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FIAR, Sinaia May, 2011 CHANGES AND CHALLENGES (Re)insurance in C.E.E. in the 21 st Century

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Page 1: FIAR, Sinaia May, 2011 CHANGES AND CHALLENGES (Re)insurance in C.E.E. in the 21 st Century (Re)insurance in C.E.E. in the 21 st Century

FIAR, Sinaia

May, 2011

CHANGES AND CHALLENGES

(Re)insurance in C.E.E. in the 21st Century

Page 2: FIAR, Sinaia May, 2011 CHANGES AND CHALLENGES (Re)insurance in C.E.E. in the 21 st Century (Re)insurance in C.E.E. in the 21 st Century

GLOBAL CHANGES

LOCAL CHALLENGES

ENTERPRISE RISK MANAGEMENT

TRUST RE

AGENDA

Page 3: FIAR, Sinaia May, 2011 CHANGES AND CHALLENGES (Re)insurance in C.E.E. in the 21 st Century (Re)insurance in C.E.E. in the 21 st Century

SPEED INTERNET

NATURE: food, water, energy INNOVATION

RISKS CAN COME FROM MANY SOURCES

GLOBAL CHANGES

http://sportsillustrated.cnn.com/football/college/2000/bowls/news/2000/12/27/galleryfurniture_gamer_ap
Page 4: FIAR, Sinaia May, 2011 CHANGES AND CHALLENGES (Re)insurance in C.E.E. in the 21 st Century (Re)insurance in C.E.E. in the 21 st Century

GLOBAL CHANGES

DEMOGRAPHIC CHANGES

MARKET RISKS

NAT CATASTROPHES

REGULATIONS

POLITICAL RISK

TECHNOLOGY

theory & practice

Page 5: FIAR, Sinaia May, 2011 CHANGES AND CHALLENGES (Re)insurance in C.E.E. in the 21 st Century (Re)insurance in C.E.E. in the 21 st Century

RISKS

CYCLE MGMTUWR

DISCIPLINECONTROLRESPONSE

MODELSPROCESS PRICING TOOLS

“WHAT IF”SCENARIOS

CAPITAL ALLOCATION

CORPORATE GOVERNANCE

STRATEGYTACTICS

OPERATION

LOCAL CHALLENGES

COMLEXITY IS INCREASING

Page 6: FIAR, Sinaia May, 2011 CHANGES AND CHALLENGES (Re)insurance in C.E.E. in the 21 st Century (Re)insurance in C.E.E. in the 21 st Century

ENTERPRISE RISK MANAGEMENT = E.R.M.

A COMPREHENSIVE, SYSTEMATIC APPROACH FOR HELPING ALL ORGANISATION TO:

IDENTIFY MEASURE PRIORITIZE RESPOND

TO THE RISKS

- ACTIVELY MANAGE THE RISK EXPOSURE- BE READY TO PAY THE FUTURE CLAIMS

Source: COSO Definition of E.R.M.

Page 7: FIAR, Sinaia May, 2011 CHANGES AND CHALLENGES (Re)insurance in C.E.E. in the 21 st Century (Re)insurance in C.E.E. in the 21 st Century

STRATEGIC

OPERATION

REPORTING

COMPLIANCE

Source: COSO Enterprise Risk Management – Integrated Framework. 2004. COSO.

GOALS

ORGANIZATION

E.R.M. FRAME

Page 8: FIAR, Sinaia May, 2011 CHANGES AND CHALLENGES (Re)insurance in C.E.E. in the 21 st Century (Re)insurance in C.E.E. in the 21 st Century

WHAT MUST BE DONE?

• Define the risk universe (our set of risks)

• Agree on a common risk language

• Embark on a risk education process

• Assess the current state of risk awareness

• Define risk appetite and set levels of risk tolerance

• Assess risks

• Identify and evaluate any existing controls

• Decide appropriate risk responses (accept, avoid, share,

mitigate)

to each of the risks in our risk portfolio

• Integrate controls with responses

Page 9: FIAR, Sinaia May, 2011 CHANGES AND CHALLENGES (Re)insurance in C.E.E. in the 21 st Century (Re)insurance in C.E.E. in the 21 st Century

THE ESSENTIAL COMPONENTS OF E.R.M.

People

Good Will & Trust

ERM

Capital & IT

THESE COMPONENTS DINAMICALY IMPROVE AS A RESULT OF E.R.M.

THESE COMPONENTS DINAMICALY IMPROVE AS A RESULT OF E.R.M.

KNOW HOWEXPERIENCEMOTIVATIONTRANSPARENCYCOMMUNICATIONPROACTIVE DECISION

KNOW HOWEXPERIENCEMOTIVATIONTRANSPARENCYCOMMUNICATIONPROACTIVE DECISION

Page 10: FIAR, Sinaia May, 2011 CHANGES AND CHALLENGES (Re)insurance in C.E.E. in the 21 st Century (Re)insurance in C.E.E. in the 21 st Century

TRUST RE UWR SUMMARY y 2011

TREATY CAPACITIES

Non-Marine: US$7,500,000

Marine: US$3,750,000

 

FACULTATIVE CAPACITIES

Energy Onshore: US$40 mio on PML

Energy Offshore: US$40 mio on PML

Property: US$30 mio on PML

Engineering: US$21 mio on PML

Liability: US$5 mio per occurrence

Marine Hull: US$8,750,000

Marine Cargo: US$8,750,000

Page 11: FIAR, Sinaia May, 2011 CHANGES AND CHALLENGES (Re)insurance in C.E.E. in the 21 st Century (Re)insurance in C.E.E. in the 21 st Century

TRUST RE CONTACTS

TRUST RE, BAHRAIN

Jalal TabajaRegional Manager

Trust Tower, Building 125 Road 1702, Diplomatic Area 317P.O. Box 10002Manama, Kingdom of Bahrain

T+: (+973) 17 517 171

F+: (+973) 17 531 586

M+: (+973) 36 899 855

[email protected]

TRUST RE, CYPRUS

Sinisa LovrincevicHead of Business Development

Ariadne House, 4th Floor, 33328th October StreetP.O. Box 58024, CY 3730Limassol, Cyprus

T+: (+357) 25 582 329

F+: (+357) 25 591 074

M+: (+357) 99 722 665

[email protected]

Page 12: FIAR, Sinaia May, 2011 CHANGES AND CHALLENGES (Re)insurance in C.E.E. in the 21 st Century (Re)insurance in C.E.E. in the 21 st Century

THANK YOU FOR ATTENTION!

TRUST RE RATING

A- (Excellent) by A.M. BestBBB+ (Stable) by S&P

www.trustgroup.net


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