REINSURERS RELATIONSHIP WITH LOSS ADJUSTERS A REVIEW IN LIGHT OF RECENT NATURAL CATASTROPHES
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1 REINSURERS RELATIONSHIP WITH LOSS ADJUSTERS A REVIEW IN LIGHT OF RECENT NATURAL CATASTROPHES Dr. Eberhard Witthoff & John Pyall AICLA Asian Claims Convention Bangkok Thursday 21 st March 2013
2 The importance of Claims Management Our world... is not (safe) enough! Japan 2011 New Zealand 2011 Thailand 2011 Increased risks in Nat Cat s Munich Re Asian Claims Forum 2011 Executive Conference 20-Mar-13 2
3
4 The importance of Claims Management 2011 The issues for Asia Pacific Wildfires Canada, May Drought USA, ongoing Wildfires USA, April/Sept. 2011: A year that had a substantial impact on the Asia Pacific Region Severe storms, tornadoes USA, May Hurricane Irene USA, Caribbean 22 Aug. 2 Sept. Floods USA, April May Severe storms, tornadoes USA, April Landslides, flash floods Brazil, 12/16 Jan. Drought Somalia, ongoing Floods Pakistan Aug. Sept. Floods Floods, landslides Thailand, Cambodia, Vietnam Aug.. Oct. India June Aug. Earthquake, tsunami Japan, 11 March Cyclone Yasi Australia, 3 Feb. Floods, flash floods Australia, Dec Jan Earthquake New Zealand, 22 Feb. Earthquake New Zealand, 13 June Natural catastrophes Auswahl bedeutender Ereignisse (siehe Tabelle) Geophysical events (earthquake, tsunami, volcanic activity) Meteorological events (storm) Hydrological events (flood, mass movement) Climatological events (extreme temperature, drought, wildfire) 2011 Münchener Rückversicherungs-Gesellschaft, Geo Risks Research, NatCatSERVICE Munich Re Asian Claims Forum 2011 Executive Conference 20-Mar-13 4
5 The importance of Claims Management Our world... is not (safe) enough! Historical weather related cat losses (i.e. without EQ and man made losses) Worldwide Top 6 since 1970 (in USD Bn) , , , , , , was the worst year of insured EQ/Tsunami losses ever 2011 was the worst year for Asia-Pacific with 65 bn USD insured losses (with more than 270 bn USD of economic losses) Munich Re Asian Claims Forum 2011 Executive Conference 20-Mar-13 5
6 REINSURER RESPONSE Title of presentation and name 20/03/2013 of speaker6
7 Reinsurer Response Transparency Reinsurers do not know what is happening on the ground Reinsurers do not know the extent of their involvements Increasing desire from Reinsurers to be involved large increase in reinsurers actually visiting Nat Cat sites to increase their awareness. Greater dialogue with reinsurers and insurers over claims related issues. Why the requirement for greater transparency?
8 Reinsurer Response Stakeholder Issues Reserving need for a more rapid response Is it adequate? Known unknowns v unknown unknowns What is the PML Reporting who wants to know Shareholders Media Regulators Internal Communication - what is to be done? Underwriting Management
9 CLAIMS MANAGEMENT... THE STRATEGY FOR LONG TERM SUCCESS Munich Re Asian Claims Forum 2011 Executive Conference9 20-Mar-13
10 The importance of Claims Management Claims Management... the strategy for long term success Claims Mangement will become more important because: it is a strong factor in risk transparency which is required under the future solvency and regulatory rules it provides positive assistance to delivering value in your company s drive for profitability and it actively benefits a company in a stronger competitive environment to distinguish itself 20-Mar-13 10
11 The importance of Claims Management Claims Management... your strategy for long term success it is a strong factor in risk transparency which is required under the future solvency and regulatory rules Claims must be proactive Claims Management is always an important part of a company s Risk Management and early warning activities Regulatory bodies become more strict and will be more demanding regarding claims management in the future Claims are real life lessons for future underwriting 20-Mar-13 11
12 The importance of Claims Management Claims Management... the strategy for long term success it provides positive assistance to delivering value in a company s drive for profitability Profitability will be decided by Claims (on average up to 80-90% of expenses are claims related) Those insurance companies with the highest quality level of Claims Management are on the top of profitability Improvements in claims management tools and qualified staff is the key to higher profitability Focusing on effective transparent claims reserving provides better balance sheet monitoring and improved underwriting 20-Mar-13 12
13 The importance of Claims Management Claims Management... the strategy for long term success and it actively benefits a company in a stronger competitive environment to distinguish itself Getting a technical competition advantage by Geocoding tools Gaining a competitive advantage by using the expertise of a highly professional staff and experts Getting a service orientated competition advantage by proactive claims management 20-Mar-13 13
14 HOW WE INTERFACE WITH LOSS ADJUSTERS Title of presentation and name 20/03/2013 of speaker 14
15 Reports Value Chain Chain between loss adjuster and reinsurer includes insurers, brokers and sometimes lawyers Delays in reports reaching reinsurers Reports sometimes reach reinsurers only when settlement required No value added by some members in the chain i.e. clear issues may exist with report but these are not addressed. Feedback to issues such as coverage does not come from the contractual parties, e.g. broker or insurer, but sent back to loss adjuster for comment. The chain needs to be faster which more value added by the various constituent parts Title of presentation and name of speaker 20/03/
16 Reports Perception what you think we want against what we actually want! Short paragraph on cause not necessary to continually repeat Better to send out general overview by to market. Ideal would be to have a link in the report to the overview on causation crawfordandcompany.com/marketupdate-jakartafloods.pdf Encourages clients to look at Company web site which promotes company Easier and speedier update for entire market Report needs to address key issues and provide justifiable explanations not just comment. in my opinion - our understanding is - we consider the policy states the following exclusions are/are not applicable Title of presentation and name 20/03/2013 of speaker 16
17 Appointment of Experts Experts appointed Restoration experts when and by whom Forensic accountants Valuation experts Lawyers When and by whom Some experts appointed late in the day e.g. Valuers When reinsurers are paying the majority of the bill no involvement in appointments Early into Catastrophe market meeting involving all parties Insurers/ Reinsurers/ loss Adjusters and third party experts should occur so clear indications of viewpoints can be given
18 Coverage issues Historic tendency to allow loss adjuster to resolve coverage issues Different losses/jurisdictions lead to different outcomes on coverage Far greater feedback from reinsurers - Reinsurers expect to be involved Reporting delays mean that coverage issues determined before reinsurers have an opportunity to be involved. Greater involvement of reinsurers by some insurers recently - Promotes better cash flow - Reduces potential issues Active involvement of reinsurers in discussion on coverage issues at an early point is beneficial. Reinsurers should feedback to the market on coverage issues at an early opportunity so position is made clear.
19 Summation Value Added Value Added = Satisfaction of Needs Use of resources Do we consider whose needs have to be satisfied Is the best use of resources being made in the Value chain? - Not enough feedback on issues - Too much emphasis on fees and not enough on losses Better feedback as to how we can improve moving forward. - Earlier feedback from reinsurers - Review towards the end of any natural catastrophe as to how parties could improve.
20 THANK YOU FOR LISTENING ANY QUESTIONS
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