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Post Magazine Property Conference 2007


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Post Magazine Property Conference 2007

  1. 1. Property insurance: risksand opportunities 2007 Jane Milne Head of Property and Creditor
  2. 2. New risks and oldNew/changing risks: ‘Old’ risks:• Climate change effects • The insurance cycleon weather perils • Fire• Public perception of • Terrorisminsurer engagement in • Claims handling andclimate change issues effective communication• Pandemic ‘flu with customers• Discrimination/ financial • Underinsuranceinclusion issues• Determining capitaladequacy
  3. 3. Climate change and other global risks• Focussed on climate change issues, regulatory frameworks to manage risks, public spending and procurement, and links with insurers’ capital requirements• But also includes war and terrorism risks• And avian ‘flu and pandemics
  4. 4. Climate impacts• Fewer cold days and nights• Warmer and more frequent hot days and nights• More heat waves• More intense rainfall events• Larger areas affected by droughts• More tropical cyclones• More extreme high sea level incidents
  5. 5. How will global trends affectUK insurance?
  6. 6. What are we doing about it?• Influencing UK and EU discussions• Flood defence funding in CSR07• A strengthened and functional planning system• Identifying and facilitating new opportunities to mitigate systemic risks and exploit new markets
  7. 7. Pandemic ‘flu • MWE showed insurers to be in good shape generally • But possible issues on handling surge in claims • Modelling needs more consideration • ABI active on Government’s National Recovery WG
  8. 8. Discrimination, financialinclusion and access toinsurance • Disability Discrimination Act 1995 • Discrimination Green Paper • Financial Inclusion Task Force
  9. 9. Not drowning, but waving!
  10. 10. Not drowning, but waving!