Qbe climate wise 2010 case study emerging risks

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Qbe climate wise 2010 case study emerging risks

  1. 1. ClimateWise 2010 Case Study: QBE Managing Emerging Risks ClimateWise Principle 1: Lead in Risk Analysis: • Use of research to improve climate data quality and inform levels of pricing, capital and reserves QBE recognises the impact climate change can have upon a business in terms of potential claim patterns but also the potential for extending and adapting our product lines and services to take account of the changing world. Early identification is the key component in managing these risks to enable mitigation actions to be embedded to reduce likely exposure. QBE address this through its 'Emerging Risk Group' (ERG). Created by the Risk Management Committees of QBE Insurance (Europe) Limited and QBE Underwriting Limited in 2007, the group continues to ensure awareness throughout QBE EO and is further remitted to: 1. Consider and discuss new and emerging trends; 2. Formally identify the key emerging risks and their relative priority; 3. Consider potential for new types of claims arising out of emerging risks and their impact on portfolios / QBE European Operations; 4. Continue to direct further work required from technical researchers, including identification of improvements to policy terms and conditions where applicable; 5. Ensure communication on emerging risks throughout QBE EO, including the escalation of any issues to the Risk Management Committees; 6. Ensure suitable representatives are involved in any technical research as appropriate; and, 7. Raise awareness of the importance of emerging risks. QBE’s Emerging Risk Group (ERG) will better co-ordinate the process for identification and management of emerging risks.

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