introduction swiss re

8/13/2019 Introduction Swiss Re

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Swiss Re inEurope

Global HeadquartersSwiss Re Ltd

Mythenquai 50/60PO Box

8022 ZurichSwitzerland

+41 43 285 2121

F: +41 43 285 2999

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Tunoy MukherjeeFew ethical issues dealt - in terms of HR, sociallyand Globally

Swiss Re


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Business Ethics MBA Submitted by : Tunoy Mukherjee

INTRODUCTION

Swiss Reinsurance Company Ltd generally known as Swiss Re, is a Swiss reinsurance company. It

is the worlds second -largest reinsurer, after having acquired GE Insurance Solutions. The

company has its headquarters in Zurich. Founded in 1863, Swiss Re operates through offices inmore than 25 countries.

What is Reisurance ?

Reinsurance is insurance that is purchased by an insurance company (insurer also sometimes

called a "cedant" or "cedent") from another insurance company ( reinsurer ) as a means of risk

management. The reinsurer and the insurer enter into a reinsurance agreement which details the

conditions upon which the reinsurer would pay the insurer's losses (in terms of excess of loss or

proportional to loss ). The reinsurer is paid a reinsurance premium by the insurer , and the insurer

issues insurance policies to its own policyholders. The main reason for insurers to buy reinsurance

is to transfer risk from the insurer to the reinsurer.

History

On 10/11 May 1861, more than 500 houses went up in flames in the town of Glarus. Two thirds of

the town sank into rubble and ashes; around 3000 inhabitants were made homeless. Like the fire

of Hamburg in 1842 (which led to the foundation of the first professional reinsurers in Germany)the great fire of Glarus in 1861 showed that insurance coverage was totally inadequate in

Switzerland in the event of such a catastrophe. Hence the need to provide more effective means of

coping with the risks posed by such devastation.

What They Do

The Swiss Re Group is a leading wholesale provider of reinsurance, insurance and other

insurance-based forms of risk transfer. Dealing direct and working through brokers, its global client

base consists of insurance companies, mid-to-large-sized corporations and public sector clients.

From standard products to tailor-made coverage across all lines of business, Swiss Re deploys its

capital strength, expertise and innovation power to enable the risk taking upon which enterprise

and progress in society depend.
http://en.wikipedia.org/wiki/Switzerlandhttp://en.wikipedia.org/wiki/Reinsurancehttp://en.wikipedia.org/wiki/Zurichhttp://en.wikipedia.org/wiki/Insurancehttp://en.wikipedia.org/wiki/Insurance_companyhttp://en.wikipedia.org/wiki/Risk_managementhttp://en.wikipedia.org/wiki/Risk_managementhttp://en.wikipedia.org/wiki/Riskhttp://en.wikipedia.org/wiki/Riskhttp://en.wikipedia.org/wiki/Risk_managementhttp://en.wikipedia.org/wiki/Risk_managementhttp://en.wikipedia.org/wiki/Insurance_companyhttp://en.wikipedia.org/wiki/Insurancehttp://en.wikipedia.org/wiki/Zurichhttp://en.wikipedia.org/wiki/Reinsurancehttp://en.wikipedia.org/wiki/Switzerland


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Key Etical Questions

What Does Corporate mean for Swiss Re ?

It is their conviction that only by bringing their entrepreneurial endeavors into harmony with

responsibility for their business environment will we secure their long- term success. Swiss Res

business environment is in flux, presenting ever new opportunities and risks. Key factors such as

climate change, technological progress, demographic trends and the effects of the globalisation of

financial markets constitute major challenges. Swiss Re meets these challenges actively and flexibly

with tailor-made solutions.

Their experts analyse the vast diversity of risks in their complex world, be they natural hazards,

population trends or new diseases, and develop solutions on the basis of their expertise. It is also

their aim to continually push back the boundaries of insurability. Swiss Re assumes social

responsibility and fulfils economic, ecological and social needs an understanding of their role

which we have put into practice in their corporate responsibility strategy. its principles for

instance on the subjects of environment, staff, human rights and anti-corruption offer us

important action guidelines and standards for realising corporate responsibility in their core

business Group-wide.

How is the ethical Corporate responsibility anchored in Swiss Re core Business ?

Insurance and corporate responsibility are very similar in nature. At the heart of both lies a

promise for the future. The concept of insurance is built on fulfilling obligations from insurance

contracts on a sustainable basis. For us as a global risk carrier, a prospective, prudent and

responsible approach is therefore self-evident.

Swiss Re takes pride in being a law-abiding, ethical and socially responsible organisation that deals

fairly and professionally with its stakeholders their employees, shareholders, customers,

government regulators and the general public.


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For the implementation of their commitment, we put a special focus on three areas. They form the

pillars of their corporate responsibility framework:

their corporate governance regime;

their efforts to integrate sustainability in their core business and operations; their activities as a good corporate citizen.

In addition, we attach high value on two areas that underlie all their efforts to be a responsible

company: engaging in dialogue with key stakeholders and being a good employer.

Accountability is an integral part of being a responsible company. Since 1998, we have been

publishing a yearly Group-wide report that provides a comprehensive account of their key activities

and achievements

What is the focus of Swiss Res ethical social responsibility?

In a widely cited r eport, some of the worlds leading climate scientists conclude that global

warming will result in more extreme weather events and urge strengthening disaster preparedness.

Swiss Re contributed to the new report with its research on climate risks and expertise in climate

adaptation.

Even if all carbon emissions were stopped today, the worlds climate would continue to change.

This makes climate adaptation an urgent priority. Investing in measures that help communities

better cope with floods, droughts and severe storms will go a long way to preparing them for a

future marked by more weather extremes and natural disasters.

What are the ethical responsibility towards employes?

Their staff provide the basis for their success due to their specialist knowledge, experience,motivation and commitment. We invest continually in their development and provide all staff with

equal opportunities and excellent working conditions. We want to recruit the best people available

and imbue them with enthusiasm for their business. Swiss Re has enjoyed a consistently low staff

turnover rate for many years further proof that it is an attractive employer.


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In their human resources work, we concentrate on people. We are a successful and valued

employer, not only adapting to the current demands of the labour market but also taking into

account the changing needs of their staff. Flexitime, special conditions for employees with children,

the promotion of healthcare, and social counselling services are just some of the factors that make

Swiss Re a respected employer.

Training and personal development Their aim

Fair and performance related remuneration

Combining career and family

In the long term, we can only maintain and enhance the high quality of their work if their

employees are satisfied, and so we offer their staff first-class conditions. These include fair,

performance-related remuneration that ensures everyone is treated equally in terms of

opportunities and recognition.

Health at the workplace Programmes and measures

The well-being of their staff is a matter of priority. Swiss Re is therefore actively and firmly

committed to promoting their health. For instance, as well as medical care, sport and relaxation

programmes, we also offer personal measures to help staff return to working life after a prolonged

absence.

Diversity is their strength

The different backgrounds, cultures and religions of their staff are but three factors key to Swiss

Res success because people from different backgrounds contribute an equally varied range of

individual skills and strength

Major ethical issue that Swiss Re or any reinsurance company faces globally is rbi tration

Consideration of ethical issues in reinsurance arbitrations is important to enhance the fairness and

integrity of the process. In addition, as reflected in recent judicial decisions, the courts have (rightly

or wrongly) become more active in vacating awards because of purported ethical violations. An

understanding of ethical issues is thus important to avoid having awards vacated and the attendant

time and expense involved in going through another arbitration.
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