This document discusses the growing importance of supplementary pension funds in Europe. It notes that longer lifespans and falling birth rates are challenges for pension adequacy and sustainability. Multi-pillar pension systems that include mandatory, occupational, and personal pensions can help address these issues by better distributing risks. Supplementary pension schemes play an important role, as shown by the large sums they pay out annually in countries like Germany, UK, and Netherlands. The EU is reviewing regulations around occupational and personal pensions to promote a level playing field and enhanced consumer protection across countries.
This document summarizes trends in global health insurance markets and healthcare financing in Europe. It finds increasing demand for health insurance products globally, driven by aging populations, rising healthcare costs, and the growth of private solutions. In Europe, healthcare is financed through various social health insurance systems, with private medical insurance playing a supplementary or duplicative role. Turkey has experienced growth in private health insurance in recent decades but penetration remains low at less than 3% of the population.
This document discusses various security challenges facing Europe and solutions being developed by European defence and security industries. It covers border security, maritime security, cybersecurity/biometrics, unmanned aerial vehicles, and transport security. Industry organizations like ASD and EOS are working with the EU to develop innovative security technologies and foster cooperation across Europe in addressing evolving threats to citizen security.
The document discusses the EU's security strategies and role in the world. It outlines the EU's Common Foreign and Security Policy (CFSP) and European Security and Defense Policy (ESDP). It then examines key threats like proliferation of weapons of mass destruction, terrorism, cyber security issues, energy security, and climate change. It discusses the EU's strategies for building stability in Europe and beyond, including through the European Neighborhood Policy. Finally, it addresses the EU's role in partnerships for effective multilateralism and its counter-terrorism strategy.
Crisis and Trust in National and European Union institutions – Panel evidence...Wikiprogress_slides
Presentation by Felix Roth at the OECD Workshop on “Joint Learning for an OECD Trust Strategy” on 14 October 2013. Dr. Roth discusses the consequences of citizens declining trust and the driving factors of declining trust in Europe. He also provides an econometric analysis of trust and unemployment.
This document analyzes economic growth and determining factors in Hungary and Ukraine. It finds that Central and Eastern Europe has not finished transition and is trending toward the Southern European periphery crisis. The authors introduce a new production function identifying bottlenecks as organizational and human capital not meeting needs of large companies. Both countries are postponing long-term investments like human capital due to present crisis, exacerbating issues.
What is supply chain risk? What are typical supply chain risks? This is the 2011 version of my annual lecture on Supply Chain Risk for the MSc in Supply Chain Management and Industrial Logistics at Molde University College, Norway
This document discusses the growing importance of supplementary pension funds in Europe. It notes that longer lifespans and falling birth rates are challenges for pension adequacy and sustainability. Multi-pillar pension systems that include mandatory, occupational, and personal pensions can help address these issues by better distributing risks. Supplementary pension schemes play an important role, as shown by the large sums they pay out annually in countries like Germany, UK, and Netherlands. The EU is reviewing regulations around occupational and personal pensions to promote a level playing field and enhanced consumer protection across countries.
This document summarizes trends in global health insurance markets and healthcare financing in Europe. It finds increasing demand for health insurance products globally, driven by aging populations, rising healthcare costs, and the growth of private solutions. In Europe, healthcare is financed through various social health insurance systems, with private medical insurance playing a supplementary or duplicative role. Turkey has experienced growth in private health insurance in recent decades but penetration remains low at less than 3% of the population.
This document discusses various security challenges facing Europe and solutions being developed by European defence and security industries. It covers border security, maritime security, cybersecurity/biometrics, unmanned aerial vehicles, and transport security. Industry organizations like ASD and EOS are working with the EU to develop innovative security technologies and foster cooperation across Europe in addressing evolving threats to citizen security.
The document discusses the EU's security strategies and role in the world. It outlines the EU's Common Foreign and Security Policy (CFSP) and European Security and Defense Policy (ESDP). It then examines key threats like proliferation of weapons of mass destruction, terrorism, cyber security issues, energy security, and climate change. It discusses the EU's strategies for building stability in Europe and beyond, including through the European Neighborhood Policy. Finally, it addresses the EU's role in partnerships for effective multilateralism and its counter-terrorism strategy.
Crisis and Trust in National and European Union institutions – Panel evidence...Wikiprogress_slides
Presentation by Felix Roth at the OECD Workshop on “Joint Learning for an OECD Trust Strategy” on 14 October 2013. Dr. Roth discusses the consequences of citizens declining trust and the driving factors of declining trust in Europe. He also provides an econometric analysis of trust and unemployment.
