NHO Sundwall - presentation Natural Catastrophes. Dorte Birkebæk, Swiss Re Corporate Solutions, Country Manager Nordics, 11 and 12 of November 2014
|
|
- Kelley Barber
- 6 years ago
- Views:
Transcription
1 NHO Sundwall - presentation Natural Catastrophes Dorte Birkebæk, Swiss Re Corporate Solutions, Country Manager Nordics, 11 and 12 of November 2014
2 Table of Contents / Agenda 40 Years of Loss History Various other NatCat events Why do we need Nat Cat Models? Future Considerations in NatCat modeling Relevance for Nordics Trends CatNet Sigma explorer 2
3 40 Years of Loss History 3
4 Cat related losses 2013 and before
5 Number of events Man-made disasters Natural catastrophes Source: Swiss Re, sigma No 2/2013, Figure 1 5
6 2004: Indian Ocean earthquake and tsunami 1991: Cyclone Gorky, Bangladesh 1976: Tangshan earthquake, China : Bangladesh : Cyclone Nargis, Myanmar 2010: Haiti earthquake Number of victims Man-made disasters Natural catastrophes Source: Swiss Re, Sigma 6
7 USD bn Insured catastrophe losses, Man-made disasters w/o terror Nat Cat 10 per. Mov. Avg. (Man-made disasters w/o terror) 10 per. Mov. Avg. (Nat Cat) Source: Swiss Re, Sigma 7
8 Various other NatCat events 8
9 Recent Nat Cat Events Heavy rainfall caused by clashing cold air with warm and humid air from the south triggered severe flooding in northern Colorado. Roads, bridges, local oil and gas industries as well as thousands of homes. Colorado Floods Warm and wet air from the Gulf was clashing with cold air from a jet stream dip. In Moore (Oklahoma), a tornado outbreak of the highest category caused the loss of 28 lives and insured claims of USD 1.8 billion Moore Tornado 2013
10 Recent Nat Cat Events USD 7 bn. EF -5 mile wide tornado was on the ground for 22 miles. Total tornado events, including Joplin, between April and May 2011 were approximately USD 14bn. Joplin Tornado USD 8 bn. 8.8 magnitude EQ triggers Tsunami and over 200 aftershocks. Strict building codes saved lives but secondary loss agents - > Tsunami and BI for certain industries triggered high property losses. Chile Earthquake 2010
11 Recent Nat Cat Events Up to USD 1bn flood caused by heavy rain. Country music Hall of Fame Grand Ole Opry House flooded. Nashville Floods 2010 USD $21bn, US, Caribbean, Gulf of Mexico, including offshore damages. Ike was a strong Cat 2 storm when it made landfall near Galveston, Texas. Hurricane Ike
12 Copenhagen cloudburst 2 July 2011 Train station platform Number of claims > 85'000 Insured loss ~DKK 6,2bn Average loss ~ DKK 72'900
13 Nat Cat losses on the rise and: Massive gap between economic & insured losses 2005: Katrina, Rita, Wilma Natural catastrophe losses *, in USD billion 2005: Ivan, Frances, Charley 1992: Andrew Note: Loss amounts indexed to Chile, New Zealand, Japan 2008: Ike, Gustav 1999: Lothar Source: Swiss Re sigma catastrophe database 13
14 World Wide Five Largest Natural Catastrophes in 2011
15 Unprecedentedly high flood losses in 2011
16 Learning from past floods Mostly Residential risks affected Public sector also with considerable losses Flooding is a significant contributor to the overall loss burden and can occur basically everywhere not just next to a major river or coast Most (re-) insurers do not have access to appropriate risk management tools Simple local flood defenses / protection measures are highly effective
17 Why do we need Nat Cat Models? 17
18 Impact of the different perils Insured Loss 6% 11% Economic Loss 13% 8% 35% 31% 70% 26% Storms Number of Catastrophes 20% Flood 35% 20% Number of Fatalities Earthquake Others 10% 35% 50% 25% 5% 18
19 Preliminary Estimates for H Date Country Insured Loss, billion USD, at 2013 prices Jul Nov 2011 Thailand Jun 2013 Germany, Czech Repubic et al Aug 2002 Germany, Czech Repubic et al Jun 2007 United Kingdom 2.75 Aug 2005 Switzerland 2.50 Jan 2011 Australia 2.30 Jul Aug 1997 Poland & Czech Republic 2.29 Jul 2007 United Kingdom 2.20 Dec 2010 Australia 2.16 Jun 2013 Canada 2.00
20 Nat Cat Models 20
21 Basic Concept of NatCat Modelling Also considering asset dependency spatial and temporal correlation Deductibles Covers Shares.
22 Tsunami the largely unmodeled peril Significant damage to infrastructure, railroads and utilities The effects of the Tohoku Tsunami (in places over 37m) and resulting damage are far worse than those due to ground shaking in coastal zones. Far reaching effects of Tohoku Tsunami, e.g. damage/loss in California Each of the five M 9.0 events since 1900 also created a damaging Tsunami (plus the M Chile EQ) => Tsunami is a key loss driver in areas such as Japan, Chile, Peru, Pacific Northwest.
