. French Reinsurance Terrorism Scheme GAREAT. Evolution and questions to address.
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1 . French Reinsurance Terrorism Scheme GAREAT. Evolution and questions to address. Christiane de Bondy Secretary - General of GAREAT International conference: State, Society and Business against Terrorism. November , Moscow, Russia 1
2 FACTS ABOUT FRANCE A EU MEMBER General: - Area 644,000 KM2; World rank 43rd - Population 65,3 million; World rank 21th Urban population 85% vs 15 % rural Paris 10,41 million - France GDP 2,5 trillion; World rank 10th Insurance sector: France n 2 in Europe - Paid out to policyholders 171,7 billion - Insurance revenues all lines of business 206,6 billion - Assets managed by insurance company 1.6 trillion - Insurance employees : International conference: State, Society and Business against Terrorism. November , Moscow, Russia 2
3 2011 TERRORISM SCHEMES IN THE WORLD USA Spain France Northern Ireland United Kingdom Belgium Netherlands Denmark Germany Switzerland Austria Russia Israel Barhain India Sri Lanka Indonesia Australia Namibia South Africa International conference: State, Society and Business against Terrorism. November , Moscow, Russia 3
4 FRANCE LAW EVOLUTION IRO TERRORISM RISKS - In France, the law of 9th September 1986 has prescribed: The principle of national solidarity so as to guarantee the rapid indemnification of victims. The creation of a specific Guarantee Fund which, following the law of 6th July 1990, was to become the «FGTI» (Fonds de Garantie des Victimes d actes de Terrorisme et d autres Infractions = Guarantee Fund for victims of Acts of Terrorism and other Offences). Insurance contracts could not legally exclude damage arising out of Acts of Terrorism or «Attacks» committed on French territory. The law of 23rd January 2006 modified Article L of the Insurance Code by laying down an obligatory extension of coverage to «Attacks» and Acts of Terrorism of any sort (incl. NBCR) when the insured was protected by a Property insurance covering the risk of Fire. International conference: State, Society and Business against Terrorism. November , Moscow, Russia 4
5 GAREAT IS ESTABLISHED IN The coverage of terrorism by insurance companies cannot be excluded from policies, mandatory by French law. - Each Insurance company charges the terrorism price it decides. - GAREAT set up in 2002 to find coverage for Property Damage (PD) and Consequential Loss arising out of act of Terrorism occurring on the French territory or in the French Overseas Departments, even when the cause originates outside France. - GAREAT as a market solution is a Partnership consisting of private-sector insurers (companies in the FFSA and the GEMA who are obliged to participate, foreign companies and insurance captives), of international reinsurers, and of public-sector reinsurers (unlimited coverage provided by Caisse Centrale de Réassurance). - In 2005, an optional «Small Risks» section was created by GAREAT, using the same model as that used for «Large Risks»: the purpose was to reinsure risks whose insured values were less than 6 million euros. International conference: State, Society and Business against Terrorism. November , Moscow, Russia 5
6 GAREAT MEMBERS - GAREAT s Members are French and Foreign insurance companies licensed to operate in France and in the French Overseas Departments members, including 11 direct membership Captives, 58 Lloyds Syndicates. - Groups in 15 countries: Belgium, France, Germany, Ireland, Italy, Netherlands, Portugal, Spain, Sweden, Switzerland, Great Britain, USA, Bermuda, Australia, Japan. - Members shares depend on the GAREAT premiums ceded to GAREAT International conference: State, Society and Business against Terrorism. November , Moscow, Russia 6
7 GAREAT RISK SPECTRUM Two Sections : - Large Risks section ( LR). Risks 20 million euros sum insured (no PML, MFL limits). - Mandatory. - No adverse selection principle - Small and Medium-sized Risks section (SMSR). Risks < 20 million euros sum insured. - Optional. - Once a company joins they must cede all their risks corresponding to the coverage scope of GAREAT. They cannot select particular risks. International conference: State, Society and Business against Terrorism. November , Moscow, Russia 7
8 GAREAT LARGE RISK SECTION. GAREAT PREMIUM RATES - Reinsurance rates apply to property premiums. - Rate vary according to bands of sum insured (except nuclear) - Average rate on sum insured is around 0.11 per mille - Potential 20% premium reduction maximum granted for all risks if scope of terror cover limited to 20% SI (not recommended for insured's). - Insurers participate in GAREAT s retention accordingly to their market share based on premium ceded Band of Sum Insured 20 M - < 50 M 50 M Nuclear risks Reinsurance captives. Terrorism SI 20% of total SI if possible. Rates Apply to property premium 12% 18% 24% Specific rates Average Rate 15% International conference: State, Society and Business against Terrorism. November , Moscow, Russia 8
