reinsurance / reaseguro / resseguro - svs · reinsurance / reaseguro / resseguro dr. sebastian von...

17
Reinsurance / Reaseguro / Resseguro Dr. Sebastian von Dahlen Santiago de Chile 15 November 2007

Upload: doduong

Post on 03-Oct-2018

222 views

Category:

Documents


0 download

TRANSCRIPT

Reinsurance / Reaseguro / Resseguro

Dr. Sebastian von Dahlen

Santiago de Chile

15 November 2007

Case Study Reinsurance Scenarios

Dr. Sebastian von Dahlen, Principal Administrator IAIS

2 2007 / Santiago

de Chile

Introduction / Introducción / Introdução

Señoras y señores,

Disculpen que mi presentación sea en inglés. Mis escasos conocimientos de español y portugués solo me permiten decirles que pueden sentirse dichosos de que me esté limitando a esta sola página.

¡Muchas gracias!

Estimados senhoras e senhores,

Peço desculpa por proferir a minha conferência somente em língua inglesa, mas os meus escassos conhecimentos das línguas portuguesa e espanhola são apenas suficientes para lhes comunicar que se podem considerar felizes que agora acabo por continuar a falar apenas em língua inglesa.

Muito obrigado!

Case Study Reinsurance Scenarios

Dr. Sebastian von Dahlen, Principal Administrator IAIS

3 2007 / Santiago

de Chile

Today‘s schedule on IAIS and reinsurance

Index of contents

A) During PANEL (now)

Some background on:

– Current IAIS reinsurance work

– Selected Latin American data

B) During CASE STUDY (later)

Some basic insights:

– Reinsurance supervision

– Problems and solutions

Case Study Reinsurance Scenarios

Dr. Sebastian von Dahlen, Principal Administrator IAIS

4 2007 / Santiago

de Chile

Importance of the IAIS

IAIS Mandate

• Standards and guidance for insurance supervision

• Assist national supervisors

• Promote cooperation among insurance supervisors

• Coordinate with other financial sector and international organizations (Basel Committee, IOSCO, Joint Forum, Financial Stability Forum, etc.)

Case Study Reinsurance Scenarios

Dr. Sebastian von Dahlen, Principal Administrator IAIS

5 2007 / Santiago

de Chile

Reinsurance and the IAIS Executive

Committee

Technical

Committee

Solvency

Subcommittee

Accounting

Subcommittee (incl.

Insurance

Contracts)

Reinsurance

Subcommittee

Governance &

Compliance

Subcommittee

Market Conduct

Subcommittee

Financial

Conglomerate

Subcommittee

Reinsurance

Transparency

Subgroup

Mutual Recognition

Subgroup

Pension

Coordination Task

Force

ICP ReviewTask

Force

Executive Committee

Technical Committee

Reinsurance Subcommittee

Reinsurance Transparency Subgroup

Mutual Recognition Subgroup

Reinsurance Subcommittee

1. Main focus on

Mutual Recognition

Reinsurance Transparency

2. Work also on

Revision of IAIS Papers

Case Study Reinsurance Scenarios

Dr. Sebastian von Dahlen, Principal Administrator IAIS

6 2007 / Santiago

de Chile

Reinsurance Transparency Subgroup

Global Reinsurance Market Report

• Participants of report

– Supervisors from Bermuda, France, Germany, Japan Switzerland, the UK and the USA

– 56 significant reinsurance entities

– Representing a very high proportion of the worldwide reinsurance market

• Aim of report

– Increase transparency concerning worldwide reinsurance market

– Indicate resiliency of the reinsurance market

Source of information for supervisors around the world

Case Study Reinsurance Scenarios

Dr. Sebastian von Dahlen, Principal Administrator IAIS

7 2007 / Santiago

de Chile

IAIS Global Reinsurance Market Report

Edition 2007 – new structure & new layout

Insights to relevant reinsurance market developments

New in the report: more reference to the overall capital market

Example:

Average CDS spreads for reinsurance, insurance and banks

0

10

20

30

40

50

60

Jan-

06

Apr

-06

Jul-06

Oct

-06

Jan-

07

Apr

-07

Jul-07

Oct

-07

Banks

Insurance

Reinsurance

Case Study Reinsurance Scenarios

Dr. Sebastian von Dahlen, Principal Administrator IAIS

8 2007 / Santiago

de Chile

IAIS Global Reinsurance Market Report …

… Edition 2007 – some life reinsurance focus …

…“Chapter III” provides assessments on:

a) pandemic risks b) mortality risks

e.g. potential avian flu e.g. graph below

http://www.iaisweb.org/

Case Study Reinsurance Scenarios

Dr. Sebastian von Dahlen, Principal Administrator IAIS

9 2007 / Santiago

de Chile

Mutual Recognition Subgroup

Mutual Recognition of Reinsurance Supersvision

• Reinsurance protection

– Important risk mitigation tool for insurers

– Provide economic benefits for primary insurers and their

policyholders

Example: major natural catastrophes

(e.g. severe storms)