23 Relevance for Nordics 23
24 2011 Nat Cat insured losses in the Nordics Cloudburst Copenhagen ( ) DKK 6.2bn Winter storm Yoda/Berit ( ) NOR (NOK275m), SWE (SEK500m) Winter storm Friedhelm ( ) US$420m (UK loss) Winter storm Dagmar / Tapani ( ) US$ 370m Norway (NOK 1.2bn) Sweden (SEK 350m) Finland ( 96m) Estonia (SEK 6.4m) Source: Insurance Industry reported losses, Press reports, SR estimates.
25 The effects of climate change: Storm damage in Europe on the rise Expected increase in annual loss Source: Swiss Re,
26 The effects of climate change: Increase in coastal flood damage in Northern Europe Expected increase in annual loss Source: Swiss Re,
27 The effects of climate change: Increase in coastal flood damage in Northern Europe Increase in annual expected loss Source: Swiss Re,
28 Case study: Copenhagen Cloudburst, July 2011 Istedgade, Copenhagen
29 Copenhagen cloudburst Status for the 2 July 2011 cloudburst is a DKK 6,2bn in market loss and 85,000 individual claims The most expensive Nat Cat in Europe in 2011 Most expensive disaster in Denmark since winter storm Anatol 3 Dec 1999 The market estimate for the 14 Aug 2010 cloudburst is DKK 1,3bn
30 Trends 30
31 Insurance is key to reducing the risk and uncertainties of climate change Raising awareness and promoting risk management Protecting economies against the financial cost of climate related disasters Delivering new innovative products and solutions Unlocking investments in renewable energy and low carbon economy
32 Challenges for Insurers/Clients Policy Conditions Product costing Operational... Emergency management Fast response... reduced recovery period and therefore claims cost Well developed and tested response plans Supplier relationships well established with expert firms, e.g. loss adjusters Suppliers ability to support how are suppliers protection? Cross training of claims staff to increase capacity R&D
33 R&D in practice: Understanding flood hot spots globally Insured loss from 2011 Thailand floods was higher than expected. To minimise future flood surprises, we identified countries with similar economic characteristics to Thailand high exposure accumulations significant exposure to industries heavily embedded in the international supply chain Top flood hot spots are in High Growth Markets with China as number 1
34 Future Considerations Be aware about potential surface flood risk EVERYWHERE: Work out emergency plans to mitigate live toll and losses Investigate options for protection measures Global events can cause severe supply chain issues Thailand Flood came as a huge surprise Think about additional hotspots and "bottlenecks" Sea level rise and its impact on: Raising investment for protection measures Higher loss potentials especially for Storm Surge exposed cities / risk Global warming and its effects on: Wind intensity and frequency Precipitation patterns and cloud burst scenarios
35 What To Do About Business Interruption Going Forward? Awareness and proper allocation of BI sums insured Carefully consider bottlenecks Differentiate BI-sensitive industry segments: Just-in-time production (no storage) Difficult to replace equipment Dependence on off-site utility Parallel- or Serial Production? Potential for prolonged downtime etc. Examples of high BI-sensitive industries: Semiconductor, Car, Pulp and Paper
36 Corporate Solutions CatNet 36
37 What is CatNet? Swiss Re's online natural hazard information and mapping system Professional overview and assessment of natural hazard exposure worldwide Preparation of local, regional and cross-regional risk profiles
38 Corporate Solutions Sigma explorer
39 Corporate Solutions Thank you
40 40
41 Legal notice 2014 Swiss Re. All rights reserved. You are not permitted to create any modifications or derivative works of this presentation or to use it for commercial or other public purposes without the prior written permission of Swiss Re. The information and opinions contained in the presentation are provided as at the date of the presentation and are subject to change without notice. Although the information used was taken from reliable sources, Swiss Re does not accept any responsibility for the accuracy or comprehensiveness of the details given. All liability for the accuracy and completeness thereof or for any damage or loss resulting from the use of the information contained in this presentation is expressly excluded. Under no circumstances shall Swiss Re or its Group companies be liable for any financial or consequential loss relating to this presentation. 41
Meeting the Challenges of Change
Natural Catastrophes - Lessons for the Indian Market from 2011 Global Experience Jyoti Majumdar Vice President, Head Cat Perils Asia Hub Swiss Reinsurance Company, Bangalore Meeting the Challenges of Change
More informationThe financial implications of climate change: the North East and beyond. Focus on Climate Change, Pace Energy and Climate Center, June 27, 2012
The financial implications of climate change: the North East and beyond Focus on Climate Change, Pace Energy and Climate Center, June 27, 2012 Agenda Introduction Financial impacts of weather extremes
More informationICRM Seminar 2014General
Closing the Nat Cat protection gap: Jakarta General Agenda What is Nat Cat protection gap? Nat Cat risk to Jakarta Estimation of insured and insurable portfolio Assumptions for Nat Cat modeling Nat Cat
More informationFinancial Solutions for Risk Management. Sovereign Debt Management Forum Washington DC October 20, 2016
Financial Solutions for Risk Management Sovereign Debt Management Forum Washington DC October 20, 2016 Uninsured losses from natural catastrophes are a growing burden for governments Natural catastrophe
More informationGlobal reinsurance: current challenges and outlook
Global reinsurance: current challenges and outlook Nikolaj Beck Head Specialties Swiss Re Corporate Solutions Swiss Re Holding Reinsurance Corporate Solutions Admin Re Mission To be the world's leading
More informationPricing Climate Risk: An Insurance Perspective
Pricing Climate Risk: An Insurance Perspective Howard Kunreuther kunreuther@wharton.upenn.edu Wharton School University of Pennsylvania Pricing Climate Risk: Refocusing the Climate Policy Debate Tempe,
More informationInsurance: Limiting the Impact of Natural Catastrophes on the Balance Sheet. Dr. Oliver Kübler Dr. Matthias Schaub
Insurance: Limiting the Impact of Natural Catastrophes on the Balance Sheet Dr. Oliver Kübler Dr. Matthias Schaub This has only been possible by insurers. They are the ones who really built this city.