This document analyzes economic growth and determining factors in Hungary and Ukraine. It finds that Central and Eastern Europe has not finished transition and is trending toward the Southern European periphery crisis. The authors introduce a new production function identifying bottlenecks as organizational and human capital not meeting needs of large companies. Both countries are postponing long-term investments like human capital due to present crisis, exacerbating issues.
What is supply chain risk? What are typical supply chain risks? This is the 2011 version of my annual lecture on Supply Chain Risk for the MSc in Supply Chain Management and Industrial Logistics at Molde University College, Norway
Pavel Ezekiev & Pablo Larguia at Digitalk, June 3, 2013digitalkcon
This document discusses the current state of entrepreneurship ecosystems in Southeast Europe and provides a framework for boosting entrepreneurial activity. It begins by outlining an ideal entrepreneurship ecosystem model that includes key elements like government support, access to financing, human capital, and success stories. It then assesses the current realities in countries in the region like Bulgaria, noting opportunities for growth. Finally, it introduces DigiWALK as a new initiative that aims to foster entrepreneurship networks across Southeast Europe based on lessons from successful models.
The 2020 review of Solvency II provides an opportunity to address unintended consequences and make targeted improvements to support insurers' role in the economy. While Solvency II strengthened risk management, it also led insurers to shift away from long-term guarantees and sub-optimal investment due to high capital requirements. The 2018 review was a missed chance to enhance investment capacity by reducing the risk margin. The 2020 review should preserve the framework's balance while improving areas that hinder insurers' products and investments in a growth-supporting manner, without overall capital increases.
Europe's combined average annual defense R&D budget of €8 billion is significantly smaller than the US budget of €67 billion and China's budget of €20 billion. France, the UK, and Germany account for 92% of European defense R&D and 86% of spending. However, much of France and the UK's spending is dedicated to nuclear deterrents, making Europe's conventional R&D even weaker. Given austerity measures in the Eurozone, it is unlikely European NATO members will meet the pledged 2% of GDP for defense and 20% for R&D. While pressure from the US has had some impact, increased cooperation and sharing of defense capabilities within NATO may be needed to improve European military capabilities given budget
5th International Disaster and Risk Conference IDRC 2014 Integrative Risk Management - The role of science, technology & practice 24-28 August 2014 in Davos, Switzerland
The catastrophe of economic loss is brought on by climate and weather change, which is highly complex and tied to numerous causes. And data is the most effective tool for analyzing every aspect, helping to make decisions for better plans and assisting in taking the essential actions. The reason for collecting this data is now a question that may arise. This is why data is required to increase resilience, assist in the development of better adaptation strategy policies, understand the potential consequences of climate change, track the causes of climate change and the factors that cause the most economic loss, increase insurance coverage, assist in the existing decision-making process for insurance companies, and inform policymakers about threatening processes. In addition, it is important to collect the data to monitor the impact to inform policy to ensure that appropriate actions are taken to minimize damage by the management. Furthermore, it helps to plan for getting better infrastructure in the future and forecast the long-term solution.
Prezentācija "Globālās ekonomikas tendences"Latvijas Banka
The document provides an overview of selected global economic trends and drivers behind them. It discusses that life today is better than ever before with fewer people living in extreme poverty, higher literacy rates, and decreased child mortality. It also notes that China's economic rise has been impressive as its GDP has grown significantly in recent decades, though this is partially due to China returning to its historic large share of global GDP. Globalization benefits the global middle class and very rich the most while the very poor and middle class in advanced economies have benefited less. Many feel left behind by globalization and economic changes, affecting political outcomes. Climate change also poses physical and transition risks to the economy and financial system.
POLICY PAPER-MOU Impact on Cyprus, Gr. & Portug. Economies.-CCEIA-FINAL-4.11.15PANAYIOTIS TILLIROS
This document provides an overview of the causes and impacts of memoranda of understanding (MOUs) imposed on the economies of Cyprus, Greece, and Portugal by the Troika (European Commission, European Central Bank, International Monetary Fund). It discusses the background of the European sovereign debt crisis and issues with the Eurozone architecture. It then examines the economies, conditions, and impacts of the MOUs in Cyprus, Greece, and Portugal. The document critically analyzes the Troika's philosophy and failures in its approach. It explores reasons for the economic collapses in Cyprus and Greece and provides some alternative policy considerations.
A quarterly insights report produced for the Market Intelligence Group of the European Travel Commission (ETC)
by Tourism Economics (an Oxford Economics Company)
This document is a newsletter from the Centre For European Studies providing updates on actions taken in response to the financial crisis by EU member states and worldwide. It includes a foreword discussing the downsides of stimulus packages, including hidden protectionism. It then provides brief summaries of recent financial crisis-related news and actions in several EU member states, including Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Estonia, and France. Upcoming events are also listed.
