AGCS Liability Claims Capabilities

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1 Allianz Global Corporate & Specialty AGCS Liability Claims Capabilities Alexander Mack, CUO Claims LT 1st OJSC IC Allianz Liability Conference 20/06/2012 Moscow

2 Contents Claims handling within International Insurance Programs How can we make it work for you? Local claims handling Enhanced service for special customers Your contacts Example: Quick lime case Example: Petrochemistry Contaminated fuel Example: Hazardous goods Yellow sea litigation Copyright Allianz Global Corporate & Specialty 2

3 Claims handling within international insurance programs What we deliver Local expert claims handling Simplified (global) processes and payment procedures Central steering and coordination Reliable and bespoken claims protocols Transparency Common claims adjustment philosophy across the overall program Service and claims account responsibility Reporting (loss runs and bordereaux) What else do you like us to deliver? Copyright Allianz Global Corporate & Specialty 3

4 Local claims handling Technical excellence A claim is the defining moment in an insurance relationship and clients should expect nothing less than a first class response from AGCS Local teams, led by local managers, ensure the best delivery and implementation of claims services within their locations AGCS claims teams have extensive claims experience of handling claims arising from foreign jurisdictions Efficiency with regard to quality, speed and costs Technical excellence we retain lawyers and experts to support us, not to steer us! Simple, transparent, flexible, proactive, solutions not obstacles, a dialogue not a debate Copyright Allianz Global Corporate & Specialty 4

5 Global claims management Combining one of the largest own-office networks with carefully selected partners, Allianz Global Corporate & Specialty provides a truly global reach. Covering more than 150 countries worldwide, our network ensures that clients have access to Allianz services wherever and whenever they need it. Copyright Allianz Global Corporate & Specialty 5

6 Enhanced service for special customers Reliable and customized claims protocols and structure. Service claims account manager - Your face for a claim - One contact and all support. Copyright Allianz Global Corporate & Specialty 6

7 Your main claims contacts Oleg Lomov AGCS Head of Claims Russia ext Lars Vissing AGCS Nordic Region Head of Claims A senior specialist with over 11 years experience in specialty insurance and claims handling. For the last 5 years he has been in charge of the operative claims handling in numerous market losses. 24 years of experience in handling of claims for commercial and industry clients. Experience with international claims management. Alexander Mack Global Head of CUO Claims (Long tail) Mikhail Afremov Deputy CEO Head of Claims OJSC IC Allianz A German lawyer with 25 years experience in insurance litigation and management of complex Liability and Financial Lines claims. Working with claims handling in the Russian market for 15 years. Started career in insurance in 1994 and with Allianz since Copyright Allianz Global Corporate & Specialty 7

8 Quick lime case Facts Our insured is a European stone and lime producer. Lime stones are processed in two different ways according to their quality. The richer stones are used for the production of quick lime. The lesser quality stones are sold for concrete production. The transport of the stones to the different parts of the plants is handled by trucks. Due to a verbal misunderstanding, trucks for the concrete production were loaded with quick lime. A mixture of aggregate stones and quick lime stones was sold to concrete manufacturers Quick lime reacts to water Production of "quick lime contaminated" concrete sold to numerous work site contractors Concrete used in over 200 work sites: Private houses, apartments buildings, but also water treatment plants, walls for High speed trains etc. Copyright Allianz Global Corporate & Specialty 8

9 Quick lime case (cont.) May 2010: Simultaneous break ups, fissurations and lime nodules noticed in different work sites. In total, 200+ worksites were affected Claims: Simple repair of (aesthetical) damages. Total demolition and reconstruction of the work. Long time guarantee (10 years and more) for the work. Consequential losses (interruption of work, extension of work duration, work delay penalties Total claim worst case : 60m Commissioning of loss adjuster, scientific experts (university professors) and lawyers Expert s findings: Quick lime contamination is decreasing once work is completed. In 50 % of the affected buildings, etc. spallings are just superficial. Number of cases with risks for durability and stability of works could be reduced significantly Expert findings are fundamental for discussions with claimants Settlement with claimants in the amount of 20m High experts and lawyers fees Copyright Allianz Global Corporate & Specialty 9

10 Petrochemistry: Contaminated fuel Facts Our insured blends and supplies fuel for the motor market to various retailers, supermarkets, etc. who sold the fuel via their own gas stations. A large quantity of its fuel was contaminated with silicon when mixed with contaminated fuel from another supplier. Root cause: both companies used a certain storage facility and shared some tanks so that the silicon fuel intermingled with the insured's fuel. Insured's contaminated fuel has been supplied to thousands of motorists in UK claims by car owners were raised alleging motor defects and various other claims from the supermarkets for decontamination costs. Total claimed amount: 30m GBP Challenge Complex claim, as the involved parties represented various parts of supply chain: the distributor (supermarkets), the insured, the storage provider and the owner of the originally contaminated fuel. Copyright Allianz Global Corporate & Specialty 10

11 Petrochemistry: Contaminated fuel (cont.) Response Immediate contact and discussion with the insured. Set-up of a legal and expert team. Agreement on recovery strategy. Outcome Complete third party loss settlement achieved within 6 months, whilst simultaneously working with the insured, solicitors, and other experts to obtain a recovery from those responsible for the supply of the contaminated fuel to the insured in the first place. After 2 years a substantial recovery was achieved to the satisfaction of the insured and insurers. Excellent collaboration with insured to achieve effective settlement Copyright Allianz Global Corporate & Specialty 11

12 Hazardous goods: Yellow sea litigation Facts Our insured is a multinational enterprise specialised in the production of speciality chemicals In August 2005 a cargo vessel shipped inter alia insured's magnesium granulate from China to the US After collision with another ship the magnesium ignited and the subsequent fire severely damaged the vessel Vessel owner filed law suit in the US seeking compensation for the repair costs in the amount of 30m US $ Copyright Allianz Global Corporate & Specialty 12

13 Hazardous goods: Yellow sea litigation (cont.) Plaintiff s allegations: Insured did not declare the magnesium granulate as hazardous good. Hazardous goods are stored separately. Thus, the non-declaration caused the fire Insured's defences: Not obliged to declare the product as hazardous. Vessel owner was familiar with the chemical characteristics of magnesium granulate having transported the product before Complex case involving product liability, contractual and international marine law First instance: Dismissal of all claims against insured, appeal is pending Covered legal expenses as of now: 4m US$ Copyright Allianz Global Corporate & Specialty 13

14 Claims Handling within AGCS AGCS Claims and Clients - Partnership for best solutions What else can we do for you? Copyright Allianz Global Corporate & Specialty 14

15 Thank you for your attention.

16 Disclaimer These assessments are, as always, subject to the disclaimer provided below. Cautionary Note Regarding Forward-Looking Statements The statements contained herein may include 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 that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forwardlooking by reason of context, the words may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential, or continue and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in the Allianz Group s core business and core markets, (ii) performance of financial markets, including emerging markets, and including market volatility, liquidity and credit events (iii) the frequency and severity of insured loss events, including from natural catastrophes and including the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates including the Euro/U.S. Dollar exchange rate, (ix) changing levels of competition, (x) changes in laws and regulations, including monetary convergence and the European Monetary Union, (xi) changes in the policies of central banks and/or foreign governments, (xii) the impact of acquisitions, including related integration issues, (xiii) reorganization measures, and (xiv) 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 contained herein. Copyright Allianz Global Corporate & Specialty 16

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