More information5th. Educa+onal Conference Catastrophe Claims 6th. June 2014 Willis Building, London
5th. Educa+onal Conference Catastrophe Claims 6th. June 2014 Willis Building, London Felipe Hoetz President - Chilean Associa7on of Independent Loss Adjusters (ALOSI) Insured loss The 40 most costly insured
More informationFlood Risk Assessment Insuring An Emerging CAT
Flood Risk Assessment Insuring An Emerging CAT Vijay Manghnani Analytics and Exposure Officer Chartis Insurance Antitrust Notice The Casualty Actuarial Society is committed to adhering strictly to the
More informationCATASTROPHIC RISK AND INSURANCE Hurricane and Hydro meteorological Risks
CATASTROPHIC RISK AND INSURANCE Hurricane and Hydro meteorological Risks INTRODUCTORY REMARKS OECD IAIS ASSAL VII Conference on Insurance Regulation and Supervision in Latin America Lisboa, 24-28 April
More informationAn Introduction to Natural Catastrophe Modelling at Twelve Capital. Dr. Jan Kleinn Head of ILS Analytics
An Introduction to Natural Catastrophe Modelling at Twelve Capital Dr. Jan Kleinn Head of ILS Analytics For professional/qualified investors use only, Q2 2015 Basic Concept Hazard Stochastic modelling
More informationThe future of Nat Cat on twitter
The future of Nat Cat insurance @ReinsurerHuerta on twitter What is the nat cat protection gap? Pavel Huerta 8th Hydra meeting September 206 The difference between economic and insured losses. Pavel Huerta
More informationAIR s 2013 Global Exceedance Probability Curve. November 2013
AIR s 2013 Global Exceedance Probability Curve November 2013 Copyright 2013 AIR Worldwide. All rights reserved. Information in this document is subject to change without notice. No part of this document
More informationSource: NOAA 2011 NATURAL CATASTROPHE YEAR IN REVIEW
Source: NOAA 2011 NATURAL CATASTROPHE YEAR IN REVIEW January 4, 4 2012 U.S. NATURAL CATASTROPHE UPDATE Carl Hedde, SVP, Head of Risk Accumulation Munich Reinsurance America, Inc. MR NatCatSERVICE One of
More informationAIRCURRENTS: NEW TOOLS TO ACCOUNT FOR NON-MODELED SOURCES OF LOSS
JANUARY 2013 AIRCURRENTS: NEW TOOLS TO ACCOUNT FOR NON-MODELED SOURCES OF LOSS EDITOR S NOTE: In light of recent catastrophes, companies are re-examining their portfolios with an increased focus on the
More informationNatural Perils and Insurance
Natural Perils and Insurance Quiz Question #1 Which floor in a high rise building should be avoided in an earthquake prone area? 1) First Floor 2) Third Floor 3) Top Floor 4) High rise buildings should
More information(initial Range est.)