This document discusses the evolution and purpose of EU finances. It notes that the EU budget has grown progressively along with expanding EU competences and policies. While remaining a small percentage of GDP and public spending, the EU budget supports key priorities like agriculture, economic cohesion, research, and external action. It also helped stimulate investment during the economic crisis when many national budgets faced constraints. The composition of spending has shifted over time, with agricultural and cohesion funding still the largest shares but declining as funding has increased for other priorities like research, networks, and external programs.
This document discusses the evolution and future of EU finances. It notes that the EU budget has grown over time to support new policy areas and objectives as the EU has expanded. However, the EU budget remains relatively small at around 1% of EU GDP. The document outlines key trends facing the EU budget, such as the UK withdrawal, and presents options for reforming and modernizing the budget to address new challenges while delivering tangible benefits to EU citizens.
The document discusses the evolution and future of EU finances. It notes that while the EU budget is relatively small at around 1% of EU GDP, it plays an important role in achieving common goals that individual member states cannot achieve alone. The composition of the budget has changed over time, with spending increasingly focused on areas like research, infrastructure, and external action. However, new challenges like security, migration and climate change require funding. The withdrawal of the UK also presents an opportunity to modernize and simplify the financing of the EU budget. The paper considers options for reforming both the spending and financing of the EU budget to better address priorities and meet citizens' expectations.
This essay discusses the growing issue of water scarcity globally and its effects. Rising demand for water due to population growth, economic development, and changing diets is exacerbating water scarcity. Agriculture, industry, and energy production are the largest users of water. Climate change is projected to further reduce water availability in some areas through changing precipitation patterns and more extreme weather events. By 2050, around four billion people could live in water scarce areas. Water scarcity will have severe consequences, including lack of access to drinking water, increased spread of diseases, impacts on global food prices and economic growth, and increased risk of conflict and migration. Urgent action is needed to address this issue.
Eurostat book smarter, greener, more inclusive indicators to support the eur...Mario Verissimo
The document is a statistical report published by Eurostat in 2013 that analyzes indicators related to the Europe 2020 strategy. It presents trends in the Europe 2020 headline indicators between 2005-2011 and finds:
- The EU employment rate increased until 2008 but declined in 2009 due to the economic crisis, remaining stagnant around 68.5% until 2012 and off track from the 2020 target of 75%.
- Gross expenditure on research and development remained around 1.8% of GDP until 2007-2008 but increased slightly to around 2% from 2009-2011, still below the 2020 target of 3%.
- Greenhouse gas emissions declined slightly between 2005-2011 but need to continue decreasing to meet the 2020 target of a 20% reduction
The document discusses ways to boost resilience through innovative risk governance. It outlines that past decades have seen $1.5 trillion in economic damages from disasters due to increased population concentrations, urbanization, economic integration, and climate change. While OECD countries have made progress in disaster risk management, gaps are still revealed during disasters. These gaps exist in infrastructure maintenance, regulatory reforms, enforcement, and private sector and individual preparedness. Shortcomings in risk governance may undermine efforts to build resilience. The OECD recommendation on governance of critical risks provides principles for a holistic, foresight-based approach involving whole-of-government and whole-of-society cooperation to strengthen national resilience.
Youth unemployment is a major challenge in Europe, with rates over double the adult levels. Long-term unemployment can negatively impact future earnings and social inclusion for youth. While youth unemployment increased across Europe during the recent economic crisis, some countries like Germany saw declining youth jobless rates. Policymakers aim to address high unemployment by promoting youth entrepreneurship through programs that provide entrepreneurship education, financial support, coaching and infrastructure to support new businesses.
The document discusses the impact of the US economic crisis on the European economy. It provides background on the US subprime crisis and how US subprime loans were bundled and sold globally, including to European investors. It then examines how the crisis has impacted Europe through tightened credit standards, falling economic sentiment indicators, and recession in Eastern European economies that had taken on significant foreign debt. Eurozone statistics show rising unemployment, declining GDP growth forecasts, and falling industrial production prices.
Global markets are affected by macroeconomic factors such as GDP, inflation, commodity prices, and monetary policy. The COVID-19 pandemic significantly impacted growth and supply chains. The Russian invasion of Ukraine has led to higher inflation through increased energy and commodity prices. Firms must analyze economic trends and uncertainties to understand opportunities and risks for marketing activities.
This document provides information about Property Claim Services (PCS), a division of Verisk Analytics that estimates property insurance losses from catastrophes. PCS is committed to serving customers and the global insurance industry through reliable and timely catastrophe loss estimates. PCS has been estimating losses since 1950 and uses actual claims data from over 60 years to improve its estimates. PCS data is used widely by insurers, reinsurers, modelers and other industry players. The document outlines PCS products and services, 2014 catastrophe activity, trends in catastrophe bond markets, and technology innovations.
