Trends in European Casualty insurance
|
|
- Janis Harmon
- 8 years ago
- Views:
Transcription
1 Trends in European Casualty insurance Case studies on Asbestos and Medical Malpractice Alessandro Santoni, FIA CAS Seminar on Reinsurance June 6, Towers Watson. All rights reserved.
2 Casualty Trend in Europe Hot topics Focus on Inflation and different compensation levels Medical Malpractice Focus on Italy Asbestos in Europe Focus on U.K. Conclusions 1
3 Inflation and level of compensation 2
4 Litigation environment in Europe is resembling the U.S. in a Claims farming Contingent fees Class action Asbestos Periodic payment order 3
5 Challenging market to make underwriting profits where High Frequency of Catastrophe Losses High Claims Inflation 4
6 Inflation is substantial and is on the rise, while Inflation on the casualty lines is driven by both frequency as well as average claim cost 14% 12% 2012 Market Inflation Market - UKI Market - CE 10% 8% 6% 4% 2% 0% Accident & Health Casualty Financial Fire Marine Technical 5
7 claim cost around Europe differ substantially 600, , , , , , % 25% 60% 90% Italy France Germany Great Britain Spain Netherlands Non-economic damages, Average claim cost by impairment severity 6
8 Medical Malpractice 7
9 Market trends: Across Europe we have observed an increasing number of claims being reported Market Issues Consequences High inflation, particularly of For hospitals: noneconomic damages Higher cost (liability awards Law firms actively marketing and insurance premiums) their services Higher policies retentions Creation of new types of For insurance companies damages Substantial losses Increasing cost of defensive medicine Price increases Lack of capacity Increasing public awareness Unhappy costumers Insurance companies have been slow to recognize these issues in reserving and pricing 8
10 Some challenges the market has faced in the past Long latency Inadequate claims-made clauses Inappropriate pricing for extended exposure Underestimation of claims inflation Multi-Year policies Lack of adequate information to manage risk Inadequate claims management strategy 9
11 Some challenges for the future Some issues of the past will be unchanged Increasing litigiousness More dependents being compensated Increasing capabilities of legal firms Slow resolution of the legal system More than 10% Claims inflation for more severe injuries 10
12 ITALY Italian med mal has been gaining the reputation of a toxic line due to very poor performance 500% 450% 400% 350% 300% LR = 133% 250% CAGR +4% 200% 150% 100% 50% 350, , , , , ,000 50,000 0% Written Premium Hospitals Reported LR Hospitals Source: Ania, Insurer association, TW study 11
13 ITALY Very diverse risk profile by specialization and geography Claim Cost Per Recovery by Specialization (Euro) Median 1st Level 2nd Level University Hospital Pediatric Hospital Oncology Orthopedics Claim Cost Per Recovery by Geography (Euro) Median North Central South Source: Marsh Study Il sole 24 Ore. 12
14 Asbestos in Europe 13
15 The emergence of asbestos-related diseases in the EU is repeating the U.S. experience, with a time lag due to the earlier exposure and earlier reduction in the U.S., and World Asbestos consumption (Production + Imports - Exports) 2,000,000 1,750,000 Former Soviet Union Rest Of the world 1,500,000 Western Europe 1,250,000 1,000,000, USA 750, , , Source: Wordwide asbestos supply and consumption trends from 1990 to 2003 (Robert L. Virta). 14
16 .with some notable differences and areas of convergence Feature Europe United States Compensation State health systems and employment liability Few companies named in each action Today's policies may respond Between 50 and in excess of 1 Mil. Manufactures and Producers, Product and premises liability 60 or more companies named in each action Asbestos is currently excluded Substantially Higher Litigation Environment Civil trials, with no jury Jury are more subjective Proof of disease, not all may impact insurance Contingent fees generally not allowed (nowin, no-fee in U.K.) Forum shopping not relevant in most countries Majority of compensation was for nonimpaired claimants Contingent fees up to 40% of awards Research for more favorable jurisdictions Number of Union screenings is rising Union and Lawyers screening, plus more litigious culture Class actions are generally not allowed Class actions 15
17 Asbestos-related claims are being compensated by the European insurance industry through different systems Occupational diseases can be compensated through: No-fault: Workers compensation or social security Tort: Employers liability, public liability or general/products liability The potential sources of compensation differ not only in what must be proven, but also in the damages they will compensate Differences exist between the various EU countries. In general, no-fault systems do not pay for non-economic losses, which are, at least in theory, available from the tort system 16