On the up 2011 activity will drive 25% growth in ILW volume for 2012 In 2012, the industry loss warranty (ILW) market is expected to be back at peaks in trading volume and pricing last seen in the hard
More informationAon Benfield Impact Forecasting. Impact Forecasting. Transparent and customisable catastrophe models and platform
Aon Benfield Impact Forecasting Impact Forecasting Transparent and customisable catastrophe models and platform ELEMENTS 11 Summer 2017 Contents About Impact Forecasting 3 Model Coverage Map 4-5 Model
More informationInsurance that pays out without proof of loss? Dr. Alexander Pui Nat Cat Manager (APAC) Swiss Re Corporate Solutions
Insurance that pays out without proof of loss? Dr. Alexander Pui Nat Cat Manager (APAC) Swiss Re Corporate Solutions Natural Catastrophe Losses in Asia (1970 present) 2011:Thai Floods, Tohoku EQ, Christchurch
More informationNews release. Page 1/5. Contact: Media Relations, Zurich Telephone Lucia Bevere, Zurich Telephone
News release a Swiss Re s sigma on natural catastrophes and man-made disasters in 2011unveils USD 116 billion in insured losses and record economic losses of USD 370 billion Contact: Media Relations, Zurich
More informationPioneer ILS Interval Fund
Pioneer ILS Interval Fund COMMENTARY Performance Analysis & Commentary March 2016 Fund Ticker Symbol: XILSX us.pioneerinvestments.com First Quarter Review The Fund returned 1.35%, net of fees, in the first
More informationAdvances in Catastrophe Modeling Primary Insurance Perspective
Advances in Catastrophe Modeling Primary Insurance Perspective Jon Ward May 2015 The Underwriter must be Empowered The foundational element of our industry is underwriting A model will never replace the
More informationEconomic Risk and Potential of Climate Change
Economic Risk and Potential of Climate Change Prof. Dr. Peter Hoeppe; Dr. Ernst Rauch This document appeared in Detlef Stolten, Bernd Emonts (Eds.): 18th World Hydrogen Energy Conference 2010 - WHEC 2010
More informationBasic principles of Nat Cat Insurance in the EU Dr. Thomas Hlatky Chairman of the NatCat WG / Austrian Insurance Association (VVO)
Basic principles of Nat Cat Insurance in the EU Dr. Thomas Hlatky Chairman of the NatCat WG / Austrian Insurance Association (VVO) 1 Agenda 1. NatCat market basics 2. NatCat Perils 3. NatCat Risks insured
More informationEconomics of Climate Adaptation
Shaping Climate-resilient Development Economics of Climate Adaptation A Framework for Decision-makers Dr. David N. Bresch, Head Sustainability & Political Risk Management, Swiss Re david_bresch@swissre.com
More informationBADEN-BADEN 2011 IS THE MARKET READY TO CHANGE?
BADEN-BADEN 2011 IS THE MARKET READY TO CHANGE? 24 October 2011 Ludger Arnoldussen Key topics and challenging issues for the insurance business Low-interest-rate environment High natural catastrophe losses
More informationModeling Extreme Event Risk
Modeling Extreme Event Risk Both natural catastrophes earthquakes, hurricanes, tornadoes, and floods and man-made disasters, including terrorism and extreme casualty events, can jeopardize the financial
More informationAt USD 144 billion, global insured losses from disaster events in 2017 were the highest ever, sigma study says
c*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*- At USD 144 billion, global insured losses from disaster events in 2017 were the highest ever, sigma study says Total global economic losses from natural disasters
More informationCatastrophe Reserving Challenges
Catastrophe Reserving Challenges Casualty Loss Reserve Seminar Denver, Colorado September 2012 Chandrakant C. Patel, FCAS, MAAA Chief Reserving Actuary, Endurance Services Limited Antitrust Notice The
More informationNATURAL PERILS - PREPARATION OR RECOVERY WHICH IS HARDER?
NATURAL PERILS - PREPARATION OR RECOVERY WHICH IS HARDER? Northern Territory Insurance Conference Jim Filer Senior Risk Engineer Date : 28 October 2016 Version No. 1.0 Contents Introduction Natural Perils
More informationImpact Forecasting. Transparent and customisable catastrophe models and platform ELEMENTS
Impact Forecasting Transparent and customisable catastrophe models and platform ELEMENTS 13 2019 Contents About Impact Forecasting 3 Model Coverage Map 4-5 Model Coverage Index 6-7 About Impact Forecasting
More informationRisk and Regulation for Extreme Events
Risk and Regulation for Extreme Events Howard Kunreuther kunreuther@wharton.upenn.edu Wharton School University of Pennsylvania Workshop on Verification, Validation, and Uncertainty Quantification in Regulation
More informationGreen Climate Fund Trust Fund Financial Report Status as at 31 March
Green Climate Fund Trust Fund Financial Report Status as at 31 March 2014 1 GCF/B.07/Inf.04 01 May 2014 Meeting of the Board 18-21 May 2014 Songdo, Republic of Korea Agenda item 13 1 Reproduced as received
More informationINDEX BASED RISK TRANSFER AND INSURANCE MECHANISMS FOR ADAPTATION. Abedalrazq Khalil, PhD Water Resources Specialist, World Bank
INDEX BASED RISK TRANSFER AND INSURANCE MECHANISMS FOR ADAPTATION Abedalrazq Khalil, PhD Water Resources Specialist, World Bank Outline Introduction: Climate Change and Extremes Index Based Risk Transfer:
More informationRecent weather disasters Statistics of natural catastrophes Reasons for increasing losses Risk reduction strategies Conclusions
Geo Risks Research Munich Reinsurance Company Topics Recent weather disasters Statistics of natural catastrophes Reasons for increasing losses Risk reduction strategies Conclusions Weather records and
More informationA Firm Foundation The Insurance Industry & Its Contributions to Society
A Firm Foundation The Insurance Industry & Its Contributions to Society St. John s University School of Risk Management, Insurance & Actuarial Science New York, NY April 10, 2008 Robert P. Hartwig, Ph.D.,
More informationRevive, Rebuild, Recover: Creating a Sustainable NJ Coastline. Megan Linkin, Ph.D. Natural Hazards Expert, Swiss Re
Revive, Rebuild, Recover: Creating a Sustainable NJ Coastline Megan Linkin, Ph.D. Natural Hazards Expert, Swiss Re Table of Contents / Agenda New J ersey by the Numbers Coastal Hazards Facing New Jersey
More informationCatastrophes 69 Years and Counting
Catastrophes 69 Years and Counting CIPR Spring Event March 26, 2018 2018 Insurance Services Office, Inc. All rights reserved. 1 In the beginning.. 2018 Insurance Services Office, Inc. All rights reserved.
