference but especially during the break out sessions. When reading the National reports DH had noted that the Engineering lines in most markets are showing good results and thereby attracting new capacity with substandard underwriting. Another area noted is the lack of qualified staff and the challenge to attract young people to the Insurance industry. 4. Highlights of National Reports AUSTRALIA Allan Obando gave an interesting presentation of the Australian economy running at almost full capacity and the challenges for the engineering insurance market to insure the huge investments in infrastructure, industrial, commercial and residential projects. The premium rates in the Australian market are today roughly 70% of what they were five years ago. GERMANY Before commenting on the highlights of the German market Frank Thyrolf handed over a Berliner Bear as a friendly gift to the host. In his presentation Frank Thyrolf showed that the engineering market in Germany benefits from the booming German economy with increasing premium volumes and a slightly improved profitability. The Engineering premium in Germany is approximately 10% of the overall P&C premium or 1.4 bn EUR. From the German Association s Engineering Working groups he could report that the paper on Renewable Energy sources has been updated and is now available on their web site but only in German. THE NETHERLANDS In his presentation Wilko Emmens showed that the results in the Dutch market are going downwards with increasing claims and cost ratios. Fifty percent of the business is written on a coinsurance basis with a trend towards a fee basis. There is a lack of skilled staff and the Dutch Association has initiated a Knowledge working group that initially will launch four seminars on important topics. Captioned presentations are available on the IMIA web site, Members Area, Information on past conferences. For next year s conference Delegates of the following three member countries agreed to prepare highlights of National Reports for their countries: - Canada (Hans Schols) - Finland (Thomas Åström) - Austria (Norbert Hrushka) 2(7)

3 5. Financial Report Oscar Treceno gave a presentation of the Financial Report and commented on the healthy balance. The balance leaves room for additional activities and further expansion. The Financial Report 2006 is available on the IMIA web site, Members Area. 6. IMIA Statistics Hans Pöttker gave a presentation of the IMIA Statistics and could inform that the IDI figures for France are now included. The statistics are based on the information provided by the delegates and their associations. During the discussion that followed the following was noted: - IDI, for this long tail business the loss history shown in the statistics is too short - IDI, it would be of great interest to show in which year of the ten year period claims were filed. - regarding cause of loss, split of Faulty material and Faulty workmanship would be nice to have - regarding cause of loss, show theft separately as the total volume is larger than large claims in certain markets Detmar Heidenhain commented on the great interest for the statistics both at this conference but also externally as this page is one of the most visited pages on imia.com. He furthermore stressed to the delegates the importance of delivering the country statistics as early as possible and well within the dead line given to make possible for Hans Pöttker and his team to prepare the statistics in time for the conference. 7. Introduction to Working Group Topics chosen for the 2008 Conference Mike Petruzzello gave a presentation on how the EC had considered and chosen from the proposals received from the delegates. The chairmen for the topics chosen were presented and the delegates were asked to propose additional members for the working groups during the session on the Wednesday. 8. How the local market works Japan Mr Kato gave a broad and interesting overview of the Japanese market and how it has developed since the deregulation in 1997 and also on the main companies writing engineering insurance. Brokers have been allowed in the Japanese market for ten years. Questions were raised regarding available earthquake capacity and up to which percentage it was possible to get EQ cover. Mr Kato informed that there is no Nat Cat pool in Japan but for private lines compensation can be given from the state for EQ losses Breakout sessions with follow up The topics for this years breakout sessions had been chosen by the EC from all the topics proposed and also brought forward from last years breakout sessions in Boston. 3(7)

4 The delegates actively discussed the topics of their group and results were briefly presented by each of the groups. The notes, once fully collected by the Secretariat will be distributed to all delegates. The topics this year were: 1. What is the future of software insurance within EEI? 2. Engineering covers affected by Material Change in risk: Scenarios & Insurers options 3. IMIA's activity in member and non-member countries: ways & options to expand IMIA's influence 4. Lessons learned from covering tunnelling risk. 5. Brokers role in today s insurance market environment. The delegates were requested to forward to the Secretariat such questions that had arisen but remained unanswered during the sessions and suitable for further discussions in next year s break-out sessions or even suggest as a Working Group topic. On the second day of the Conference the Chairman had the pleasure to welcome a number of guests from the local market and before opening the session he referred to the Anti Trust statement of IMIA. The guests were encouraged to participate in the discussions during the day. 11. Engineering Insurance Exposures related to Wet Risks IMIA-WGP 50 (07) The working group was chaired by Xavier Touzé, XL Re Europe, Le Mans and the paper presented by Hans Mahrla and Oscar Treceno, Swiss Re Zurich. The presentation is available under Members Area. After the presentation and discussion Detmar Heidenhain concluded that the Paper can be seen as an underwriting guideline. 12. Revamping and modernisation of machinery and equipment IMIA-WGP 51 (07) The working group was chaired by Jean Scheidecker, AGF, Paris who also presented the paper. The presentation is available under Members Area. The paper when ready and the presentation are free for publication on the IMIA web site. 13. Earthquake and its reduction technology in Japan Professor Midorikawa from the Centre for Urban Earthquake Engineering at the Tokyo Institute of Technology gave a very interesting and much appreciated presentation of the earthquake exposures in Japan and the technologies that are developed, based on lessons learnt from earlier earthquakes, in order to limit the impact from future earthquakes on buildings and other structures in Japan. The presentation is free for publication in the Members Area only. 14. Damage to Tunnel Boring Machine and to Contract Works by Tunnel Collapse 4(7)

