Non-physical BI a new business opportunity???
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- Percival Tate
- 5 years ago
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2 Non-physical BI a new business opportunity???
3 Tourism Industry in Croatia A fast growing factor Total tourist arrivals Country split Germany Slovenia Austria Italy Poland Czech Republic United Kingdom France Hungary Slovakia Total tourist nights Monthly distribution of the total number of nights spent at tourist accommodation establishments, EU and Croatia (%). 3
4 Eyjafjallajökull In 2010 volcanic events at Eyjafjallajökull in Iceland which, although relatively small for volcanic eruptions, caused enormous disruption to air travel across western and northern Europe over an initial period of six days in April Additional localised disruption continued into May The eruption was declared officially over in October 2010, when snow on the glacier did not melt. From April, ash from the volcanic eruption covered large areas of northern Europe. About 20 countries closed their airspace to commercial jet traffic and it affected about 10 million travellers. [ Exports of information technology hardware were also affected as firms were unable to ship their product out Im- and Exports of medications were affected, and local stocks, as they expire. logistics companies were unable to transport goods by air. Instead they had to transport packages to alternate destination (such as Istanbul or Madrid) and then ship by road to the final destination. [ Travel firms reported losses of GB 5 6 million per day during the airspace closure, in the UK alone thirteen travel firms collapsed during the summer of The carmaker BMW said it was suspending production at three of its plants in Germany, because of interruptions in the supply of parts. International Air Transport Association (IATA) estimated the airline industry worldwide would lose 130 million ($200 million) a day as a result. [1] IATA stated that the total loss for the airline industry was around US$1.7 billion ( 1.1 billion, 1.3 billion). 4
5 Volcano eruptions and insurance 5
6 Non Physical Damage BI - Why has this become a topic? Set of risks threatening a corporation Yesterday and today Key risks Key risks Property damage resulting from fire, explosion, natural perils insurable uninsurable Availability of resources (capital, work force, raw material), reputation, Criticism: Insurance industry lacks innovation?? 6
7 Lack of innovation a provocation? Some important innovations over the past 25 years Natural perils insurance From pure material damage to large business interruption limits From the peril of earthquake to the peril of flood From indemnity based products to indexed based products From (re-)insurance markets to financial markets From tailor-made selling to internet distribution Substantial growth of CBI extension limits Non-damage products such as ISBI, aviation products following the ash cloud in
8 Non-damage BI (business interruption) BI due to any cause BI due to physical damage to tangible property BI insurance covers BI due to cyber risks Supply chain BI Contingent BI insurance covers Accumulation control required if cover is for attacks not exclusively directed against one insured Accumulation control for service providers in any case Non-damage BI 8
9 What is "Non-damage BI insurance"? Definition Ordinary business interruption insurance triggered by any event not resulting from physical loss or damage Coverage may include loss of profits, standing charges, extra expenses, increased cost of working, etc Pay-outs in case of a claim can be indemnity based or an agreed lump-sum per time segment Can be a stand-alone policy or an addendum to an existing, ordinary BI policy 9
10 Our Underwriting considerations 1. Swiss Re only engages in such products with preferred clients 2. Deals with parametric triggers and indexed or otherwise fixed sums are preferred transactions 3. All transactions must demonstrate strong alignment of interest of all parties 4. Covers should preferably be on named perils basis with defined triggers 5. In respect of all loss scenarios, the insured shall on one hand not have the ability to trigger or augment or enlarge an insured loss 6. One absolute monetary limit in the aggregate over all sections and perils insured per policy and policy year 7. Each deal shall contain a substantial deductible (waiting period or monetary limit or both) 8. Exclusions for War, Nuclear, Reputational risks, political risks (Terrorism to be dealt with specifically) 9. Pandemics require case by case underwriting 10 10
11 Summary 11 11
12 Thank you 12
13 Legal notice 2017 Swiss Re. All rights reserved. You are not permitted to create any modifications or derivatives of this presentation or to use it for commercial or other public purposes without the prior written permission of Swiss Re. Although all 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 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 and/or consequential loss relating to this presentation. 13
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