More informationGreen Climate Fund Trust Fund Financial Report as of 31 December 2015
Meeting of the Board 8 10 March 2016 Songdo, Incheon, Republic of Korea Provisional agenda item 25 GCF/B.12/Inf.09 4 March 2016 Green Climate Fund Financial Report as of 31 December 2015 Summary The financial
More informationGlobal insured losses from disaster events were USD 54 billion in 2016, up 43% from 2015, latest Swiss Re Institute sigma says
News release Global insured losses from disaster events were USD 54 billion in 2016, up 43% from 2015, latest Swiss Re Institute sigma says Global total economic losses from disaster events were USD 175
More informationHARRIS & DIXON INSURANCE BROKERS LIMITED REINSURANCE
HARRIS & DIXON INSURANCE BROKERS REINSURANCE HARRIS & DIXON INSURANCE BROKERS Established 1797, oldest Lloyd s broker 100% owned by BMS - August 1997 BMS - Independent Broking group income 25M H&D Income
More informationGlobal Resilience Risk
Global Resilience Risk An Insurers Perspective WEC Energy Summit 16 March 2016 Jamie Summons, Head of Weather Solutions, Asia Pacific Swiss Re Weather Market Capability Global presence, market leadership
More informationInto the eye of the future. Investors and Media meeting Monte Carlo, 10 September 2012
Into the eye of the future Investors and Media meeting Monte Carlo, 10 September 2012 Today's agenda Introduction Driving market forces a three year view Swiss Re's underwriting and P&C reinsurance market
More informationInsured losses from disasters below average in 2014 despite record number of natural catastrophe events, says Swiss Re sigma study
News release Insured losses from disasters below average in 2014 despite record number of natural catastrophe events, says Swiss Re sigma study Total global economic losses from natural catastrophes and
More informationThe challeges of catastrophe loss management post-katrina. Climate change and extreme weather. Catastrophe and disaster modeling post-katrina
Concluding remarks Catastrophe Loss Management in an Era of Climate Change An Insurance Industry Perspective Urban Leaders Initiative, Center for Clean Air Policy Dr L James Valverde, Jr Vice President,
More informationRole of Disaster Insurance in Improving Resilience: An Expert Meeting The Resilient America Roundtable. Introduction to the Workshop
Role of Disaster Insurance in Improving Resilience: An Expert Meeting The Resilient America Roundtable Introduction to the Workshop Howard Kunreuther kunreuth@wharton.upenn.edu National Academy of Sciences
More informationCat Modelling Real World vs. Model World
Cat Modelling Real World vs. Model World Prepared for Prepared by Club APREF, Paris Luzi Hitz, 11 Agenda 1. Background of PERILS 2. PERILS Data and their Application 3. Industry-Loss-Based Risk Transfer
More informationUnderstanding CCRIF s Hurricane, Earthquake and Excess Rainfall Policies
Understanding CCRIF s Hurricane, Earthquake and Excess Rainfall Policies Technical Paper Series # 1 Revised March 2015 Background and Introduction G overnments are often challenged with the significant
More informationHistory of ILS that have incurred some natural catastrophe caused loss of principal (Listed in loss Event Sequence) Date of Event (Approx)
TRADE NOTES Email: mlane@lanefinancialllc.com Website: lanefinancialllc.com 2016-17 Lane Financial, L.L.C. December 31, 2017 Losses Recalibrated (i.e., Mr. Market Take 2) HIM Again Quarterly Market Performance
More informationQuantifying Disaster Risk: measuring progress in the path towards resilience
Quantifying Disaster Risk: measuring progress in the path towards resilience Sujit Mohanty UNISDR -ROAP Expert Group Meeting (EGM) on Improving Disaster Data to Build Resilience in Asia and the Pacific,
More information2011 HALF-YEAR NATURAL CATASTROPHE REVIEW
2011 HALF-YEAR NATURAL CATASTROPHE REVIEW July 12, 2011 Agenda Welcome/Introduction Terese Rosenthal U.S. Natural Catastrophe Update Carl Hedde Global Natural Catastrophe Update Peter Höppe Economic Implications
More informationResilience and the Economics of Risk. NACo s Resilient Counties Advisory Board February 2016