18 With a different impact by country U.K. and the Netherlands are the most impacted; developments in Italy and France make it particularly at risk Mesothelioma Incidence Netherlands (75,95) UK (75,91) Australia (68,91) 20 France (70,96) Italy (75,95) 15 Norway (70,88) Germany (75,91) Asbestos Consumption (Kg/Capita/year) Source: Ken Takahashi et al.: Ecological relationship between mesothelioma and Asbestos. 17
19 Projecting Mesothelioma Claim Numbers Mesothelioma Mainly using models derived from the UK Actuarial Profession s s 2009 Asbestos Working Party (AWP) model and underlying HSE/HSL projected mesothelioma deaths models 1. Frequency assumptions Mortality Mesothelioma Claim Frequency Historical Exposures Age profile Birth Cohorts Propensity to Claim 18
20 Mesothelioma Claim Numbers 2009 AWP projections U.K. 19
21 Mesothelioma Claims Severity Types of Damage U.K. 2. Severity assumptions Pain Suffering, Loss of Amenity General Damages Statutory Bereavement Mesothelioma Claim Cost Legal Costs Loss of Income, Future Earnings Ogden Tables Special Damages Cost of Care The Average Cost is tied back to the specific company experience. Funeral Costs 20
22 Conclusions Liability trends in Europe are resembling the U.S. environment; claims inflation is higher in countries where level of compensation is below average Claims inflation tends to rise more than CPI and GDP It is important to factor inflation assumptions explicitly into reserving models and time lag of recognition into pricing Local issues are often understated It is key to understand evolution of local regulation and tort system and to properly estimate the impact on pricing and contract terms and conditions 21
MTPL BI Claims Development Patterns in Various EU Markets
MTPL BI Claims Development Patterns in Various EU Markets SECTION A Comparison of Compensation 2 Fatalities 41-year old male, employee, annual net income 40,000 Survivors: Spouse 2 children (ages 6 and
More informationthe compensation myth
the compensation myth The Compensation Myth It is common to hear stories of the Compensation Culture or claims that Britain is becoming Risk Averse as a result of people claiming compensation. The truth
More informationReview of Eliminating occupational cancer in Europe and globally by J. Takala
Review of Eliminating occupational cancer in Europe and globally by J. Takala There primary concerns of this manuscript are outlined below. More detail discussion of these points is presented on the following
More informationAgenda. Agenda. The UK Liability Crisis Richard Bulmer. Is there a crisis? International perspective OFT/DWP reports Where do we go from here?
The UK Liability Crisis Richard Bulmer Current Issues in General Insurance 26 April 2004 Agenda Is there a crisis? International perspective OFT/DWP reports Where do we go from here? Agenda Is there a
More informationEmerging Liability Risks A Practical Accumulation Example
Emerging Liability Risks A Practical Accumulation Example Emerging Liability Risks A Practical Accumulation Example Wilhelm Zeller, Rüschlikon, 4 November 2015 Sources incl.: Wikipedia, RAND, NERA. Emerging
More information2007 Casualty Loss Reserve Seminar San Diego, CA
Practical Considerations in Medical Malpractice Reserving 2007 Casualty Loss Reserve Seminar San Diego, CA September 10, 2007 Jeremy Brigham, FCAS, MAAA 2005 Towers Perrin Towers Perrin Setting the Stage:
More informationAUTOMOBILE INSURANCE: THE MINNESOTA NO-FAULT AUTOMOBILE INSURANCE LAW
This document is made available electronically by the Minnesota Legislative Reference Library as part of an ongoing digital archiving project. http://www.leg.state.mn.us/lrl/lrl.asp.~l' ''''d:.,j i.;'~\;
More informationMesothelioma Trends as Predictors of the Asbestos- Related Lung Cancer Burden
Mesothelioma Trends as Predictors of the Asbestos- Related Lung Cancer Burden Valerie McCormack UICC World Cancer Congress Montreal August 2012 Outline Background Estimating the lung cancer mortality burden
More informationAppendix I: Select Federal Legislative. Proposals Addressing Compensation for Asbestos-Related Harms or Death
Appendix I: Select Legislative Appendix I: Select Federal Legislative is and Mesothelioma Benefits Act H.R. 6906, 93rd 1973). With respect to claims for benefits filed before December 31, 1974, would authorize
More informationCalifornia Jury Awards Family of Brain-damaged Boy $12.1Million
The Role of Government Insurance Programs in Medical Professional Liability Insurance Birth Injury Funds Session C-36 Ted Zubulake Partner Oliver Wyman Actuarial Consulting, Inc. November 10, 2014 Oliver
More information2013 Casualty Loss Reserve Seminar
213 Towers Watson. All rights reserved. 213 Casualty Loss Reserve Seminar Concurrent Session LOB-2: Current Issues In Managing Asbestos Liabilities Steven C. Lin, FCAS, MAAA September 16, 213 Agenda Asbestos
More information10.4 The ICF and accident compensation in Australia
10.4 The ICF and accident compensation in Australia John Walsh, Actuarial, PricewaterhouseCoopers Address for correspondence: john.e.walsh@au.pwcglobal.com Abstract This paper briefly describes the Australian
More informationAdvocate Magazine March 2011. Why medical malpractice still matters.
