P I S A. Principles of full-value insurance. Sum insured = Insurance value. appropriate premium. appropriate indemnification
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1 Computer-based valuation tool for determining new replacement values in property insurance Senior Risk Engineer Principles of full-value insurance Sum insured = value appropriate premium Insured Insurer Slide 2 appropriate indemnification 1
2 Initial Situation Incorrect calculation of Insured, serious doubts out proper evaluation of NRV (not only an issue in emerging markets, but also in advanced markets: e.g. Germany, US, etc.) Risk of underinsurance / financial threat of insured Full application of average clause questionle lack of equivalent premiums for insurers and reinsurers waiver of underinsurance Inaccurate exposure calculations PML, NATCAT, etc. Slide 3 Underinsurance is defined to be a top-topic for some leading industrial insurance companies Targets Support for clients in proper evaluation of NRV (methodology, statistical data, international experience) Development of an user-friendly appraisal tool for selected types of risk Exclusively designed for client demands Target group: underwriters and risk engineers (also brokers and professional appraisal experts) Rapid calculation of relile results Slide 4 2
3 Value : Cost Factors Reliility of reported Values In the underwriting process, it is hard to tell whether the sum insured quoted by the policy-holder or broker is the real value of the risk to be insured. This appraisal is all the more important, the higher the value of the risk. The specified sum insured will be all the more credible if it is based on a sound value appraisal. However, the crucial questions are: Slide 6 What constitutes a sound value appraisal? What cost factors are required to be taken into account? 3
4 Value / Real-Estate Value A value appraisal is frequently equated with a survey in the real-estate context where it is limited to identifying the cost factors associated with the building and structures only (construction, walls, facades, roof, etc). Slide 7 Actually, the overall value of a risk is the sum of following cost parameters: buildings (size, construction, occupancy) contents (technical equipment, machines) goods (raw materials, intermediates, finished products) Cost factors relating to the specific operation In addition to conventional surveying to determine the value of the buildings, it is also important to take into account the technical installations and the details of the processes involved in the specific type of business, as these are key considerations determining the quality of the appraisal. This is particularly true in the case of businesses where, by contrast for instance with hotels or office buildings, the insurle values on site are governed not so much by the value of the buildings as by the cost of replacing the technical installations, such as in the case of steelworks or power plants. Slide 8 4
5 Cost factors relating to the specific operation Any comparison between different types of business must take into account that each branch of industry and each type of site occupancy call for a specific approach to identifying and calculating the values present. For example, in a power plant the cost parameters associated with the turbine play a dominant role, whereas in the hospital sector such factors would be practically negligible. Similarly, the cost factors represented by the blast furnace installations in a steelworks are of no interest in an appraisal of a business in the paper industry. Slide 9 Cost factors relating to the specific operation Buildings required ground area (cost of land) construction material (codes and design standards) Technical equipment inherent to the industry (process technology) operational requirements (temperature, pressure, etc.) Utilities electricity and technical gases fuels and auxiliary means infrastructure and logistic Slide 10 5
6 Country-specific Cost Factors The less developed a country's domestic economy is, the more it needs to import costly equipment, machinery and expert know-how In these days of increasing globalisation, many multinational corporations have international insurance programmes providing cover for subsidiaries or production facilities in other countries, for which value appraisals likewise have to be performed. Slide 11 Country-specific Cost Factors It is essential to make allowance for country-specific indicators from the economic area concerned. In addition to country-specific macro-economic factors such as inflation and currency exchange rates, it is also important to pay attention to market-economy indicators construction cost index machinery cost index lour cost index Slide 12 6
7 Updating of values If the market-economy indicators such as construction cost index, machinery cost index or lour cost index are tracked for any length of time, they can be expected to change and diverge from their baseline values at the start of the observation period. A material aspect with regard to the validation (and thus to the quality and accuracy) of value appraisals is the timeliness of the calculations, that is to say how close the underlying statistics were to the actual values in terms of time and how much time has elapsed since the value appraisal was performed. Slide 13 Updating of values This makes it essential to update the value appraisal at regular intervals in line with the growth rate in the market concerned. Of course, this principle applies especially to the statistical baseline indicators on which the value appraisal is founded. If the growth-related baseline data are not regularly realigned to rising costs in the specific local markets, value appraisals involving international comparisons produce completely distorted results and become practically worthless after only a few years. Slide 14 7
