An Insurance Perspective of Opportunities in Risk

Transcription

1 Allianz Global Corporate & Specialty An Insurance Perspective of Opportunities in Risk Paul O Neill Oslo / September 2013

2 The Structure of a Global Composite Insurers MidCorp Allianz Worldwide Partners Global Reinsurance 2

3 Challenges 3

4 Expanding urbanisation Growing risks Shanghai, Pudong 1989 Shanghai, Pudong

5 5

6 Identifying Risk 6

7 Emerging risks Everything under control? Business or supply chain interuption NatCat Fire / Explosion Theft, fraud, corruption Credit availability Technical innovation Rising commodity prices Political / social unrest, war Cyber crime / IT down time Skilled labour shortage / Aging workforce Austerity programs Environment - pollution Health risks Environmental changes Black outs Inflation/Deflation Protectionism Terrorism Reputational Energy Risks: Shale Gas / Fracking Arctic Drilling Deepwater Drilling Cyber Attack 7

8 Fracking 8

9 Arctic Drilling 9

10 but no crystal ball Macondo Disaster - 20 April

11 Supply Chain issues BI & CBI - 14th of August Explosion occurred in a Waste Heat Recovery Unit. - The loss of capacity will reduce sales of ethane, propane, mixed LPG and natural gas liquids to downstream customers. Copyright Allianz

12 New Risks Require New Solutions A close partnership between the insured and insurer is critical in order to find solutions that are innovative and flexible to meet our clients requirements. As the insurer we need to do more to tailor our products to our client s needs. 12

13 Regulation Where do we go from here? 13

14 Solvency II Comprehensive alignment of actuarial/ underwriting processes: Capital requirements Governance Reporting Transparency 14

15 Compliance & Sanctions Zero Tolerance 15

16 Expectations Soliditity Capacities Expertise Individual & holistic client appreciation Expected Qualities of the Insurer Willingness to pay Efficient service Network Solution oriented S&P photo credit: gary yim / Shutterstock.com 16

17 Disclaimer These assessments are, as always, subject to the disclaimer provided below. Forward-looking statements The statements contained herein may include prospects, statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such forwardlooking statements. Such deviations may arise due to, without limitation, (i) changes of the general economic conditions and competitive situation, particularly in the Allianz Group's core business and core markets, (ii) performance of financial markets (particularly market volatility, liquidity and credit events) (iii) frequency and severity of insured loss events, including from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates including the Euro/U.S. Dollar exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions, including related integration issues, and reorganization measures, and (xi) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences. No duty to update The company assumes no obligation to update any information or forwardlooking statement contained herein, save for any information required to be disclosed by law

18 Allianz Global Corporate & Specialty An Insurance Perspective of Opportunities in Risk Paul O Neill Oslo / September 2013