Matt Rafferty – General Manager, IrelandQBE European Operations<br />Presentation to Dublin Chamber of Commerce – 27th Sep...
Emerging Trends in the Insurance Market<br />Presentation to Dublin Chamber of Commerce – 27th September 2011<br />
Insurance – The Journey<br />Page 2<br />2011-09-27 Presentation to Dublin Chamber of Commerce<br /><ul><li>‘As it was in ...
It is now interweaved into the very fabric of our society.
It is now interweaved into the fabric of our economy.
Resilience to global catastrophes.
How is it reacting to global trends?
How is it reacting to domestic trends?</li></li></ul><li>Lloyds’ – formed to transfer simple individual risks to a pool ar...
Property<br />Business Interruption<br />Theft, Glass, Money<br />Credit<br />Third Party liability insurances.<br />Soon ...
A broad range of Personal Insurances<br />Motor<br />Home<br />Travel<br />Personal Accident<br />Health<br />Even our bel...
Space<br />Pharma/Chemicals<br />Rich & Famous<br />Reinsurance<br />And even more clever ones...<br />Specialist markets ...
Clever....but maybe too clever?<br />Page 7<br />2011-09-27 Presentation to Dublin Chamber of Commerce<br />Complex/divers...
Insurance – what is it today?<br />Page 8<br />2011-09-27 Presentation to Dublin Chamber of Commerce<br />No longer just a...
Insurance – the emergence of embedded services and ‘Add-Ons’<br />Page 9<br />2011-09-27 Presentation to Dublin Chamber of...
Risk Management/Loss Control
Legal Advice
Repatriation
Counselling and Rehabilitation
Crisis Management</li></li></ul><li>Insurance within the social fabric<br />Page 10<br />2011-09-27 Presentation to Dublin...
Health & Safety in the workplace
Road Safety
Employer/Employee relationships
In Ireland as a leading lobbyist to government for having PIAB, Penalty Points, improved road infrastructure, ANPR/NFD and...
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Emerging Trends in the Insurance Market

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Matt Rafferty, General Manager of QBE European Operations, addressed Dublin Chamber members on "Emerging Trends in the Insurance Market". Matt discussed how external influences and events can impact upon local markets and businesses.

Matt Rafferty joined QBE in January 2009 to focus on the expansion and growth of the specialist business insurer. QBE Ireland has been offering insurance via the broker market in the Casualty, Motor Fleet, Commercial Property, Liability and Professional Financial Lines sectors in Ireland since 1988. QBE employs almost 100 people in its offices located on Sir John Rogerson’s Quay, Dublin.

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Emerging Trends in the Insurance Market