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Pavel Ezekiev & Pablo Larguia at Digitalk, June 3, 2013digitalkcon
This document discusses the current state of entrepreneurship ecosystems in Southeast Europe and provides a framework for boosting entrepreneurial activity. It begins by outlining an ideal entrepreneurship ecosystem model that includes key elements like government support, access to financing, human capital, and success stories. It then assesses the current realities in countries in the region like Bulgaria, noting opportunities for growth. Finally, it introduces DigiWALK as a new initiative that aims to foster entrepreneurship networks across Southeast Europe based on lessons from successful models.
The 2020 review of Solvency II provides an opportunity to address unintended consequences and make targeted improvements to support insurers' role in the economy. While Solvency II strengthened risk management, it also led insurers to shift away from long-term guarantees and sub-optimal investment due to high capital requirements. The 2018 review was a missed chance to enhance investment capacity by reducing the risk margin. The 2020 review should preserve the framework's balance while improving areas that hinder insurers' products and investments in a growth-supporting manner, without overall capital increases.
Europe's combined average annual defense R&D budget of €8 billion is significantly smaller than the US budget of €67 billion and China's budget of €20 billion. France, the UK, and Germany account for 92% of European defense R&D and 86% of spending. However, much of France and the UK's spending is dedicated to nuclear deterrents, making Europe's conventional R&D even weaker. Given austerity measures in the Eurozone, it is unlikely European NATO members will meet the pledged 2% of GDP for defense and 20% for R&D. While pressure from the US has had some impact, increased cooperation and sharing of defense capabilities within NATO may be needed to improve European military capabilities given budget
5th International Disaster and Risk Conference IDRC 2014 Integrative Risk Management - The role of science, technology & practice 24-28 August 2014 in Davos, Switzerland
The catastrophe of economic loss is brought on by climate and weather change, which is highly complex and tied to numerous causes. And data is the most effective tool for analyzing every aspect, helping to make decisions for better plans and assisting in taking the essential actions. The reason for collecting this data is now a question that may arise. This is why data is required to increase resilience, assist in the development of better adaptation strategy policies, understand the potential consequences of climate change, track the causes of climate change and the factors that cause the most economic loss, increase insurance coverage, assist in the existing decision-making process for insurance companies, and inform policymakers about threatening processes. In addition, it is important to collect the data to monitor the impact to inform policy to ensure that appropriate actions are taken to minimize damage by the management. Furthermore, it helps to plan for getting better infrastructure in the future and forecast the long-term solution.
Prezentācija "Globālās ekonomikas tendences"Latvijas Banka
The document provides an overview of selected global economic trends and drivers behind them. It discusses that life today is better than ever before with fewer people living in extreme poverty, higher literacy rates, and decreased child mortality. It also notes that China's economic rise has been impressive as its GDP has grown significantly in recent decades, though this is partially due to China returning to its historic large share of global GDP. Globalization benefits the global middle class and very rich the most while the very poor and middle class in advanced economies have benefited less. Many feel left behind by globalization and economic changes, affecting political outcomes. Climate change also poses physical and transition risks to the economy and financial system.
POLICY PAPER-MOU Impact on Cyprus, Gr. & Portug. Economies.-CCEIA-FINAL-4.11.15PANAYIOTIS TILLIROS
This document provides an overview of the causes and impacts of memoranda of understanding (MOUs) imposed on the economies of Cyprus, Greece, and Portugal by the Troika (European Commission, European Central Bank, International Monetary Fund). It discusses the background of the European sovereign debt crisis and issues with the Eurozone architecture. It then examines the economies, conditions, and impacts of the MOUs in Cyprus, Greece, and Portugal. The document critically analyzes the Troika's philosophy and failures in its approach. It explores reasons for the economic collapses in Cyprus and Greece and provides some alternative policy considerations.
A quarterly insights report produced for the Market Intelligence Group of the European Travel Commission (ETC)
by Tourism Economics (an Oxford Economics Company)
This document is a newsletter from the Centre For European Studies providing updates on actions taken in response to the financial crisis by EU member states and worldwide. It includes a foreword discussing the downsides of stimulus packages, including hidden protectionism. It then provides brief summaries of recent financial crisis-related news and actions in several EU member states, including Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Estonia, and France. Upcoming events are also listed.