Advocate Magazine March 2011 Why medical malpractice still matters. Despite MICRA limitations, medical-negligence claims still have a crucial role in society BY BRUCE G. FAGEL We all know the statistics
More informationMs. Jennifer L. Biggs
Testimony of Ms. Jennifer L. Biggs June 4, 2003 Committee on the Judiciary United States Senate Solving the Asbestos Litigation Crisis: S.1125, the Fairness in Asbestos Injury Resolution Act of 2003 June
More informationEmployers Liability Insurance the need for change
Employers Liability Insurance the need for change All-Party Parliamentary Group on Occupational Safety and Health Employer liability and motor insurance There are two main types of insurance that the Government
More informationUK Asbestos Working Party
GIRO conference and exhibition 2010 Robert Brooks, Darren Michaels, Andy Whiting and Stephen Robertson-Dunn UK Asbestos Working Party 12-15 October 2010 Introduction What has the Working Party done? Since
More informationLong-Tail Risks
Long-Tail Risks Prepared by the Commission on Financial Services and Insurance Introduction World business, as represented by the ICC, is expressing its growing concern over the increasing difficulties
More informationAsbestos News. [ accident compensation ] The latest from Australia and elsewhere. Key:
d finitive [ accident compensation ] Keeping you informed. JUNE 2014 Asbestos News The latest from Australia and elsewhere News has been running hot in the asbestos area over the last six months. This
More informationMedical Malpractice: a critical area for Insurance Companies
Medical Malpractice: a critical area for Insurance Companies Venice, 11-12th12th February 2011 Agenda 2 Introduction What happens in Italy? Reasons Focus on Personal Injuries The Insurance Possible solutions
More informationIN RE GARLOCK SEALING TECHNOLOGIES LLC, ET AL.
IN RE GARLOCK SEALING TECHNOLOGIES LLC, ET AL. STATEMENT OF JOSEPH W. GRIER, III, THE FUTURE CLAIMANTS REPRESENTATIVE, IN SUPPORT OF THE DEBTORS SECOND AMENDED PLAN OF REORGANIZATION In asbestos bankruptcy
More informationIntroduction to Medical Malpractice Insurance
William Gallagher Associates Introduction to Medical Malpractice Insurance What is Medical Malpractice Insurance? Insurance, in general, is the practice of sharing your risk with a large number of individuals
More informationTHE CASE FOR COMPULSORY THIRD PARTY INSURANCE REFORM IN THE AUSTRALIAN CAPITAL TERRITORY
240 CANBERRA LAW REVIEW [(2011) THE CASE FOR COMPULSORY THIRD PARTY INSURANCE REFORM IN THE AUSTRALIAN CAPITAL TERRITORY JON STANHOPE Sixty years ago, on 14 November 1947, Herbert Victor Johnson, Minister
More informationITALIAN INSURANCE IN FIGURES. Year 2015
ITALIAN INSURANCE IN FIGURES Year 2015 The Italian insurance industry gives a significant contribution to the economy and to the society, offering a wide range of services aiming at risk protection: from
More informationConsiderations on the development of frequency and severity of MTPL losses in Italy
Considerations on the development of frequency and severity of MTPL losses in Italy Armin Dahr MRI Reinsurance Forum, 2 nd April 2014 Agenda Development of MTPL claims frequency in Italy Inflation of severe
More informationWORKERS COMPENSATION SUBROGATION AND THIRD PARTY SETTLEMENTS. B. Industrial Revolution and Workers Compensation Statutes
I. HISTORICAL BACKGROUND A. Common Law WORKERS COMPENSATION SUBROGATION AND THIRD PARTY SETTLEMENTS Before the advent of workers compensation statutes, the only protection afforded to victims of work place
More informationInternational Comparisons of Litigation Costs. Canada, Europe, Japan, and the United States JUNE 2013 UPDATE
International Comparisons of Litigation Costs Canada, Europe, Japan, and the United States JUNE 2013 UPDATE U.S. Chamber Institute for Legal Reform, June 2013. All rights reserved. This publication, or
More informationCase 10-31607 Doc 4432 Filed 03/16/15 Entered 03/16/15 09:10:55 Desc Main Document Page 1 of 9
Document Page 1 of 9 IN THE UNITED STATES BANKRUPTCY COURT FOR THE WESTERN DISTRICT OF NORTH CAROLINA Charlotte Division ) In re: ) ) Case No. 10-31607 GARLOCK SEALING TECHNOLOGIES ) LLC, et al., ) Chapter