  1. 1. Matt Rafferty – General Manager, IrelandQBE European Operations<br />Presentation to Dublin Chamber of Commerce – 27th September 2011<br />
  2. 2. Emerging Trends in the Insurance Market<br />Presentation to Dublin Chamber of Commerce – 27th September 2011<br />
  3. 3. Insurance – The Journey<br />Page 2<br />2011-09-27 Presentation to Dublin Chamber of Commerce<br /><ul><li>‘As it was in the beginning and ever shall be...’.
  4. 4. It is now interweaved into the very fabric of our society.
  5. 5. It is now interweaved into the fabric of our economy.
  6. 6. Resilience to global catastrophes.
  7. 7. How is it reacting to global trends?
  8. 8. How is it reacting to domestic trends?</li></li></ul><li>Lloyds’ – formed to transfer simple individual risks to a pool arrangement – ‘The losses of the few...’<br />Page 3<br />2011-09-27 Presentation to Dublin Chamber of Commerce<br />‘As it was in the beginning...’<br />
  9. 9. Property<br />Business Interruption<br />Theft, Glass, Money<br />Credit<br />Third Party liability insurances.<br />Soon moved on to broader range of business cover<br />Page 4<br />2011-09-27 Presentation to Dublin Chamber of Commerce<br />
  10. 10. A broad range of Personal Insurances<br />Motor<br />Home<br />Travel<br />Personal Accident<br />Health<br />Even our beloved pets....<br />Page 5<br />2011-09-27 Presentation to Dublin Chamber of Commerce<br />Personal Insurances followed....<br />
  11. 11. Space<br />Pharma/Chemicals<br />Rich & Famous<br />Reinsurance<br />And even more clever ones...<br />Specialist markets emerge...<br />Page 6<br />2011-09-27 Presentation to Dublin Chamber of Commerce<br />
  12. 12. Clever....but maybe too clever?<br />Page 7<br />2011-09-27 Presentation to Dublin Chamber of Commerce<br />Complex/diverse financial instruments<br />Finite Risk<br />CDS’s<br />
  13. 13. Insurance – what is it today?<br />Page 8<br />2011-09-27 Presentation to Dublin Chamber of Commerce<br />No longer just a piece of paper<br />Decision for the buyer is more complex<br />Trend to providing services, many of which give something back to the customer <br />
  14. 14. Insurance – the emergence of embedded services and ‘Add-Ons’<br />Page 9<br />2011-09-27 Presentation to Dublin Chamber of Commerce<br />Support services are now standard for:<br /><ul><li>Vehicle Replacement/Breakdown/Towing/Delivery
  15. 15. Risk Management/Loss Control
  16. 16. Legal Advice
  17. 17. Repatriation
  18. 18. Counselling and Rehabilitation
  19. 19. Crisis Management</li></li></ul><li>Insurance within the social fabric<br />Page 10<br />2011-09-27 Presentation to Dublin Chamber of Commerce<br />Instrumental in transforming attitudes globally and domestically for:<br /><ul><li>Building Standards
  20. 20. Health & Safety in the workplace
  21. 21. Road Safety
  22. 22. Employer/Employee relationships
  23. 23. In Ireland as a leading lobbyist to government for having PIAB, Penalty Points, improved road infrastructure, ANPR/NFD and greater enforcement of laws.</li></li></ul><li>Insurance within the economic fabric<br />Page 11<br />2011-09-27 Presentation to Dublin Chamber of Commerce<br /><ul><li>Protection against the routine and catastrophic events.
  24. 24. Allows business to do business.
  25. 25. Protects and promotes entrepreneurship.
  26. 26. Invests in business.
  27. 27. Provides and protects employment.
  28. 28. Contributes to GDP and balance of payments.</li></li></ul><li>Insurance - within the domestic economic fabric (2009 data)<br />Page 12<br />2011-09-27 Presentation to Dublin Chamber of Commerce<br /><ul><li>Contributes 7.5% of our GDP (up on 2008).
  29. 29. Holds capital values of assets in excess of €78bn (up on 2008).
  30. 30. Employs nearly 15,000 people.
  31. 31. Sponsors an array of interests – particularly in the Leisure and Sports sectors.</li></li></ul><li>Reactions/resilience to global catastrophes<br />Page 13<br />2011-09-27 Presentation to Dublin Chamber of Commerce<br />1989: Hurricane Hugo devastated Charleston<br /><ul><li>The city outpaced growth predictions in 7 of the following 10 Quarters.</li></ul>1994: Southern California Earthquake<br /><ul><li>SC economy grew faster than it had before the disaster.</li></ul>1995: Kobe Earthquake + 6,400 fatalities – Manufacturing hub of Japan & 6th largest trading port in the world.<br /><ul><li>12 months later – virtually business as usual.
  32. 32. 15 months later - @ 98% of manufacturing output. </li></li></ul><li>Reactions/resilience to global catastrophes<br />Page 14<br />2011-09-27 Presentation to Dublin Chamber of Commerce<br /><ul><li>View of many economists that countries who suffered climatic disasters – grow faster and are now more productive.
  33. 33. ‘Broken Windows’ scenario – upgrade/more productive industries.
  34. 34. Finance is redistributed from Insurance Companies to construction workers and to homeowners.
  35. 35. Smooth and quick recoveries but the real tragedy is that they are getting too much practice. </li></li></ul><li>Insurance – Recent Global Issues<br />Page 15<br />2011-09-27 Presentation to Dublin Chamber of Commerce<br />2010<br /><ul><li>February – Chile Earthquake - $8bn to $10bn insured loss.
  36. 36. March – Europe Wind/Flood - $4bn insured loss.
  37. 37. September – NZ Earthquake - $4bn to $6bn insured loss.
  38. 38. December – Australia Floods - $1bn to $2bn insured loss.</li></ul>2011<br /><ul><li>January – Australia Floods - $4bn to $6bn insured loss.
  39. 39. February – NZ Earthquake - $6bn to $10bn Insured loss.
  40. 40. March – Japan Earthquake - $25bn to $40bn insured loss.</li></ul>15 month period – 4 of the top 5 most costly earthquakes in the history of the insurance industry.<br />
  41. 41. Insurance – Reaction to recent Global Issues<br />Page 16<br />2011-09-27 Presentation to Dublin Chamber of Commerce<br /><ul><li>Reinsurers have generally absorbed these losses
  42. 42. Financial strength remains generally unimpaired
  43. 43. Likely to affect M&A activity
  44. 44. Some mono-line and smaller players may be under greatest pressure
  45. 45. But there is talk that at a global level, Property premiums/rates will need to move – but which direction and at what pace?</li></li></ul><li>Premium density remains relatively stable<br />Growth in claims activity<br />Erosion/fall in the premium base<br />Increased claims frequency<br />Reduced average premiums<br />So what is the trend in the domestic Commercial Lines (P&C) market?<br />Page 17<br />2011-09-27 Presentation to Dublin Chamber of Commerce<br />
  46. 46. Insurance Density – Global Comparisons<br />Page 18<br />2011-09-27 Presentation to Dublin Chamber of Commerce<br />Insurance Data Source : Irish Insurance Federation<br />
  47. 47. Domestic Trends – the raw data<br />Page 19<br />2011-09-27 Presentation to Dublin Chamber of Commerce<br />Insurance Data Source : Irish Insurance Federation<br />
  48. 48. Domestic Trends – A perfect storm?<br />Page 20<br />2011-09-27 Presentation to Dublin Chamber of Commerce<br />Insurance Data Source : Irish Insurance Federation<br />
  49. 49. Global:<br />Depletion in reserves caused by recent catastrophic events both natural and financial<br />Challenging investment portfolios<br />‘Property capacity is likely to be diminished and rates will harden’<br />Domestic:<br />Frequency up and spending down – the perfect storm?<br />Difficult economic and investment conditions<br />‘We need to look at the patterns and get back to our knitting’<br />The trend and outlook in summary<br />Page 21<br />2011-09-27 Presentation to Dublin Chamber of Commerce<br />
  50. 50. Thank you<br />Presentation to Dublin Chamber of Commerce – 27thSeptember 2011<br />
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