Resilience and the Economics of Risk NACo s Resilient Counties Advisory Board February 2016 The growing burden of uninsured losses Natural catastrophe losses 1970 2014 (in 2014 USD) 450 400 350 300 Uninsured
More informationFinancial Report Prepared by the Interim Trustee (The World Bank)
Green Climate Fund Financial Report Prepared by the Interim Trustee (The World Bank) As of December 31, 2013 Green Climate Fund Summary as of December 31, 2013 This report covers the financial status of
More informationSri Lanka s National Natural Disaster Insurance Scheme. Sanath C. de Silva CEO - NITF
Sri Lanka s National Natural Disaster Insurance Scheme Sanath C. de Silva CEO - NITF Act No 28 of 2006 1. This Act may be cited as the Act, No. 28 of 2006. 2. The provisions of this Act shall apply in
More informationUnderwriting comes first. Effectively balance risk and return. Operate nimbly through the cycle. Analyst Presentation Q3 2017
Underwriting comes first Effectively balance risk and return Operate nimbly through the cycle Analyst Presentation Q3 2017 November 2017 www.lancashiregroup.com Safe harbour statements NOTE REGARDING FORWARD-LOOKING
More informationTalk Components. Wharton Risk Center & Research Context TC Flood Research Approach Freshwater Flood Main Results
Dr. Jeffrey Czajkowski (jczaj@wharton.upenn.edu) Willis Research Network Autumn Seminar November 1, 2017 Talk Components Wharton Risk Center & Research Context TC Flood Research Approach Freshwater Flood
More informationRisks & opportunities of climate change for the insurance sector
Risks & opportunities of climate change for the insurance sector Mark Way Head Sustainability Issue Management & Reporting Sustainability & Emerging Risk Management Agenda Science update Impact on insurance
More informationNon-physical BI a new business opportunity???
Non-physical BI a new business opportunity??? Tourism Industry in Croatia A fast growing factor 20.000.000 Total tourist arrivals 15.000.000 10.000.000 5.000.000 0 2013 2014 2015 2016 2017 2.500.000 2.000.000
More informationInsurance Industry solutions for disaster risk financing. 22 th October 2013 Michael Spranger
Insurance Industry solutions for disaster risk financing 22 th October 2013 Michael Spranger A reminder - Asian EQ hazard Aon Benfield APAC Proprietary & Confidential 1 Seismicity and EQ hazard map Philippines
More informationThe Year of the CATs
PCI THOUGHT LEADERSHIP SERIES Plan. Prepare. Protect. The Year of the CATs #HaveAPlan Follow us on Twitter Like us on Facebook Visit us at pciaa.net Copyright 2018 by the Property Casualty Insurers Association
More informationMr. Tobias Meier Senior Client Manager, Global Partnerships Swiss Reinsurance Company
Geneva, 23 th 25 th November 2015 Ensuring Sustainability in the Face of Climate Change by Mr. Tobias Meier Senior Client Manager, Global Partnerships Swiss Reinsurance Company The views expressed are
More informationThe AIR Typhoon Model for South Korea
The AIR Typhoon Model for South Korea Every year about 30 tropical cyclones develop in the Northwest Pacific Basin. On average, at least one makes landfall in South Korea. Others pass close enough offshore
More informationMike Waters VP Risk Decision Services Bob Shoemaker Sr. Technical Coordinator. Insurance Services Office, Inc
Mike Waters VP Risk Decision Services Bob Shoemaker Sr. Technical Coordinator Insurance Services Office, Inc Disasters Large and Small A Convergence of Interests Public and Private ESRI Homeland Security
More informationClimate Change and The Built Environment
Climate Change and The Built Environment Committee on the Effect of Climate Change on Indoor Air Quality and Public Health June 7, 2010 Frank Nutter, President Reinsurance Association of America Flooding
More informationSouth Carolina Property Insurance Markets
South Carolina Property Insurance Markets Issues, Concerns, Solutions Insurance Information Institute South Carolina Media & Legislative Briefing April 2, 2007 DOWNLOAD AT http://www.iii.org/media/met/scbriefing/
More informationFLORIDA PROPERTY INSURANCE FACTS JANUARY 2008
Dr. Robert P. Hartwig, CPCU President (212) 346-5520 bobh@iii.org FLORIDA PROPERTY INSURANCE FACTS JANUARY 2008 Hurricanes are More Likely to Hit Florida than any Other U.S. State 8 of the 10 most expensive