5 David McGhie gave a very interesting presentation of a tunnel loss in Ecuador where a TBM had been trapped by a collapse of a tunnel. The presentation highlighted a number of questions of principle nature such as interpretation of the wordings and the impact of the local legislation to be considered during adjustment of the claim. The presentation is free for publication in the Members Area only. 15. Modelling study of the earth s environmental change and global warming phenomenon Professor Nakijama from the Centre for Climatic System Research at the University of Tokyo gave a very interesting and much appreciated presentation on how environmental changes and global warming phenomenons can be explained and the mechanisms that are driving these changes. The presentation is free for publication on the IMIA web site. 16. Water distribution systems in buildings under construction IMIA-WGP 54 (07) The working group was chaired by Anders Lindberg, If P&C Insurance, Stockholm who also presented the paper. 17. Emerging Technologies: Insuring what has never been before IMIA-WGP 52 (07) The working group was chaired by Clifton Lancaster, HSB, Hartford who also presented the paper. 18. IMIA Web Site News Louis Wassmer gave a presentation of the new IMIA web site now brought up to modern standard with respect to lay out and functionality. The new web site has been live on the Internet since spring this year and the statistics show a good and ever growing interest for the IMIA web site. The annual report on the IMIA web site is available under Members Area. The delegates were encouraged to look for interesting external papers that can be published on the IMIA web site. 19. Rehabilitation works and high coverage limits for existing property IMIA-WGP 53 (07) The working group was chaired by Chris Blückert, Zurich, Sweden who also presented the paper. 20: Decennial Insurance Loss Experience Herve Landrin gave a very interesting presentation of a number of large and complicated claims under Decennial Insurance covers with Terminal 2 at Charles de Gaulle Airport being 5(7)

6 one of them. The presentation really made clear the possible scale and complexity of decennial claims. As the claims shown are not finally settled the presentation is not free for publication. 21. Situation on interesting Claims Juha Ettala gave a presentation on the present situation regarding Interesting Claims published on the IMIA web site and the additional claims added since the last conference. As the web site statistics show a great interest for claims information the delegates were commissioned to provide at least two claims each every year. 22. Working Group Topics for the 2008 Conference Mike Petruzzello presented the working groups for the different papers. Detmar Heidenhain stressed that all members of the working groups must actively contribute to the paper and that the work must start early in order to have the papers ready within the given dead line and well before the conference. 23. Conference in 2008 Preliminary Programme Tim Cramphorn gave, with a DVD, a short but tempting introduction to Scotland and Gleneagles, the venue for next year s conference 13th-17th September. 24. Press Releases Louis Wassmer gave a presentation on the press releases, what has been done and with what success. Even if it has shown to be difficult to get papers and magazines to publish the IMIA press release new efforts have to be made in order to make IMIA and its activities more broadly known. To achieve this Detmar Heidenhain commissioned delegates of all countries to approach the press in their respective country in the best possible manner when the press release is made available after the conference. 25. Elections Hans Pöttker and Oscar Treceno were re-elected as s. Volkan Babür and Wilko Emmens were elected new members of the EC. 26. Chairman s Closing Speech In his closing speech Detmar Heidenhain summarised the conference and concluded that it has once again reflected the core values of IMIA but also stressed that to achieve and maintain these values there is the need for a continuous commitment and active contributions from its members and delegates. Finally Detmar Heidenhain expressed his and all the delegates very warm thanks to the Japanese hosts for an excellent conference with perfect arrangements and for the great and generous hospitality. 6(7)

7 List of Participants at the Tokyo conference 2007 Masami SUZUKI Detmar HEIDENHAIN Anders LINDBERG Hans PÖTTKER Michael PETRUZZELLO Louis WASSMER Oscar TRECENO Emanuel BALTIS Volkan BABÜR Wilko EMMENS Utz GROETSCHEL Allan OBANDO Steve BATES Norbert HRUSKA Brian STOREY Hans SCHOLS Bo BALSCHMIDT Niels KRAGELUND Thomas ÅSTROM Juha ETTALA Jean SCHEIDECKER Karl-Chr. HERTENBERGER Frank THYROLF Tim CRAMPHORN Neil CLUTTERBUCK Mike SPENCER Munenori TAKEMURA Kenje ITO Yutaka MATSUOKA Milan DINETS Franscios ENGELS Chris BLÜCKERT Mats GÅDIN Erdinc YURTSEVEN Clifton LANCASTER Cass KUHLKE Alessandro STOLFA Hans MAHRLA Hervé LANDRIN Jean-Paul PERRIN Oliver STEIN Juerg BUFF Joji KAWAMOTO Ugo PINO Darrell CORNER Richard RADEVSKY David McGHIE Robert GLYNN President Chairman Secretariat AUSTRALIA AUSTRALIA AUSTRIA CANADA CANADA DENMARK DENMARK FINLAND FINLAND FRANCE GERMANY GERMANY GREAT BRITAIN GREAT BRITAIN GREAT BRITAIN JAPAN JAPAN JAPAN RUSSIA SOUTH AFRICA SWEDEN SWEDEN TURKEY USA USA Generali Global Infrassure Munich Re Scor Gen Re Partner Re Gen Re (Japan) Engineering Insurance JLT Ltd., London CTC Services Ltd., London Advanta Global Services, Benfield Corporate Risk, 7(7)