Willkommen bei. Welcome at

Transcription

1 Seite 1 Willkommen bei Willkommen bei Welcome at

2 Seite 2 How risk and insurance managers can more effectively manage and transfer cross-border risks Dr. Dankwart von Schultzendorff Country Manager Germany, Austria and Switzerland ACE European Group Limited

3 Seite 3 Thesis 1 Thesis 1: Choose an insurer with maximum country overlap to your own organization. Avoid finding out the hard way that global programmes work better with affiliated insurance companies rather than mere cooperation partners.

4 Seite 4 Thesis 2 Thesis 2: Don't underspend on service! You get what you pay for.

5 Seite 5 Thesis 3 Thesis 3: Compliance of cross-border programmes is a tripartite duty and should be transparent: not only the master and the local servicing/fronting insurers must fully commit, also your (i.e. risk managers') programme controlling and local entities, and your master and local brokers must alike. (And don't let you fool about green and red, admitted and non-admitted countries. Supervisory and tax authorities as well as local courts are getting more inventive too...)

6 Seite 6 Thesis 4 Thesis 4: KISS! But not too simple. There is no "one limit fits all". If you - and your broker - go for a "Manhattan skyline" approach, be prepared to pay for higher limits and accumulation. If not today, manage expectations for tomorrow.

7 Seite 7 Thesis 5 Thesis 5: IT is key! Ensure your partners have a neat global, transparent, real time, web based, user friendly, reliable, highly functional, claims inclusive, "no-nonsense" IT-tool.

8 Seite 8 Thesis 6 Thesis 6: Make sure that you have the right insurer with the right financial strength.

9 Seite 9 5 Years CDS Spreads Name YTD Change ACE LTD AIG XL GROUP PLC HARTFORD QBE INSURANCE GROUP LTD RSA INSURANCE GROUP PLC ZURICH INSURANCE CO LTD ALLIANZ SE AXA SA CHUBB CORP/THE ASSICURAZIONI GENERALI SPA LIBERTY MUTUAL INSURANCE CO HANNOVER RE MUNICH RE SWISS REINSURANCE CO LTD BERKSHIRE HATHAWAY INC SCOR SE AXIS CAPITAL HOLDINGS LTD EVEREST RE GROUP LTD MARSH & MCLENNAN COS INC AON CORP CNA FINANCIAL CORP WR BERKLEY CORP SOMPO JAPAN INSURANCE INC TOKIO MARINE & NICHIDO FIRE

10 Seite 10 Thesis 7 Thesis 7: Most CFO have not understood, how realatively cheap most insurance is. It is your job and justifies your existence as insurance risk manager to show that when the market eventually turns it still is economical to insure rather than self insure (ROE margins of industrial insurers are often below their insureds' ROE margins!).

11 Seite 11 Thesis 1: Choose an insurer with maximum country overlap to your own organization. Avoid finding out the hard way that global programmes work better with affiliated insurance companies rather than mere co-operation partners. Thesis 2: Don't underspend on service! You get what you pay for. Thesis 3: Compliance of cross-border programmes is a tripartite duty and should be transparent: not only the master and the local servicing/fronting insurers must fully commit, also your (i.e. risk managers') programme controlling and local entities, and your master and local brokers must alike. (And don't let you fool about green and red, admitted and non-admitted countries. Supervisory and tax authorities as well as local courts are getting more inventive too...) Thesis 4: KISS! But not too simple. There is no "one limit fits all". If you - and your broker - go for a "Manhattan skyline" approach, be prepared to pay for higher limits and accumulation. If not today, manage expectations for tomorrow. Thesis 5: IT is key! Ensure your partners have a neat global, transparent, real time, web based, user friendly, reliable, highly functional, claims inclusive, "no-nonsense" IT-tool. Thesis 6: Make sure that you have the right insurer with the right financial strength. Thesis 7: Most CFO have not understood, how realatively cheap most insurance is. It is your job and justifies your existence as insurance risk manager to show that when the market eventually turns it still is economical to insure rather than self insure (ROE margins of industrial insurers are very often substantially below their insureds' ROE margins!). Thesis 1-7

12 Seite 12 Vielen Dank Vielen Dank Thank you