9 GAREAT SMALL & MEDIUM - SIZED RISK SECTION. GAREAT PREMIUM RATES GAREAT S RATES APPLICABLE TO PROPERTY PREMIUM Insured Sums < 6 million euros 6 millions euros to < 20 millions euros Cat 23: Motor Damage (ex TPL) 0,10% 4,00% Cat 24: Homeowners 0,80% 4,00% Cat 25: Commercial & industrial risks 1,20% 4,00% Cat 262: Farm owners (ex Hail) 0,60% 4,00% Small aviation hull <1 million euros 2,50% Not applicable Small marine hull <1 million euros 1,25% Not applicable International conference: State, Society and Business against Terrorism. November , Moscow, Russia 9
10 GAREAT REINSURANCE STRUCTURE The structure is similar for both sections based on Annual Aggregate Excess of Loss (stop loss) concept: - A Co-reinsurance layer mutualised at first euro between all the Members of the same section. - On top several reinsurance layers placed with international reinsurers (including some GAREAT Members ). Renewed every year. - An unlimited layer: 100 % reinsured by Caisse Centrale de Réassurance (CCR), the State reinsurer. Conditions negotiated every year. International conference: State, Society and Business against Terrorism. November , Moscow, Russia 10
11 GAREAT FRENCH STATE UNLIMITED WARRANTY The Unlimited reinsurance layer is: - Guaranteed by the French State for 3 years. Next renewal January 1st Global for the LR section. Trigger 2 billion euros ie: about 0.1% of French GDP, 4% of the French Non Life total premium income, 13% of the French Property premium, - Specific by company for the SMSR section, individual threshold. International conference: State, Society and Business against Terrorism. November , Moscow, Russia 11
12 GAREAT LARGE RISK SECTION 2012 STRUCTURE Million euros 2,000 1,600 1, th layer 4th layer 3rd layer 2nd layer 1st layer Unlimited global CCR treaty/ French State warranty Reinsurers & Members Members retention Programme : annual aggregate excess of loss Duration: 12 month at January 1st, 2012 Basis: losses occurring between January 1st - December 31st, 2012 Members retention : Layer 400 million Original premium 100%: 1.22 billion (est.) International conference: State, Society and Business against Terrorism. November , Moscow, Russia 12
13 FRANCE. GAREAT LARGE RISK SECTION 2012 Layers (Mn euros) ROL % Reference Reinsurers L5 : 400 xs ,90 % HANNOVER RE (AA-), MUNICH RE (AA-), SWISS RE (AA-), ODYSSEY RE (A+), LANCASHIRE (A-) L4 : 400 xs ,30 % HANNOVER RE (AA-), MUNICH RE (AA-), SWISS RE (AA-), ODYSSEY RE (A+), LANCASHIRE (A-) L3 : 400 xs 800 4,10 % HANNOVER RE (AA-), MUNICH RE (AA-), SWISS RE (AA-), SCOR (A+), LANCASHIRE (A-) L 2 : 400 xs 400 5,25 % HANNOVER RE (AA-), SWISS RE (AA-), CATLIN (A+), SCOR (A+), SIRIUS (A-) Total :1 600 XS 400 3,89 % Technical Partners (tba) International conference: State, Society and Business against Terrorism. November , Moscow, Russia 13
14 GAREAT LARGE RISKS PREMIUM ,0 152,9 140,0 129,4 143,5 120,0 100,0 118,8 106,1 119,5 112,0 111,2 114,6 116,1 110,7 112,1 117,5 117,4 88,2 80,0 60,0 71,4 81,5 72,3 59,5 59,4 40,0 20,0 39,9 39,4 37,1 31,8 28,2 22,6 21,6 21,1 20,1 20,1 0, * 2003 * 2004 * 2005 * 2006 * 2007 * 2008 * Reinsurers CCR Members International conference: State, Society and Business against Terrorism. November , Moscow, Russia 14
15 GAREAT SMALL & MEDIUM SIZED RISK SECTION STRUCTURE Million th layer 40 M 4th layer 50 M 3rd layer 100 M 2nd layer 100 M 1st layer Unlimited CCR individual Stop Loss by company Members Reinsurance Reinsurance Reinsurers 250 M Members Retention 40 M Terrorism Capacity 100% (est) 3 000M xs 400M (e) 9,7% market share cap. (est) 290 Mn XS 40 Mn Terrorism Premium (est. at Gareat rates) EPI 100% : 169 million Gareat : 15 million Type of cover: Annual Aggregate XOL Basis: losses occurring during Period of cover: one year International conference: State, Society and Business against Terrorism. November , Moscow, Russia 15
16 GAREAT- PREMIUM SPLIT Amounts in euros GAREAT premium Reinsurers CCR / State Members LR Section * % 12,0% 50,0% SMR Section * % PREMIUM OF UNLIMITED COVERS IS CEDED BY EACH COMPANY TO CCR 28% * 2011 estimated. LR: Larges Risks ( 20 euros millions) SMR: Small and Medium Risks (< 20 euros millions) International conference: State, Society and Business against Terrorism. November , Moscow, Russia 16
17 GAREAT LOSS CRISIS PROCESS GAREAT has introduced a special process for handling major losses in order to: - Record, monitor and quantify losses in real time and per section. - Measure in real time the impact on the Members retention. - Trigger the Reinsurance protection. - Reimburse Members as soon as possible. In preparation for a major loss, GAREAT has arranged to: - Coordinate measures with the Members contacts. - Develop external communication with the parties concerned. - Implement a crisis test. International conference: State, Society and Business against Terrorism. November , Moscow, Russia 17