More informationCalculating capital under QIS5
Calculating capital under QIS5 Dr. Eduard Held Head of Sales and Products at Zürich - Switzerland 16 / 60 / 2012 In an effort to contribute to a greater understanding of the capital requirements for natural
More informationSuperstorm Sandy: Lessons Learned and the Changing Landscape of the Homeowners and Commercial Insurance Markets
Superstorm Sandy: Lessons Learned and the Changing Landscape of the Homeowners and Commercial Insurance Markets The Insurance Council of New Jersey (ICNJ) 36 th Annual Meeting & Conference The Hamilton
More informationRisk Mitigation and the role of (re)insurance
Risk Mitigation and the role of (re)insurance Michael Eberhardt, CFA < copyright name, company or Institute> This presentation has been prepared for the Actuaries Institute 2016 Managing Extreme Events
More informationFlood Risk Valuation Flood Model Evaluation and Risk Pricing Evaluation
Flood Risk Valuation Flood Model Evaluation and Risk Pricing Evaluation February 26, 2019 Joseph Becker Natural Hazards/Geosciences Group 203.229.8832 joseph.f.becker@guycarp.com GUY CARPENTER Macro forces
More informationContents. Introduction to Catastrophe Models and Working with their Output. Natural Hazard Risk and Cat Models Applications Practical Issues
Introduction to Catastrophe Models and Working with their Output Richard Evans Andrew Ford Paul Kaye 1 Contents Natural Hazard Risk and Cat Models Applications Practical Issues 1 Natural Hazard Risk and
More informationEconomic impact of Hurricane Harvey
Economic impact of Hurricane Harvey Nathaniel Karp, Marcial Nava, Boyd Nash-Stacey, Filip Blazheski 30 August 2017 Harvey will be remembered as one of the most destructive storms in U.S. history Gross
More informationFlood, Insurance, and Inland Marine. Andrew Castaldi Swiss Re IMUA Annual Meeting May 20, 2104
Flood, Insurance, and Inland Marine Andrew Castaldi Swiss Re IMUA Annual Meeting May 20, 2104 Thinking about Flood (Too many Tedious Slides) Audience interactive part Flood and Inland Marine Flood the
More informationNatural disasters Blessings in disguise? Abstract
Natural disasters Blessings in disguise? Hardjo Koerniadi* Auckland University of Technology Private Bag 92006, Auckland, New Zealand Chandrasekhar Krishnamurti University of Southern Queensland Toowoomba,
More informationTerrorism Risk Insurance in Australia
Terrorism Risk Insurance in Australia Dr Christopher Wallace, Michael Pennell and Norris Robertson Australian Reinsurance Pool Corporation This presentation has been prepared for the Actuaries Institute
More information10 th Meeting of the Consultative group
10 th Meeting of the Consultative group May 9 th, 2011 Geneva, Switzerland GFDRR Resource Management & Mobilization By: Saroj Kumar Jha, GFDRR Manager GFDRR is able to help developing countries reduce
More informationBusiness Interruption Underwriting Managing the impact
Business Interruption Underwriting Managing the impact Willis Latin American Energy Conference Cartagena, Colombia, 22 October 2014 Agenda The Basics Underlying Complexities Observation Downstream Largest
More informationCanada s exposure to flood risk. Who is affected, where are they located, and what is at stake
Canada s exposure to flood risk Who is affected, where are they located, and what is at stake Why a flood model for Canada? Catastrophic losses Insurance industry Federal government Average industry CAT
More informationClimate Change Risks and Opportunities for the Banking and Insurance Sectors. Thomas Loster Chair Munich Re Foundation UNEP FI CCWG
Climate Change Risks and Opportunities for the Banking and Insurance Sectors Thomas Loster Chair Munich Re Foundation UNEP FI CCWG The topics of the foundation are focusing on humans at risk Water: Resource
More informationA PRESENTATION BY THE AMERICAN ACADEMY OF ACTUARIES TO THE NAIC S CLIMATE CHANGE AND GLOBAL WARMING (C) WORKING GROUP
A PRESENTATION BY THE AMERICAN ACADEMY OF ACTUARIES TO THE NAIC S CLIMATE CHANGE AND GLOBAL WARMING (C) WORKING GROUP MARCH 24, 2018 MILWAUKEE, WISCONSIN COPYRIGHT 2018 2018 American Academy of Actuaries.
