Sustainability of the Short-Term Insurance Industry
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1 Sustainability of the Short-Term Insurance Industry Presented by: John Melville Executive Head: Risk Services, Santam Chairman of the SAIA 11 th June 2012 The Education Collaboration Response Business
2 THE ROLE OF INSURANCE IN THE ECONOMY A collective safety net and a lever of economic and social development A key enabler and transmission mechanism for economic activity A catalyst in the financial and investment flows needed for sustainable development
3 KEY CHALLENGE AN INCREASING LEVEL OF SYSTEMIC RISK Driven by the growing interconnectedness between the physical, economic and social environments in which we live Source: WEF Global Risk report 2012 Many people still do not have access to the collective safety net and are therefore exposed to the increasing level of risk
4 TOP 10 STRATEGIC ECONOMIC SOCIAL GOVERNANCE RISKS Legislation & regulatory capacity Image & reputation G G E How we manage our impact on the environment Information management Increased crime and corruption G G SA insurance industry E S Lack of investment & maintenance of infrastructure Dual economy Human capital & skills S S S Lack of transformation No real market growth THERE ARE STRONG LINKS TO THE RISKS IDENTIFIED BY THE NATIONAL PLANNING COMMISSION
5 KEY STRATEGIC QUESTIONS FOR US Do we sit passively and watch the world unfold for us? OR Do we act proactively to become shapers of risks by: Understanding these risks Sharing this knowledge Developing strategic responses Driving or contributing towards implementation
6 STRATEGIC RISK FORUM SAIA AND FIA ESTABLISHED AN INDUSTRY FORUM TO: Engage on strategic risks to our sustainability Understand what is being done to mitigate these risks Initiate interventions collaboratively to mitigate these risks This initiative and decision was a world first and lauded by UNEP FI, and is now being followed in other territories Brazil, Australia and New Zealand
7 COLLABORATIVE KNOWLEDGE SHARING AND PLANNING 7 th March , 2 nd Sept, 2011 Understanding ESG Risks Environmental Risks Urbanisation African Centre for Cities; University of Cape Town Social Risks National Planning Commission perspective Governance Risks ESG on the bottom line South African Association of Chartered Accountants 17 th Nov Our changing landscape Our changing landscape: Cities CSIR Climate Change, Cities, Risk African Centre for Cities University of Cape Town (UCT) Energy and Climate: Change is the new Normal (case study) Pretoria Portland Cement Company Building Sustainability Indicators Marsh Risk Consulting Public Private Partnerships: National Disaster Management and STI Industry Deputy Minister of Cooperative Governance and Traditional Affairs (CoGTA) Chairman: Strategic Risk Forum Munich Re of Africa Economist Agri SA National Emergence Red Meat Producers Organisation Santam SALGA The World Bank Investing for Adaptation and mitigation
8 THE STRATEGIC RISK FORUM 2 year industry wide ESG Risk review STI Risk Drivers Dashboard Changing Landscape 2 year rolling Global and local Stakeholder Analysis Steerco Environmental Social Governance Motor Reinsurance Enabling / dis-enabling frameworks/policies SAIA: Position Paper Global and local partners Expertise shift Human Capital Development Delivery / Implementation Value Chain Readiness Funding methodology Governance, Controls, Technology Support, Information Management, Client Research Methodology, Central Analytics Industry solution SAIA: Trading Brief Other
9 THE FOCUS AREAS Active engagement with the representatives in the value chain FIA, SAIA, SAUMA, IISA, National Treasury, FSB, Scientists, academics, government, NGO s
10 AGRI INSURANCE PPP CROP INSURANCE CO-FINANCING PARTNERSHIP BETWEEN GOVERNMENT AND THE INSURANCE INDUSTRY TO: enhance food security in SA increase access to insurance and making farming more viable incentivise responsible environmental practices by farmers grow the crop insurance market manage the contingent liability on the national balance sheet