18 FRENCH NATIONAL SOLUTION SPECIFICS - Mutuality: full mutualisation of risks, losses are covered at the first euro. - Mandatory : avoids anti-selection - Simplicity: rates based on Property premium - Flexibility: premiums charged to the insured may be different from GAREAT rates - Non profit organization. - Not funded. - Profitability: all residual premium after losses goes back to members, potential reserves done by members - Visibility: 3 year unlimited warranty of the French State - Proactive governance International conference: State, Society and Business against Terrorism. November , Moscow, Russia 18
19 POTENTIAL FOR DEVASTATING NUCLEAR TERRORISM LOSS The Nuclear terrorism loss examples evaluate potential events 5 to 20 times superior to the damages caused to the world Trade Center: - An attack on a nuclear plant: Conventional attack: 200 billion US dollars (GAO, USA) - Dirty Bomb: 5kg TNT and 1.85 PBQ (cesium 137) on Paris: 100 to 300 billion euros (Laboratoire Spiez, Switzerland) - Nuclear bomb made : - Bomb on New York : 800 billion US dollars (American Academy of Actuaries,USA) - Bomb 10kt on a harbour in California: billion US dollars (Rand USA) International conference: State, Society and Business against Terrorism. November , Moscow, Russia 19
20 GAREAT S QUESTIONS In the complex context of Terrorism, the following questions arise: - How can we better gauge the domino effects of an act of hyperterrorism, with its inevitable consequences for the economy and for the general public? - How can the «chain of risks» be managed in such a way that the risks are better defined in spite of this degree of uncertainty? - How can inadequacies of coverage be avoided? - How can prevention be improved with the help of the Public Authorities? - How can we ensure that the Crisis Committees of the different bodies concerned operate in a coordinated way? International conference: State, Society and Business against Terrorism. November , Moscow, Russia 20
21 GLOBAL UNIVERSE. STATES. COOPERATION - Hyper-terrorism corresponds to a «global» universe in which information, technologies and non-conventional weapons are available for use by new organizations operating across borders. - There is a limit to which the risk can be insured by the market alone, and the State must play a part. - Close cooperation between insurers, reinsurers and States is essential, and this must allow the implementation of viable reinsurance schemes which are consistent with existing legislative systems. International conference: State, Society and Business against Terrorism. November , Moscow, Russia 21
22 OECD TERRORISM PLATFORM A Terrorism Platform has been initiated in June 2010 by OECD. - The platform attempts to gather the heads of the existing Terrorism national schemes of the world including also those of countries which are not members of the OECD. - The main objective of the steering Committee being to share regulatory and market information on a comparable basis, monitor the evolution of national terrorism insurance programs, assess market trends, and identify and share best practices in order to continuously improve risk financing and (re)insurance solutions in response to the global terrorism threat. International conference: State, Society and Business against Terrorism. November , Moscow, Russia 22
23 CONCLUSION: IS THERE AN IDEAL TERRORISM COVER? NOT YET, BUT ALL COUNTRIES SHOULD COOPERATE FOR THE LARGEST COVER (LOCAL/REGIONAL/GLOBAL) International conference: State, Society and Business against Terrorism. November , Moscow, Russia 23
24 THANK YOU GAREAT, 1 rue Jules Lefebvre, Paris, France Tel: + 33 (0) International conference: State, Society and Business against Terrorism. November , Moscow, Russia 24
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Asset Class Leadership Periodic Table Worst Best 5.24-26.16-28.92-36.85-37.00-37.34-38.44-38.54-45.53 78.51 58.21 41.45 37.21 34.47 27.45 26.46 20.58 19.69 29.09 27.58 24.50 18.88 16.71 15.51 15.12 15.06
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Market Overview As of 10/31/2017
Asset Class Leadership Periodic Table Worst Best 39.42 16.65 11.81 7.05 6.97 5.49 1.87-0.17-9.78 5.24-26.16-28.92-36.85-37.00-37.34-38.44-38.54-45.53 78.51 58.21 41.45 37.21 34.47 27.45 26.46 20.58 19.69
Market Overview As of 8/31/2017
Asset Class Leadership Periodic Table Worst Best 39.42 16.65 11.81 7.05 6.97 5.49 1.87-0.17-9.78 5.24-26.16-28.92-36.85-37.00-37.34-38.44-38.54-45.53 78.51 58.21 41.45 37.21 34.47 27.45 26.46 20.58 19.69
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