More informationOUTLOOK: PERSPECTIVES ON TOPICAL RISK AND INSURANCE ISSUES FOR UK CORPORATES
June 2013 MARSH INSIGHTS: OUTLOOK: PERSPECTIVES ON TOPICAL RISK AND INSURANCE ISSUES FOR UK CORPORATES Over recent months we have profiled several developments in relation to insurance claims specifically
More informationInternational Comparisons of Litigation Costs. Europe, the United States and Canada
International Comparisons of Litigation Costs Europe, the United States and Canada A study for the U.S. Chamber Institute for Legal Reform, May 2013 Prepared for the U.S. Chamber Institute for Legal Reform
More informationRegional Variations of Compensation Awards: The Quantum of Damages in Personal Injury and Wrongful Death Claims in Western Europe
The Geneva Papers on Risk and Insurance, 15 (No. 56, July 1990), 337-343 Regional Variations of Compensation Awards: The Quantum of Damages in Personal Injury and Wrongful Death Claims in Western Europe
More informationFUTURE CHALLENGES FOR THE LIFE INSURANCE INDUSTRY AN INTERNATIONAL PERSPECTIVE
FUTURE CHALLENGES FOR THE LIFE INSURANCE INDUSTRY AN INTERNATIONAL PERSPECTIVE ACLI Executive Roundtable 10 January 2013 Dr. Joachim Wenning Agenda 1 Economic growth and life business prospects 2 Product
More informationComments on exposure draft of ISAP nn Valuation of Social Security Programs
February 26, 2013 To: Dave Pelletier, Chair, IAA Actuarial Standards Committee Rob Brown, Chair, IAA Social Security Task Force Godfrey Perrot, IAA Social Security Task Force Liaison to Actuarial Standards
More informationCounty Insurance Fund
County Insurance Fund Lines of Business: Budget Reduction Proposals Risk Management Division Department of Finance 1 Mission To make a significant contribution to the health and safety of County residents,
More informationAsbestos Clauses Workgroup
Asbestos Clauses Workgroup Report to LUG conference Cambridge September 5 2006 Background market situation in 2002/2003 growing application of asbestos clauses concern at variety of clauses and the need
More informationBriefing on Amendments 132AA and 132AB to the Legal Aid, Sentencing and Punishment of Offenders (LASPO) Bill
Briefing on Amendments 132AA and 132AB to the Legal Aid, Sentencing and Punishment of Offenders (LASPO) Bill Kennedys advocates the repeal of Amendments 132AA and 132AB added to the Legal Aid, Sentencing
More informationMunkman on Damages for Personal Injuries and Death
Munkman on Damages for Personal Injuries and Death Twelfth edition Gordon BA (Warwick) of Lincoln's Inn, Barrister Foreword to the twelfth edition by Julian Goose QC Preface to the twelfth edition Preface
More informationApril 2011. Asbestos in the university and higher education sector
April 2011 Asbestos in the university and higher education sector Contents Introduction... 1 Executive summary... 1 Background to asbestos... 2 Closer look: Research report results, and their impact on
More informationEstimates of the impact of extending the scope of the Mesothelioma payment scheme. December 2013
Estimates of the impact of extending the scope of the Mesothelioma payment scheme December 2013 Contents Introduction... 6 Background... 7 Estimated volumes and costs if the scheme started on particular
More informationOccupational Disease Claims Practice MANAGING DISEASE LIABILITIES
Occupational Disease Claims Practice MANAGING DISEASE LIABILITIES Foreword 1 1. Introduction 2 2. Why should I hire Marsh? 3 3. Disease Liabilities Risk Management Tool 4 4. Marsh s Occupational Disease
More informationThe Belgian Asbestos Fund
The Belgian Asbestos Fund Dr. Marc Vandeweerdt Occupational Diseases Fund - Asbestos Fund 22 January 2011 Asbestos: history Asbestos consumption in Europe 1920: 39,276 T 1950: 369,738 T 1975: 1,410,394
More informationGLOSSARY OF SELECTED INSURANCE AND RELATED FINANCIAL TERMS
In an effort to help our investors and other interested parties better understand our regular SEC reports and other disclosures, we are providing a Glossary of Selected Insurance Terms. Most of the definitions
More informationI: Whether the Government is correct in describing Great Britain as the "whiplash capital of the world".
Louise Ellman Chair of the Transport Select Committee House of Commons London SW1P 3JA 15 April 2013 Dear Mrs Ellman Transport Select Committee Inquiry into Whiplash Claims 1. The Institute and Faculty
More informationMesothelioma in Australia: Incidence (1982 to 2013) and Mortality (1997 to 2012)
Mesothelioma in Australia: Incidence (1982 to 213) and Mortality (1997 to 212) 215 Disclaimer The information provided in this document can only assist you in the most general way. This document does not
More informationTestimony of. Laura Welch, M.D. Medical Director Center to Protect Workers Rights November 17, 2005
Testimony of Laura Welch, M.D. Medical Director Center to Protect Workers Rights November 17, 2005 Testimony of Laura Welch, MD Medical Director, Center to Protect Workers Rights On Asbestos Related Diseases
More informationMinnesota Department of Commerce Medical Malpractice Insurance in Minnesota Data as of 12/31/2012
This document is made available electronically by the Minnesota Legislative Reference Library as part of an ongoing digital archiving project. http://www.leg.state.mn.us/lrl/lrl.asp Minnesota Department
More informationROLE OF THE LIABILITY INSURANCE IN THE ENTERPRISE RISK MANAGEMENT. Keywords: Liability Insurance, Enterprise Risk Management, Economic Stability
DOI: 10.17626/dBEM.ICoM.P00.2015.p025 ROLE OF THE LIABILITY INSURANCE IN THE ENTERPRISE RISK MANAGEMENT Olga MARKÓ 1, Anett PANDURICS 2 1 Szent István University, Gödöllő, Hungary 2 Corvinus University,
More informationA Guide to Legal Malpractice Insurance
A Guide to Legal Malpractice Insurance Legal Malpractice Insurance Terms Admitted Carrier A carrier that is licensed and authorized to write insurance in a particular state using rates, rules and forms
More informationASBESTOS INDIRECT CLAIM FORM
BABCOCK & WILCOX ASBESTOS PERSONAL INJURY SETTLEMENT TRUST Submit completed claims to: Babcock & Wilcox Asbestos Personal Injury Settlement Trust P.O. Box 8890 Wilmington, DE 19899-8890 Instructions for
More informationA Guide to Legal Malpractice Insurance
A Guide to Legal Malpractice Insurance Legal Malpractice Insurance Terms Admitted Carrier A carrier licensed and authorized to write insurance in a particular state using rates, rules and forms that have
More informationPublic Policy Position
ISSUE In line with the overall tort system, the purpose of medical malpractice liability is to compensate patients who suffer an injury as a result of medical negligence. However, an effective tort system
More informationWC Asbestos Subrogation: Reserve Techniques. Presented by: Lauren Cavanaugh
WC Asbestos Subrogation: Reserve Techniques Presented by: Lauren Cavanaugh Table of Contents I. Background State of Asbestos Insurance Claims A. Products Liability B. Workers Compensation II. III. Estimating
More informationBONDING AMAN UNION. November 21 st, 2012. Daniel Stausberg. Atradius Re
BONDING AMAN UNION November 21 st, 2012 Daniel Stausberg Atradius Re 0 Bonds Presentation - Agenda Introduction 1 - Overview Global Bonding Market 2 - Products 3 - Characteristics 4 - Atradius Re s expertise
More informationNews from The Chubb Corporation
News from The Chubb Corporation The Chubb Corporation 15 Mountain View Road P.O. Box 1615 Warren, New Jersey 07061-1615 Telephone: 908-903-2000 FOR IMMEDIATE RELEASE Chubb Reports Second Quarter Net Income
More informationKey performance indicators
The information included in the following sheets of this Excel file forms an integral part of the Aegon press release on the Q2 results 2013 as published on August 8, 2013. Cautionary note regarding non-ifrs
More information3. ASSET REVALUATION RESERVE The asset revaluation reserve represents the surplus in fair value of land and buildings after revaluation.