This document discusses the evolution and purpose of EU finances. It notes that the EU budget has grown progressively along with expanding EU competences and policies. While remaining a small percentage of GDP and public spending, the EU budget supports key priorities like agriculture, economic cohesion, research, and external action. It also helped stimulate investment during the economic crisis when many national budgets faced constraints. The composition of spending has shifted over time, with agricultural and cohesion funding still the largest shares but declining as funding has increased for other priorities like research, networks, and external programs.
This document discusses the evolution and future of EU finances. It notes that the EU budget has grown over time to support new policy areas and objectives as the EU has expanded. However, the EU budget remains relatively small at around 1% of EU GDP. The document outlines key trends facing the EU budget, such as the UK withdrawal, and presents options for reforming and modernizing the budget to address new challenges while delivering tangible benefits to EU citizens.
The document discusses the evolution and future of EU finances. It notes that while the EU budget is relatively small at around 1% of EU GDP, it plays an important role in achieving common goals that individual member states cannot achieve alone. The composition of the budget has changed over time, with spending increasingly focused on areas like research, infrastructure, and external action. However, new challenges like security, migration and climate change require funding. The withdrawal of the UK also presents an opportunity to modernize and simplify the financing of the EU budget. The paper considers options for reforming both the spending and financing of the EU budget to better address priorities and meet citizens' expectations.
This essay discusses the growing issue of water scarcity globally and its effects. Rising demand for water due to population growth, economic development, and changing diets is exacerbating water scarcity. Agriculture, industry, and energy production are the largest users of water. Climate change is projected to further reduce water availability in some areas through changing precipitation patterns and more extreme weather events. By 2050, around four billion people could live in water scarce areas. Water scarcity will have severe consequences, including lack of access to drinking water, increased spread of diseases, impacts on global food prices and economic growth, and increased risk of conflict and migration. Urgent action is needed to address this issue.
Eurostat book smarter, greener, more inclusive indicators to support the eur...Mario Verissimo
The document is a statistical report published by Eurostat in 2013 that analyzes indicators related to the Europe 2020 strategy. It presents trends in the Europe 2020 headline indicators between 2005-2011 and finds:
- The EU employment rate increased until 2008 but declined in 2009 due to the economic crisis, remaining stagnant around 68.5% until 2012 and off track from the 2020 target of 75%.
- Gross expenditure on research and development remained around 1.8% of GDP until 2007-2008 but increased slightly to around 2% from 2009-2011, still below the 2020 target of 3%.
- Greenhouse gas emissions declined slightly between 2005-2011 but need to continue decreasing to meet the 2020 target of a 20% reduction
The document discusses ways to boost resilience through innovative risk governance. It outlines that past decades have seen $1.5 trillion in economic damages from disasters due to increased population concentrations, urbanization, economic integration, and climate change. While OECD countries have made progress in disaster risk management, gaps are still revealed during disasters. These gaps exist in infrastructure maintenance, regulatory reforms, enforcement, and private sector and individual preparedness. Shortcomings in risk governance may undermine efforts to build resilience. The OECD recommendation on governance of critical risks provides principles for a holistic, foresight-based approach involving whole-of-government and whole-of-society cooperation to strengthen national resilience.
Youth unemployment is a major challenge in Europe, with rates over double the adult levels. Long-term unemployment can negatively impact future earnings and social inclusion for youth. While youth unemployment increased across Europe during the recent economic crisis, some countries like Germany saw declining youth jobless rates. Policymakers aim to address high unemployment by promoting youth entrepreneurship through programs that provide entrepreneurship education, financial support, coaching and infrastructure to support new businesses.
The document discusses the impact of the US economic crisis on the European economy. It provides background on the US subprime crisis and how US subprime loans were bundled and sold globally, including to European investors. It then examines how the crisis has impacted Europe through tightened credit standards, falling economic sentiment indicators, and recession in Eastern European economies that had taken on significant foreign debt. Eurozone statistics show rising unemployment, declining GDP growth forecasts, and falling industrial production prices.
Global markets are affected by macroeconomic factors such as GDP, inflation, commodity prices, and monetary policy. The COVID-19 pandemic significantly impacted growth and supply chains. The Russian invasion of Ukraine has led to higher inflation through increased energy and commodity prices. Firms must analyze economic trends and uncertainties to understand opportunities and risks for marketing activities.
FUTURE EUROPE
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SMART MEMBER STATES
INTELLIGENT CITIES AND COMMUNITIES
Similar to Catastrophic Risks - Do We Have Enough Protection Reinsurers View - IV. International Istanbul Insurance Conference - Jürgen Brucker (2014) (20)
This document provides information about Property Claim Services (PCS), a division of Verisk Analytics that estimates property insurance losses from catastrophes. PCS is committed to serving customers and the global insurance industry through reliable and timely catastrophe loss estimates. PCS has been estimating losses since 1950 and uses actual claims data from over 60 years to improve its estimates. PCS data is used widely by insurers, reinsurers, modelers and other industry players. The document outlines PCS products and services, 2014 catastrophe activity, trends in catastrophe bond markets, and technology innovations.