- Reinsurance provides protection

- Global risk diversification is important

Supervisors should support, if

possible and appropriate, a worldwide

diversification of reinsured risks

Case Study Reinsurance Scenarios

Dr. Sebastian von Dahlen, Principal Administrator IAIS

10 2007 / Santiago

de Chile

Mutual Recognition Subgroup

IAIS aim concerning mutual recognition

• To facilitate a system of efficient insurance and reinsurance

supervision: avoid unnecessary burdens

Example: appropriate information sharing among supervisors

instead of a duplication of supervisory requests

• Please check IAIS website for the recently published

“Discussion Paper on the Mutual Recognition of Reinsurance Supervision”

Case Study Reinsurance Scenarios

Dr. Sebastian von Dahlen, Principal Administrator IAIS

11 2007 / Santiago

de Chile

Reinsurance Subcommittee

Additional work planned for the near future

• Revision and updating of existing reinsurance

related IAIS papers

– „Standard on the evaluation of the reinsurance cover of

primary insurers“

– „Guidance Paper on finite reinsurance“

Case Study Reinsurance Scenarios

Dr. Sebastian von Dahlen, Principal Administrator IAIS

12 2007 / Santiago

de Chile

Insurance and Reinsurance

Some insights into Latin America

• Premium shares

• Premium growth

• Market penetration

• Growth expectation

Case Study Reinsurance Scenarios

Dr. Sebastian von Dahlen, Principal Administrator IAIS

13 2007 / Santiago

de Chile

Latin America

Non Life premium shares Latin America NL Premium shares* within LA (2005)

37.8%21.4%

9.2%9.1%

5.6%4.5%

1.5%1.5%1.4%

1.0%1.0%0.8%0.8%0.7%0.7%0.7%0.6%0.6%0.4%0.3%0.2%0.2%

0% 5% 10% 15% 20% 25% 30% 35% 40%

BrazilMexico

VenezuelaArgentinaColombia

ChileEcuador

PeruDominican Republic

JamaicaCosta Rica

PanamaGuatemala

UruguayTrinidad and Tobago

El SalvadorBahamasBarbadosHonduras

BoliviaNicaraguaParaguay

87.6%

87.6%

Source: VERA

Case Study Reinsurance Scenarios

Dr. Sebastian von Dahlen, Principal Administrator IAIS

14 2007 / Santiago

de Chile

Latin America

Non Life premium growth 2000-2005

NL real premium growth 2000-2005*

12.5%

12.3%

6.5%

5.4%

4.9%

4.4%

3.9%

2.3%

0% 5% 10% 15%

Venezuela

Chile

Mexico

Argentina

Latin America

World

Colombia

Brazil

Source: Munich Re

Case Study Reinsurance Scenarios

Dr. Sebastian von Dahlen, Principal Administrator IAIS

15 2007 / Santiago

de Chile

Latin America

Insurance market penetration

Venezuela

UK

Singapore

Russia

Philippines

Mexico

S. Korea

Italy

Germany

France

Colombia

China

Chile

Canada

Argentina

USA

TaiwanSouth Africa

Norway

New ZealandJapan

India

Brazil

Australia

0

1

2

3

4

5

6

0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000

GNI per capita in purchasing power parities (PPP-US$)

Pe

ne

tra

tio

n N

on

-lif

e (

%)

Global trend line

year: 2005 Source: VERA

Case Study Reinsurance Scenarios

Dr. Sebastian von Dahlen, Principal Administrator IAIS

16 2007 / Santiago

de Chile

Chile

Growth expectation for a primary insurance market

source: AACH (history), Munich Re

0

500000

1000000

1500000

2000000

2500000

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

2012

2014

NL Trend BIP nom. (downside) NL Trend (GNI PPP)

Global Trend NL

Case Study Reinsurance Scenarios

Dr. Sebastian von Dahlen, Principal Administrator IAIS

17 2007 / Santiago

de Chile

Reinsurance / Reaseguro / Resseguro

http://www.iaisweb.org/

A source for further questions und answers: