5th. Educa+onal Conference Catastrophe Claims 6th. June 2014 Willis Building, London

Transcription

1 5th. Educa+onal Conference Catastrophe Claims 6th. June 2014 Willis Building, London Felipe Hoetz President - Chilean Associa7on of Independent Loss Adjusters (ALOSI)

2 Insured loss The 40 most costly insured loss events ( ) Victims Date (start) Source: Swiss Re, sigma No 1/2014 Event Hurricane Katrina; storm surge, levee failure, damage to oil rigs Earthquake (Mw 9.0) triggers tsunami; aftershocks Japan Hurricane Sandy; storm surge US et al Hurricane Andrew; floods US, Bahamas Terror attack on WTC, Pentagon and other buildings US Northridge earthquake (M* 6.6) US Country US, Gulf of Mexico, Bahamas, North Atlantic Hurricane Ike; floods, offshore damage US, Caribbean: Gulf of Mexico et Hurricane Ivan; damage to oil rigs al US, Caribbean; Barbados et al Floods caused by heavy monsoon rains Thailand Earthquake (Mw 6.3), aftershocks New Zealand Hurricane Wilma; floods US, Mexico, Jamaica, Haiti et al Hurricane Rita; floods, damage to oil rigs US, Gulf of Mexico, Cuba Drought in the Corn Belt US US Hurricane Charley; floods US, Cuba, Jamaica et al Typhoon Mireille/No 19 Japan Hurricane Hugo US, Puerto Rico et al Earthquake (Mw 8.8) triggers tsunami Chile

3 Number of Catastrophic Events, Based on sigma criteria, there were 308 catastrophic events in 2013, down from 318 in Of the total, 150 were natural catastrophes, down from 167, and 158 were man- made, up from Man- made disasters Natural catastrophes Source: Swiss Re, sigma No 1/2014

4 Insured Catastrophe Losses, In US$ bn, at 2013 prices Earthquake / tsunami Weather- related catastrophes Man- made disasters 10- year average total insured losses Source: Swiss Re, sigma No 1/2014

5 Insurers / Reinsurers interface with CAT Loss Adjusters Reports: Chain between Loss Adjuster and Reinsurers includes Insurers, Brokers and some+mes Lawyers. è Delays in reports reaching Reinsurers. è Reports some+mes reach reinsurers only when se`lement required. è No value added by some members in the chain i.e. clear issues may exist with report but these are not addressed. è Feedback to issues such as coverage does not come from the contractual par+es, e.g. broker or insurer, but sent back to loss adjuster for comment. Source: Munich Re, March 21, REINSURERS RELATIONSHIP WITH LOSS ADJUSTERS. A review in light of recent Natural Catastrophes.

6 Insurers / Reinsurers interface with CAT Loss Adjusters Coverage issues: è Different losses/jurisdic+ons lead to different outcomes on coverage. è Insurers/Reinsurers expect to be involved. è Repor+ng delays mean that coverage issues are decided before Insurers/Reinsurers have an opportunity to be involved. è Greater involvement of Reinsurers by some Insurers: - Promotes be`er cash flow. - Reduces poten+al issues. è Reinsurers should feedback to the market on coverage issues at an early opportunity so posi?on is made clear.

7 Seven Challenges of the Professional Catastrophe Adjuster 1. Managing Personal Life 2. Emo+onal Stress and Vola+lity 3. Emerging Legal Exposures 4. Time Management 5. Feast and Famine 6. Cost of Doing Business 7. Physical Safety Excerpts from online reader comments: I did want to be a CAT adjuster un?l I read this... thanks. Source: June 13, 2011.

8 What are trends for the future? è Op+mise the Claims process. è Service. è Skills. è Transparency. è Business Understanding. Source: Mar+n Schörkhuber, vrs- SSP.

9 ALOSI Chile Contribu7ons: è Experience: 27F 2010 Earthquake. è Lloyd s Chile Insurance Day, September 11, Memorandum of Understanding (MoU). è Chile Insurance Day, Miami, May 12, New regula+ons for the Loss Adjustment Procedure. New Insurance Contract Law. Seismic & Tsunami Risk Map. è Chile s Insurance School. Source: Mar+n Schörkhuber

10 Chile s 2010 Earthquake and Tsunami è 6th worst earthquake in recorded history: 8.8 degrees on the Richter scale. è Chilean popula7on affected: 75%. è Total area affected: 165,796 square kilometers. è Total claims received: 222,416. Source: Chile s Securi+es & Insurance Superintendence

11 October 25-28

12 The Insurance Associa7on of Chile, an ins7tu7on with over 114 years of history, will have the honor of hos7ng the XXXV Hemispheric Insurance Conference

13 COME TO LIVE THE EXPERIENCE REGISTERING NOW AT: