Insurance Perspectives of Risk Analysis
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1 06 November 2012 Insurance Perspectives of Risk Analysis Dr. Ralph Kehrbaum Engineering Underwriting Dept. for Corporate Clients in Germany
2 Schedule Who is HDI Gerling Industrie Versicherung AG? What are Engineering Insurances? Which Risk Management issues does the Technical Insurer focus on? Example Offshore Wind Power as a new technology 06. Nov. 2012, Page 2
3 HDI Gerling Industrie Versicherung AG a part of the Talanx Group Industrial Commercial and Private (D & Int.) incl. Life Reinsurance Internal 06. Nov. 2012, Page 3
4 HDI Gerling Industrie Versicherung AG a part of the Talanx Group Talanx Group s gross written premium: 23,7 Bil. active in 150 countries employees as of year-end 2011 among the 12 largest European insurance providers by gross written premium HDI Gerling Industrie Versicherung AG form part of the Talanx Group active in >130 countries 06. Nov. 2012, Page 4
5 Engineering Insurances among other Industrial Insurances cover mainly losses or damages of: Liability Property Engineering Marine Motor third party property or persons the insureds property if fire / natural hazards dominate the insureds property in case of projects or if technical risks are prevalent goods, ships or aircrafts in transit trucks or cars in transit 06. Nov. 2012, Page 5
6 What are Engineering Insurances? Engineering Insurances may cover: Projects under construction EAR: power, chemical, electronic or other production plants CAR: buildings, roads, bridges, tunnels or other civil works Operations MB: stationary machinery or mobile equipment EE: computer centers, medical equipment CECR: roads, bridges or tunnels Business Interuption ALoP: Advanced Loss of Profits for projects LoP: Loss of Profits for operations and are often concerned with new technology and its risks! 06. Nov. 2012, Pagee 6
7 Which New Technologies have been an issue for Engineering Insurances in the past? Source: Nordic Yards steam boilers heavy civils nuclear power plants waste incineration gas turbine power plants renewable energy high voltage direct current (HVDC) risk factors high forces or pressures high temperatures aggressive chemical substances unexperienced companies new materials unproven construction and dimensions 06. Nov. 2012, Page 7
8 Engineering Insurances: Scope of Cover unforeseen physical loss or damage due to any peril such as fire, explosion, natural hazards, faulty construction / material / workmanship new technology! of defined insured items or of the entire scope of a project at defined locations during a defined time period in the interest of a named insured and additional insureds and others to be subrogated for the reinstatement of the conditions prior to the occurrence plus specially agreed additional costs minus a deductible up to the sums insured or an agreed limit 06. Nov. 2012, Page 8
9 Engineering Insurances have to exclude foreseeable losses or damages due to normal weather conditions wear & tear known defects etc new technology pure defects due to malconstruction malorganization unknown subsoil conditions or any other type of cost overruns new technology uncoverable cumulative perils such as war or nuclear radiation in certain locations at least to be limited: natural perils, terrorism or other political perils wilful acts of the (co-)insured or his representatives 06. Nov. 2012, Page 9
10 Which major issues do we consider within our Risk Management? prototypicality protection systems organisation and quality management time schedule working conditions technical conditions surrounding area subsoil conditions qualified staff losses in the past 06. Nov. 2012, Page 10
11 Offshore Wind Power as an example for New Technology in the Engineering Insurance double power output offshore conditions expensive ships distance to next harbour winter storms subsea cables HVDC grid platforms lack of experience new design 06. Nov. 2012, Page 11
12 Why do these issues serve for premium calculation? Most single industrial and engineering risks are individual! 1. Analysis of risk criteria assessment of the probability and the extent of possible losses or damages 2. Comparision of a new risk with a known risk with known requirements for premium and conditions additional premium, higher deductibles or more restrictive insurance contract conditions (or vice versa) Source: Nordic Yards 06. Nov. 2012, Page 12
13 The role of risk analysis during the underwriting process of special industrial risks 1. Data Aquisition 2. Analysis 3. Decision 4. Calculation of Premium 5. Quotation UNDERWRITING PROCESS 6. Negotiation 7. Cover Note 8. Risk Surveillance 06. Nov. 2012, Page 13
14 Conclusion Without an accurate analysis of a risk to be insured no adequate premium, deductibles or conditions can be determined by the insurer. The more uncertain or vague the information given is the more the insurer has e.g. to load additional premium on his calculation. After signing a special risk the insurer can help in avoiding losses or damages. HDI Gerling has a high experience with all kinds of technical risks. There fore our RM staff can recommend useful preventive measures after site inspections. 06. Nov. 2012, Page 14
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