More informationManagement of Catastrophies OECD Conference, Hyderabad February Insurance solutions for emerging markets
Insurance solutions for emerging markets Today s agenda Importance of insurance to emerging markets Public-private partnership in delivering insurance solutions What is needed for a successful public-private
More informationDeciphering Flood: A Familiar and Misunderstood Risk
Special Report Deciphering Flood: A Familiar and Misunderstood Risk May 2017 Deciphering Flood: A Familiar and Misunderstood Risk Among natural disasters, floods are the most common, 1 but from an insurance
More informationInto the eye of the future. Michel M. Liès, Group CEO Swiss Re PwC Breakfast Briefing Monte Carlo, 10 September 2012
Into the eye of the future Michel M. Liès, Group CEO Swiss Re PwC Breakfast Briefing Monte Carlo, 10 September 2012 Today's agenda Setting the stage: Challenging environment On stage: What this means for
More informationGEO CODING IN NAT CAT UNDERWRITING. 2. Part I: CRESTA in NAT Cat Underwriting. 3. Part II: NATHAN in NAT Cat Underwriting
GEO CODING IN NAT CAT UNDERWRITING 5th ICRM Roundtable Matti Siitonen / Munich Re (Singapore Branch) Singapore, 28 February 2014 Agenda 1. Introduction to Geo Coding: - Where are we today? - Principles
More informationAND IPCC. Who is Munich RE? Insurance Industry, one of the First Alerter s of Global Warming. Outline. MR-Publication Flood / Inundation (August 1973)
Who is Munich RE? Insurer of Insurances Founded 1880 The world s largest re-insurer Premium income ca. 22 bn Leading role in insurance of natural catastrophes SEMINAR: SYDNEY COASTAL COUNCILS GROUP FORUM
More informationWEATHER EXTREMES, CLIMATE CHANGE,
WEATHER EXTREMES, CLIMATE CHANGE, DURBAN 2011 ELECTRONIC PRESS FOLDER Status: 25.11.2011 Contents 1. Current meteorological knowledge 2. Extreme weather events 3. Political action required 4. Insurance
More informationInsurability of Supply Chain Risk: Developing a Research. The point of view of an Underwriter
Insurability of Supply Chain Risk: Developing a Research The point of view of an Underwriter The underwriter s experience The insurance industry has not been active in developing a risk transfer mechanism
More information2009 NATURAL CATASTROPHE YEAR IN REVIEW WEBINAR
2009 NATURAL CATASTROPHE YEAR IN REVIEW WEBINAR JANUARY 21, 2010 Agenda Welcome/Introduction Terese Rosenthal U.S. Natural Catastrophe Update Carl Hedde Global Catastrophe Update Ernst Rauch Financing
More informationPerspectives on Property Insurance in Connecticut
Perspectives on Property Insurance in Connecticut Shoreline Preservation Task Force Hartford, CT June 6, 212 Steven N. Weisbart, Ph.D., CLU, Senior Vice President & Chief Economist Insurance Information
More informationIVANS 2008 XCHANGE CONFERENCE Key Communications Issues Facing the Property/Casualty Insurance Industry in 2008
IVANS 2008 XCHANGE CONFERENCE Key Communications Issues Facing the Property/Casualty Insurance Industry in 2008 Tampa, Florida February 7, 2008 Jeanne. M. Salvatore Senior Vice President, Public Affairs
More informationCorrigendum. OECD Pensions Outlook 2012 DOI: ISBN (print) ISBN (PDF) OECD 2012
OECD Pensions Outlook 2012 DOI: http://dx.doi.org/9789264169401-en ISBN 978-92-64-16939-5 (print) ISBN 978-92-64-16940-1 (PDF) OECD 2012 Corrigendum Page 21: Figure 1.1. Average annual real net investment
More informationNatural catastrophes: A risk transfer concept for Italy
Natural catastrophes: A risk transfer concept for Italy AIDA Michael seminar Schwarz, on natural December catastrophes 2007 Milan, 19 January 2009 AIDA Seminar, 19 January 10 Nat Cat Insurance Solutions
More informationCatastrophes and the Advent of the Use of Cat Models in Ratemaking
Catastrophes and the Advent of the Use of Cat Models in Ratemaking Christopher S. Carlson, FCAS, MAAA Pinnacle Actuarial Resources, Inc. Casualty Actuarial Society Catastrophes and the Advent of the Use
More informationFrench Protection Covers Against Natural Disasters. P. Tinard Sr. Cat Modeler R&D Technical Studies Public Reinsurance
French Protection Covers Against Natural Disasters P. Tinard Sr. Cat Modeler R&D Technical Studies Public Reinsurance Agenda - Highlights on the French context - Main characteristics of the Nat Cat compensation
More informationRespondTM. You can t do anything about the weather. Or can you?
RespondTM You can t do anything about the weather. Or can you? You can t do anything about the weather Or can you? How insurance firms are using sophisticated natural hazard tracking, analysis, and prediction
More informationMay 16 th, 2011 The Breakers
The State of the Property Reinsurance Market Casualty Actuarial Society May 16 th, 2011 The Breakers Palm Beach Florida Agenda Section 1 Insurance Impact of Tōhoku Earthquake Section 2 Reinsurance Market
More informationSingapore Reinsurance Market VS Natural Catastrophes
Singapore Reinsurance Market VS Natural Catastrophes 5th General Insurance Conference Singapore Actuarial Society 30-31 May 2013 - Resorts World Sentosa. Singapore 2 General Insurance Industry: underlying
More informationLoss and Damage Associated with Climate Change Impacts The (possible) role of Disaster Risk Financing and Insurance
UNFCC regional expert meeting on loss and damage August 27 29, 2012 Bangkok, Thailand Loss and Damage Associated with Climate Change Impacts The (possible) role of Disaster Risk Financing and Insurance
More informationThe AIR U.S. Hurricane
The AIR U.S. Hurricane Model for Offshore Assets The Gulf of Mexico contains thousands of platforms and rigs of various designs that produce 1.4 million barrels of oil and 8 billion cubic feet of gas per
More informationCanadian Institute of Actuaries Conference CATASTROPHE MODELING 2012 AND BEYOND JUNE 21, Sherry Thomas Krista Lienau
Canadian Institute of Actuaries Conference CATASTROPHE MODELING 2012 AND BEYOND JUNE 21, 2012 Sherry Thomas Krista Lienau Catastrophe Modeling 2012 and Beyond Agenda Current landscape of Canadian catastrophe
More information