11 CROP INSURANCE IN SOUTH AFRICA LOW CURRENT MARKET PENETRATION LEVELS Country MPCI [m ] Hail [m ] Total [m ] Market Penetration [%] USA % Canada % China % Spain % (incl. Livestock) France % MPCI / 55% Hail Italy % Hail / 1% MPCI Russia % India % Brazil % Germany % (crop hail only) Argentina % Mexico % Australia % South Africa % Austria % Republic of Korea % Turkey % Total
12 SUSTAINABLE AGRI INSURANCE WHY: Higher penetration in the crop insurance market = multiple benefits Proposed solution: Public-Private Partnership (PPP) Cimate Change Weather Risks Specialised Public Sector PPP crop insurance Farmers Agrifinance and Agribusiness Market Risks crop insurers 1. Integrated in agricultural policy and law 2. Public co-financing of premiums and cat losses 3. Transparent, uniform terms and products 4. Open to all farmers 5. Comprehensive coverage benefiting individual farmers 6. Operated through specialised crop insurers
13 360 DEGREE VIEW OF OUR CHANGING LANDSCAPE WHY: Insurance is a key point of leverage in building resilience in a changing landscape (Fire, drought, storms, flood, tremors) Think Tank Enabled by collaborating effectively with the many stakeholders involved in managing risks (Industry representatives, CSIR, UCT, government etc.) Establish principles with NDMC and SALGA for a cooperation agreement Develop MOU with CoGTA Understand Nov 2011 Collaborate Q Business PPP initiation May 2012
14 COMMUNITY RISK INSURANCE WHY: Demonstrate how simple insurance can help break some of the poverty traps many of our communities find themselves in Learn how to provide simple insurance in vulnerable communities who are not touched by insurance Promote risk management in the communities Provide employment to the unemployed (especially youth) Partner with Dept. of Cooperative Governance using Community Works Programmes (CWPs) & promote financial inclusion Identification of key partners Design concept 2012 Robust public-private 2013 Community Risk partnership Local human capital development Mechanism with Shared risk through PPP municipalities Pilot
15 PRINCIPLES FOR SUSTAINABLE INSURANCE UNEP FI insurance commission established Global consultation on sustainable insurance PSI launch Raised awareness of the contribution that the insurance industry is already making to sustainability and get the industry engaged on this topic March: SA hosted the first of these consultations on behalf of the African insurance industry December: A final set of PSI was agreed in Zurich, Switzerland PSI to be launched at the Rio+20 summit in just over a week s time
16 WHAT ARE THE PRINCIPLES FOR SUSTAINABLE INSURANCE? Embed in our decisionmaking environmental, social, and governance issues relevant to our insurance business PSI Work together with our clients and business partners to raise awareness of environmental, social and governance issues, manage risk and develop solutions Demonstrate accountability and transparency in regularly disclosing publicly our progress in implementing the Principles Work together with governments, regulators and other key stakeholders to promote widespread action across society on environmental, social and governance issues
17 CAN WE REALLY MAKE A DIFFERENCE?
18 LOCAL EXAMPLE: BUSINESS AGAINST CRIME A CONDUIT FOR ENGAGEMENT BETWEEN GOVERNMENT & BUSINESS ON CRIME Support businesses in getting their own house in order in terms of crime prevention Partner with government by sharing expertise, information, processes and technologies Success is evident in the fight against crime Source: BAC
19 CALL TO ACTION! There is the potential for the insurance industry to demonstrate its true value Let s PROACTIVELY and POSITIVELY influence the world in which we do business Let s get involved with the RISKS
20 WHAT CAN YOU DO? Get involved with others via the Forum to contribute, learn and apply knowledge regarding relevant risks in your business and broader environment Implement the Principles for Sustainable Insurance (PSI) and become a signatory Do your own risk assessment as recommended by the PSI BE A SPOKESPERSON FOR THE TRUE VALUE OF INSURANCE
21 THANK YOU
broader context market insurance
12 The Santam group follows a regular and robust strategic review process, involving environmental scanning, executive dialogue, and goal and target setting. The strategy process culminates in the plans
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