GLOSSARY The following definitions have been provided to assist readers in gaining a better understanding of this Annual Report and its Financial Statements. 1. ACERH Australian Centre for Economic Research
More informationActuarial projections for mesothelioma: an epidemiological perspective Mark Clements, Geoffrey Berry and Jill Shi
Actuarial projections for mesothelioma: an epidemiological perspective Mark Clements, Geoffrey Berry and Jill Shi 27 slides to go Who are we? I am an epidemiologist/biostatistician from the Australian
More information2014 Statutory Combined Annual Statement Schedule P Disclosure
2014 Statutory Combined Annual Statement Schedule P Disclosure This disclosure provides supplemental facts and methodologies intended to enhance understanding of Schedule P reserve data. It provides additional
More informationLiability Insurance Guidelines For Water Restoration and Mold Contractors April 2013
Liability Insurance Guidelines For Water Restoration and Mold Contractors April 2013 Disclaimer: The following is a draft of suggested language for incorporation into construction insurance specifications.
More informationIN THE COURT OF COMMON PLEAS FIRST JUDICIAL DISTRICT OF PENNSYLVANIA CIVIL TRIAL DIVISION
IN THE COURT OF COMMON PLEAS FIRST JUDICIAL DISTRICT OF PENNSYLVANIA CIVIL TRIAL DIVISION ACE PROPERTY & CASUALTY INSURANCE COMPANY, et al, NOVEMBER TERM, 2010 Plaintiff, No. 02290 v. R & Q REINSURANCE
More informationWhiplash: A political rather than a medical diagnosis?
Whiplash: a political rather than a medical diagnosis?,, Temple The Government believes that there is a major problem with false whiplash claims and over the last two years has consulted upon and introduced
More informationMedical professional liability (MPL) insurance costs at a crossroads
Bracing for change Medical professional liability (MPL) insurance costs at a crossroads John F. Gibson Principal Dorothy A. Woodrum Director PwC Actuarial and Insurance Management Solutions (AIMS) Agenda
More information809.142 MEDICAL MALPRACTICE DAMAGES WRONGFUL DEATH GENERALLY. 1
Page 1 of 5 809.142 MEDICAL MALPRACTICE DAMAGES WRONGFUL DEATH GENERALLY. 1 (Use for claims filed on or after 1 October 2011. For claims filed before 1 October 2011, use N.C.P.I.-Civil 810.42 et seq.)
More informationPeriodic Payment Orders: impact on Pricing and Reinsurance Buying
General insurance pricing seminar Nathan Williams, RSA Periodic Payment Orders: impact on Pricing and Reinsurance Buying 2010 The Actuarial Profession www.actuaries.org.uk PPOs Impact For pricing consider
More informationThe loss of future earnings calculation
Employment, Disability and the Ogden Tables Victoria Wass Cardiff Business School Personal Injuries Bar Association November 2011 The loss of future earnings calculation annual wage x years of employment
More informationWikiLeaks Document Release
WikiLeaks Document Release February 2, 2009 Congressional Research Service Report RS20519 ASBESTOS COMPENSATION ACT OF 2000 Henry Cohen, American Law Division Updated April 13, 2000 Abstract. This report
More informationSolutions for Your Unique Healthcare Risk Management Challenges
Solutions for Your Unique Healthcare Risk Management Challenges Rising to Meet your Healthcare Challenges Beecher Carlson s National Healthcare Practice is acutely aware of what is ailing healthcare providers.
More informationData on selected insurance markets
Data on selected insurance markets Economic Research Munich, March 205 Germany CAGR* 2004 204: 2.6% CAGR* 2004 204:.% Macroeconomics & wealth, 204 Asset classes as % of gross financial assets, 204 82.7mn
More informationSEVERE BODILY INJURY CLAIMS IN EUROPE DEVELOPMENTS AND TRENDS. Warsaw, 12 May 2011 Dagmar Mayr
SEVERE BODILY INJURY CLAIMS IN EUROPE DEVELOPMENTS AND TRENDS Warsaw, 12 May 2011 Dagmar Mayr Agenda Markets - Germany - France - CEE Markets - Finland The Green Card Exposure Mutual Awareness of Developments
More informationDisease: solving disputes post 1 April 2013
Disease: solving disputes post 1 April 2013 This update examines the impact made by the Jackson reforms since their implementation on 1 April 2013 and looks forward to the extension of the RTA portal due
More informationOccupational respiratory diseases due to Asbestos. Dirk Dahmann, IGF, Bochum
Occupational respiratory diseases due to Asbestos Dirk Dahmann, IGF, Bochum Contents Introduction Diseases Further Effects Preventive Strategies Conclusion Asbestos minerals Woitowitz, 2003 Imports (+
More informationRISK MANAGEMENT 101 WEBCAST SERIES
RISK MANAGEMENT 101 WEBCAST SERIES BASICS OF CASUALTY INSURANCE March 19, 2014 BASICS OF CASUALTY INSURANCE INTRODUCTIONS STEVE KERR Managing Director ROBERT GARCIA Senior Vice President BRIAN COYLE Senior
More informationIASB Educational Session Non-Life Claims Liability
IASB Board Meeting Observer Note- Agenda Paper 10 January 2005 IASB Educational Session Non-Life Claims Liability Presented by the International Actuarial Association January 19, 2005 Sam Gutterman and
More informationCross Border. Are You Ready to Do Business in the US?