8 PISA Modules Power Plants Hotels Hospitals Heating Stations Breweries Steel Pulp & Paper Offices and Refineries and Nursing Homes Administration Buildings Petrochemical Operations Power Plants Slide 16 Buildings size occupancy construction type Type of fuel hard coal lignite coal gas / oil Boilers / turbo-generators Flue-gas treatment dust extraction (electrofilters) de-sulfurisation (REA) de-nitrogenation (DENOX) Auxiliary plants 8
9 Combined Heating-Power Stations Slide 17 Buildings size occupancy construction type Boilers water steam fluid bed Steam turbines Flue-gas treatment dust extraction (electrofilters) de-sulfurisation (REA) de-nitrogenation (DENOX) Auxiliary plants Breweries Buildings size occupancy construction type Process area tanks pipes yeast production filtration / percolation bottling Slide 18 Malt production in place or external purchase 9
10 Hospitals Slide 19 Medical equipment Operative procedure Radiology - diagnostic Radiotherapy Physiotherapy / rehilitation Bedrooms Loratory medicine Administrative area Supply and disposal area Nursing Homes Living Area Medical examination and practice Administration Supply and disposal Slide 20 10
11 Steel Preparation: coking plant, sintering plant Iron making: blast furnace, direct reduction Steel making: converters, electric arc furnace Casting: continuous, batch Rolling mills: cold, hot, wire rolling mill Slide 21 Surface treatment: pickling, annealing plant hot dip metal coating electrolytic metal coating organic coating Pulp & Paper Newsprint paper Super calandered paper (SC) Light weight paper (LWC) Writing paper Cardboard Testliner Kraftliner Tissue paper Slide 22 11
12 Hotels Slide 23 Category: standard hotel - 1/2 stars comfort hotel - 3 stars first class hotel - 4 stars luxury hotel - 5 stars Equipment: all inclusive (restaurant) bed and breakfast appartment hotel Type of use: conference hotel holiday hotel health resort Offices and Administration Buildings Slide 24 Construction: steel construction, bricks, concrete glass facade, roof Layout and design: functional design modern architecture ancient ambience Utilities: canteen conference centre Type of use: headquarters branch office 12
13 Refineries and Petrochemical Operations Slide 25 Distillation: atmospheric/vacuum Hydrotreating: naphta, diesel, kerosene Cracking: hydro cracking catalytic cracking (FCC) thermal cracking (visbreaker) Conversion: reforming, isomerisation, alkylation Further processing: asphalt, bitumen, hydrogen sulphur recovery, LPG recovery R&D Activities New PISA Modules under construction roll out 09/2009 Trade and Commerce Bakeries, pastry shops Pubs, restaurants Car dealer, maintenance garages Carpentries, timber workshops Retail shops, department stores Slide 26 Single familiy houses / apartment buildings Agricultural operations / farms 13
14 Aluminium Industry under construction roll out 01/2010 Smelter Casting Rolling Extrusion Recycling Slide 27 PISA Online Software configurator: the functionality is fully customised and is designed by the client period of software licence (day, week, month, etc.) occupancies countries Software distribution via download Payment credit card invoice payment Slide 28 14
15 "win/win" Benefits for all Parties involved "win/win" Benefits for all Parties involved Insured Qualified and relile evaluation of NRV Substantial reduction of the risk of underinsurance Due to higher/adequate indemnification, reconstruction of damaged property can be realised in a proper way Slide 30 15
16 "win/win" Benefits for all Parties involved Insurer Adequate insurance premium Underwriting support Clear basis for reinsurance purposes Slide 31 "win/win" Benefits for all Parties involved Broker Response to client's demands Door opener for new business / new clients Qualified customer consultancy Opinion leader, image, reputation Adequate brokerage Slide 32 16
17 The PISA Success Story: PISA User (status 01/2009) Slide 33 Marketing and Sales Tailor-made Functionality The functionality of the PISA - Valuation Tool is fully customised, making allowance for the specific demand of our clients. The complete master-edition provides a comprehensive functional range with appraisal applications for nine types of occupancy with approved calculation modeling for all European markets. But also a compressed edition with a tailor-made functionality for a limited selection of occupancies and countries in arbitrary combination is availle. Slide 34 17
18 Marketing and Sales Test Version availle Full scope of features All occupancies / all branches All markets Free of charge Slide 35 Marketing and Sales Offer For preparing a precise offer we kindly ask you to define the general conditions: At how many workplaces the valuation software will be installed? What types of occupancy should be included? How many countries should be activated? Slide 36 18
19 Let s get it straight! Slide 37 Questions, Comments, Contact swissre.com Slide 38 19
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