Bulent Eren presented information on Turkey's health insurance sector. Some key points:
- Turkey has a population of 76 million with a GDP of $820 billion and per capita GDP of $10,700.
- The insurance sector includes 68 companies, with 61 active including 4 life and 18 pension companies.
- Health expenditures have grown significantly from $5 billion in 1999 to $76 billion in 2012, increasing as a percentage of GDP from 4.8% to 5.4% over that period.
- The Turkish health system includes both public and private providers, with financing from social security, private insurance, and out-of-pocket payments.
- Private health insurance premiums have grown substantially
CAT Management From Insurance Perspective - Turkish Natural Catastrophe Insurance Pool - VI. International Istanbul Insurance Conference - Musa Alphan Bahar (2014)
This document discusses how to make health insurance profitable through excellence across the entire value chain. It provides examples of elements that can support profitability, such as introducing copayments, bundling products, having over 95% of underwriting automatically approved, utilizing management techniques like case management and contracting providers based on package fees or capitation rather than fee-for-service. Consistently performing well across all of these areas can allow building and offering a product at a previously impossible price. The example of Medis in Portugal is discussed, which decreased its claims ratio below market average through higher prices due to its service level, operational quality, and control of its provider network.
The document discusses the future of underwriting and how talent and technology will transform the role. It notes that underwriters will take on more transformative roles like sales executives, decision makers using predictive analytics, and customer advocates. Technology like sensors, telematics, and automation will change underwriting processes. Those who invest in analytical talent and tools like data management and pricing optimization will be better positioned for the future.
The Benefit Of Technology In Claims Handling & Underwriting - Save The Date - VII. International Istanbul Insurance Conference Insurance Practitioners' Association - Oto Sigortaları Workshop (2015)
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Developing and Deploying Analytics To Improve The Performance Of Commercial Portfolios - VII. International Istanbul Insurance Conference - David Ovenden (2015)
The document discusses how the insurance industry is facing disruption from rapid digitization, rising customer expectations, economic challenges, and sophisticated fraud. It states that digitization is transforming operations and business models. The new generation of customers expect highly personalized, responsive, and seamless experiences. Younger demographics are impacting the industry. The document recommends that insurance providers reshape their operating models, customer experiences, and value delivery through digital transformation to adapt to these disruptive forces.
Digitalization is spreading rapidly around the world. 96% of the world's population has a mobile subscription and 72% of people are online. Younger generations, like Generation Y, expect constant connectivity and self-service options. To engage these customers, insurance companies must embrace digitalization through mobile apps, optimized websites, and a digital strategy to avoid losing business. However, many insurance companies have not fully adopted digital yet.
1) The document discusses using technology to enable sustainable growth in the insurance sector. It outlines Aydin Satici's background and roles in information technology and his vision to use technologies like analytics, applications, mobility, cloud, and social media to improve business processes, increase productivity and profitability.
2) It proposes developing solutions like a mobile accident reporting app, sector analysis dashboards, and SMS services to provide damage information. It also details a fraud detection and prevention system that analyzes claims, policies, and social networks to investigate fraudulent activities.
3) Charts and figures show how the fraud detection system led to increases in the fraud detection rate and decreases in fraud amounts from August to December 2015, indicating its effectiveness
Blockchain technology offers benefits for the insurance industry by enabling a secure, distributed record of transactions that cannot be altered. This could streamline insurance processes and reduce costs. Specifically, smart contracts on blockchain allow insurance policies and claims to be executed automatically based on predetermined terms and data inputs without human intervention. Initial applications are being explored for industry loss warranties and parametric insurance policies that pay out based on event magnitudes from sensors rather than individual claims adjustments. However, blockchain has the potential for broader use in automating commercial insurance claims management and other processes throughout the insurance lifecycle.