Cross Border Are You Ready to Do Business in the US? Failure to carry workers compensation insurance or to otherwise meet a state s regulations can result in the employer becoming liable for the employee
More informationEffects of recent changes in asbestos. on companies Christopher Diamantoukos, FCAS, MAAA
Effects of recent changes in asbestos and environmental liability estimates on companies Christopher Diamantoukos, FCAS, MAAA Seminar on Reinsurance Casualty Actuarial Society May 6-7, 2010 Agenda Elements
More informationBills Committee on Pneumoconiosis (Compensation) (Amendment) Bill 2008
LC Paper No. CB(2)1206/07-08(04) Bills Committee on Pneumoconiosis (Compensation) (Amendment) Bill 2008 Supplementary Background Information on the Pneumoconiosis (Compensation) (Amendment) Bill 2008 Introduction
More informationSession 1 Operation of the Auto Insurance System in Canada s Provinces
Session 1 Operation of the Auto Insurance System in Canada s Provinces Marie-Hélène Malenfant, FCIA, FSA Director of actuarial liability valuation, SAAQ Before 1978 28% of injured were not compensated;
More informationDD&R Reserves For Claims-Made Professional Liability Coverage
DD&R Reserves For Claims-Made Professional Liability Coverage September 2011 Article By: Jessica Lasher, CPA, Senior Manager with Johnson Lambert & Co. LLP and Robert Walling, Principal and Consultant
More informationDate: January 29, 2010. Commissioner Glenn Wilson. Nancy Myers, Property-Casualty Actuary. Medical Malpractice Report
This document is made available electronically by the Minnesota Legislative Reference Library as part of an ongoing digital archiving project. http://www.leg.state.mn.us/lrl/lrl.asp Minnesota Department
More informationLiability Claims Trends: Emerging Risks and Rebounding Economic Drivers
Liability Claims Trends: Emerging Risks and Rebounding Economic Drivers Roman Lechner 17 th Meeting of The Geneva Association s Annual Circle of Chief Economists Insurance Prospects in a Changing Risk
More informationInsurance Risk 101. Pat Teufel, FSA, MAAA Timothy J. Tongson, FSA, MAAA James E. Rech, MBA, ACAS, ASA, MAAA July 9, 2001 RHOB 2220
Insurance Risk 101 Pat Teufel, FSA, MAAA Timothy J. Tongson, FSA, MAAA James E. Rech, MBA, ACAS, ASA, MAAA July 9, 2001 RHOB 2220 Insurance Risk 101 1 Life Insurance Risk 101 Timothy J. Tongson, FSA, MAAA
More informationSeasonality and issues of the season
General Insurance Pricing Seminar James Tanser and Margarida Júdice Seasonality and issues of the season 2010 The Actuarial Profession www.actuaries.org.uk Agenda Issues of the season New claim trends
More informationMEDICAL MALPRACTICE CLOSED CLAIM DATA COLLECTION UNDER CONNECTICUT PUBLIC ACT 05-275
MEDICAL MALPRACTICE CLOSED CLAIM DATA COLLECTION UNDER CONNECTICUT PUBLIC ACT 05-275 Introduction: Public Act 05-275 (the Act ) requires Medical Malpractice insurance providers to report closed claims
More informationWATERFRONT WORKERS (COMPENSATION FOR ASBESTOS RELATED DISEASES) ACT
WESTERN AUSTRALIA WATERFRONT WORKERS (COMPENSATION FOR ASBESTOS RELATED DISEASES) ACT No. 84 of 1986 AN ACT to make special provision for payment of workers' compensation to certain waterfront workers
More informationANNUAL STUDY OF MEDICAL MALPRACTICE INSURANCE MARKET IN ARKANSAS
A REPORT TO THE LEGISLATIVE COUNCIL AND THE SENATE AND HOUSE COMMITTEES ON INSURANCE AND COMMERCE OF THE ARKANSAS GENERAL ASSEMBLY (AS REQUIRED BY ACT 1007 OF 2003) ANNUAL STUDY OF MEDICAL MALPRACTICE
More information8/24/2012. No Fault: Concept versus Reality
No Fault: Concept versus Reality Jennifer Kubit, FCAS, MAAA Progressive Corporation 1 The Casualty Actuarial Society is committed to adhering strictly to the letter and spirit of the antitrust laws. Seminars
More informationTort System and Government Role in Designing and Reforming Medical Malpractice Compensation Regimes, 2006
Austria Burden of proof is shifted to the health care provider proven and presumed error. Damages: Economic; n-economic Tort law reform is considered. Compulsory by the Medical Association s code of Conduct
More informationEuropean Underwater Federation. Background information on insurance for recreational divers
European Underwater Federation Background information on insurance for recreational divers Introduction As more and more divers travel to more and more exotic places to enjoy their activity it is clear
More informationProperty and Casualty Review Standards Checklist
Property and Casualty Review Standards Checklist General Filing Requirements apply to all property and casualty lines of insurance. Once you have reviewed the general filing requirements, please page to
More informationOccupational Disease Claims Practice The Disease Liabilities Risk Management Tool Disease Liabilities Risk Management Tool
Occupational Disease Claims Practice The Disease Liabilities Risk Management Tool Disease Liabilities Risk Management Tool Contents Contents i Introduction 1 Why should I hire Marsh? 2 Disease Liabilities
More informationTort Reform: Scheme Impact
Tort Reform: Scheme Impact Prepared by Gae Robinson Presented to the Institute of Actuaries of Australia Accident Compensation Seminar 28 November to 1 December 2004. This paper has been prepared for the
More informationWorkers Compensation: USA and California
International Social Security Association Conference Seminar III: Respiratory Diseases in Asia - Reporting, Recording, Prevention and Rehabilitation Shenzhen, Peoples Republic of China September 2006 Workers
More informationThe Future of Mass Torts. Amy S. Bouska, FCAS, MAAA, and Susan L. Cross, FCAS, MAAA, ASA
The Future of Mass Torts Amy S. Bouska, FCAS, MAAA, and Susan L. Cross, FCAS, MAAA, ASA 35 ABSTRACT In the world of mass torts, asbestos and pollution are the best known and clearly the largest to date,
More informationNews from The Chubb Corporation
News from The Chubb Corporation The Chubb Corporation 15 Mountain View Road P.O. Box 1615 Warren, New Jersey 07061-1615 Telephone: 908-903-2000 Chubb Reports Fourth Quarter Net Income per Share of $2.35;
More informationB-11-3. Response: Page 1 of 1
Information Request No..1 RR BCCA.BI.1.a-b Dated 04 May 16 March Insurance Corporation of British Columbia B-11-3.1 RR BCCA.BI.1.a-b Reference: Page 5-2, paragraph 6, the first bullet point refers to "An
More informationWhy Obtain Student Medical Malpractice Insurance?
Why Obtain Student Medical Malpractice Insurance? Important Notice & Disclaimer Please Read! This presentation is for use by Western Washington University (WWU) students only. Neither WWU, nor any officer,
More informationACTUARIAL INSIGHTS INTO SELF INSURANCE
ACTUARIAL INSIGHTS INTO SELF INSURANCE What Self Insurers Need to Know to Protect their Future Balance Sheet Daniel Lavender & Clive Amery 1 AGENDA Actuarial Role in Self Insurance Global Uncertainty Emerging
More informationINSURANCE CONCEPTS (13)
INSURANCE CONCEPTS (13) CONTESTANT ID# START TIME END TIME Provided by the Griffith Foundation for Insurance Education TOTAL POINTS (500) Failure to adhere to any of the following rules will result in
More informationBEFORE THE ARKANSAS WORKERS' COMPENSATION COMMISSION WCC FILE NO. F708945 STEVE LOWERY, EMPLOYEE GEORGIA-PACIFIC, EMPLOYER
BEFORE THE ARKANSAS WORKERS' COMPENSATION COMMISSION WCC FILE NO. F708945 STEVE LOWERY, EMPLOYEE GEORGIA-PACIFIC, EMPLOYER SEDGWICK CLAIMS MANAGEMENT SERVICES (TPA), INSURANCE CARRIER CLAIMANT RESPONDENT
More informationwww.mcgivneyandkluger.com
www.mcgivneyandkluger.com About Firm the Founded in 1994, McGivney & Kluger, P.C. has grown from a firm of four attorneys serving clients in one office in Florham Park, New Jersey, to a national firm of
More information