Unbundling the Insurance Value Chain - Disruption in the Insurance Sector - The 7th. International Istanbul Insurance Confrence - Prof. Dr. Selim YAZICI (2016)
The document discusses fraud risk management at digital insurance markets in Turkey. It outlines SISEB's objectives to manage organized fraud risks on behalf of insurance companies and create new infrastructure for intelligence sharing. SISEB aims to coordinate fraud prevention and detection efforts, provide dashboards for risk analysis, raise fraud awareness, and foster cooperation between insurance firms to decrease financial losses from fraud. The presentation describes SISEB's strategies around detection, investigation, and prevention, and key performance indicators for measuring success.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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Catastrophic Risks - Do We Have Enough Protection Reinsurers View - IV. International Istanbul Insurance Conference - Jürgen Brucker (2014)
1. Catastrophic risks – do we have enough
protection reinsurers view
IV. International Istanbul Insurance Conference
Istanbul, 25th September 2014
Jürgen Brucker
Image: used under license from Shutterstock.com
2. 1. Insurance in the Turkish market versus Eastern European markets
2. Future scenario of the Turkish market
3. Loss events worldwide 1980 – 2013
4. Loss examples and their economical impact/effect
5. Current position - cession rates / equity
6. Current catastrophic coverage
7. Nat cat models and their limitations
8. Summary and outlook
Agenda
22/09/2014 2Catastrophic risks – do we have enough protection reinsurers view / Jürgen Brucker
3. Insurance in the Turkish market versus Eastern
European markets
Image: -Oxford- / GettyImages
4. Development of Eastern European markets with
respect to primary insurance penetration in a global
perspective
22/09/2014Catastrophic risks – do we have enough protection reinsurers view / Jürgen Brucker 4Source: Munich Re Economic Research
Per-capita income and primary insurance Non-Life penetration
Belarus
Austria
Belgium
Brazil
Bulgaria
China
Croatia
Czech Republic Denmark
Finland
France
Canada
Germany
Australia
Greece
Hungary Estonia
India
Ireland
Italy
Japan
Latvia
Mexico
Poland
Portugal
Russia Slovakia
Slovenia
South Africa
Spain
Israel Sweden
Turkey
Romania
Ukraine
United Kingdom
United States
0,5
0,0
1,0
1,5
2,0
2,5
3,0
3,5
4,0
4,5
5,0
0 10.000 50.000
PenetrationNon-Life(%)
20.000 30.000 40.000
GNI per Capita in purchasing power parities (PPP-US$)
year: 2013
5. Nearly 7% of the global gross domestic product arises
from Eastern Europe, in 2013 more than € 3.7 tn
22/09/2014Catastrophic risks – do we have enough protection reinsurers view / Jürgen Brucker 5
Regional split of global GDP 2013, in % Regional split of population
2013, in %
MENA 4.8
Sub-Saharan
Africa 2.0
LatinAmerica
8.0 NorthAmerica
24.9
Western
Europe 22.6
Eastern
Europe 6.7
MatureAsia/
Pacific 11.9
Developing
Asia 19.0
Eastern
Europe 6.0
Western
Europe5.7
North
America 4.9
MENA 6.3
Sub-Saharan
Africa 12.3
LatinAmerica
8.6
Mature Asia/
Pacific 3.5
Emerging
Asia 52.6
Total: € 56,232 bn Total: 7.1 bn
Source: Munich Re Economic Research, IHS Global Insight
6. Russia accounts for more than 40% of total Eastern
European GDP with the second largest economy,
Turkey, lacking far behind
22/09/2014Catastrophic risks – do we have enough protection reinsurers view / Jürgen Brucker 6
Hungary 2.6
Poland 10.2
Czech Republic 4.0
Slovakia 1.9
Rest of Eastern Europe
22.8
Russia 42.0
Turkey 16.6% or
€627bn
GDP share within Eastern Europe 2013, in %
Total: € 3,774 bn
Source: Munich Re Economic Research, IHS Global Insight
7. Poland is remarkably strong in Life business, but
Russia is still dominating Eastern European insurance
markets in general
22/09/2014Catastrophic risks – do we have enough protection reinsurers view / Jürgen Brucker 7
8,2 3,8
19,1
30,1
3,0
13% or
€9.4bn
22,9
Hungary
Russia
Turkey
7,4
2,5
15,0
35,3
2,0
14,7
23,1
Czech Republic
Hungary
Poland
Russia
Slovakia
Turkey
Rest of Eastern
Europe
11,9
7,9
34,0
7,0
6,5
10,6
22,1
Czech Republic
Hungary
Poland
Russia
Slovakia
Turkey
Rest of Eastern
Europe
Regional split of primary insurance premiums 2013 Eastern Europe, in %
Life: € 19 bn
P&C: € 48 bnTotal: € 72 bn*
Czech Republic
Poland
Slovakia
Rest of Eastern Europe
* Including Health insurance
Source: Munich Re Economic Research
8. The Czech Republic has the highest insurance density
and penetration in P&C, Slovakia in Life respectively
22/09/2014Catastrophic risks – do we have enough protection reinsurers view / Jürgen Brucker 8
18
14
166
148
223
211
0 100 200 300
Slovakia
Czech Republic
Poland
Hungary
Turkey
Russia
1,7
1,6
1,5
1,5
0,5 1,0 1,5 2,0
Slovakia
Poland
Hungary
Czech Republic
Turkey 0,2
Russia 0,1
0,0
1,8
2,4
0,0
1,3
1,2
1,1
1,1
1,0 2,0 3,0
Czech Republic
Poland
Slovakia
Hungary
Turkey
Russia 94
121
119
188
176
338
0 100 200 300 400
Czech Republic
Poland
Slovakia
Hungary
Russia
Turkey
Insurance penetration P&C 2013, in % Insurance density P&C 2013, in €
Insurance penetration Life 2013, in % Insurance density Life 2013, in €
Primary insurance penetration (premiums in % of GDP) and density (premiums per capita)
Source: Munich Re Economic Research
9. Country profile
Turkey
22/09/2014Catastrophic risks – do we have enough protection reinsurers view / Jürgen Brucker 9
0
2.000
4.000
6.000
8.000
10.000
Development of premiums, in € mn
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Life Non-Life
Real growth of GDP and premiums, in %
Non-Life Line of business split 2012, in %
20
15
10
5
0
-5
-10
Forecast
51%
20%
6%
4%
12%
2%
0% 4%
1% 0% 1%
Property
Accident
WorkersComp.
Credit
Legal Exp.
Motor
Engineering
Health
General Liability
MAT
Other
2009 2010 2011 2012 2013 2014 2015 2016
GDP, real (% change, p.a.) Life premiums, real growth (in % p.a.)
P&C premiums, real growth (in % p.a.)
Source: Munich Re Economic Research
Insurance market Turkey
10. Future scenario of the Turkish market
Image: used under license from Shutterstock.com
11. 16,6
13,8
9,2
18,9
13,7
10,3
17,9
16,3
13,3
12,9
14,6
12,6
24,3
20,2 19,6
21,5
23,1
16,2
28,1
24,1
27,0 27,8
30,4
22,2
5,0
0,0
10,0
15,0
20,0
25,0
30,0
35,0
Czech Republic Hungary Slovakia TurkeyPoland Russia
1990 2000 2010 2020e
Strong growth of Gross national income per capita
since 2000 in all Eastern Europe countries
22/09/2014Catastrophic risks – do we have enough protection reinsurers view / Jürgen Brucker 11
Gross national income per capita, in ‘000 PPP* USD (purchasing power parity)
* Purchasing Power Parity (PPP) - A rate of exchange that accounts for price differences across countries allowing for international comparisons of income
and prosperity levels. At the PPP US$ rate, PPP US$1 has the same purchasing power in the domestic economy as $1 has in the United States.
Source: Munich Re Economic Research, World Bank
12. Several Eastern European countries are top
global growth primary insurance markets over the
projection period
Source: Munich Re Economic Research
* Based on the 50 largest insurance markets in 2013 according to premium volume (for P&C and Life, respectively)
**Compound Annual Growth Rate (CAGR) = annual average growth rate 2014– 2020
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
India
Indonesia
China
Malaysia
Turkey
Colombia
Singapore
Mexico
Russia
Thailand
United Arab Emirates
Poland
Brazil
Israel
South Africa
South Korea
Argentina
Iran
Taiwan
Ireland
Norway
Australia
UnitedStates
Venezuela
Switzerland
10.1
9.5
8.3
6.8
6.5
6.2
6.1
5.9
5.7
5.5
5.3
5.0
5.0
4.6
4.5
3.7
3.3
3.2
2.8
2.6
2.5
2.5
2.4
2.3
2.2
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Indonesia
Brazil
China
India
Colombia
Thailand
Poland
Philippines
Malaysia
Chile
Mexico
Luxembourg
Portugal
Israel
Russia
Norway
Argentina
Singapore
Hong Kong
Taiwan
South Africa
South Korea
Sweden
Italy
United States
14.9
11.7
11.0
10.2
9.0
8.8
8.7
7.6
6.7
6.6
6.3
4.8
4.3
4.3
4.3
4.0
4.0
3.9
3.8
3.8
3.1
3.1
3.0
2.9
2.5
Top 25 countries* according to real (inflation adjusted) CAGR** 2014 - 2020, in %
P&C Life
22/09/2014 12
13. Stronger Growth in Life than in P&C business is
expected
22/09/2014Catastrophic risks – do we have enough protection reinsurers view / Jürgen Brucker 13
Expected Life and P&C real (inflation adjusted) growth of PI premiums until 2020, in %
0,00
5,00
10,00
15,00
0,00 5,00 10,00 15,00
Real CAGR*
Life 2014-2020
Real CAGR* P&C
2014-2020
Poland
Slovakia
Czech
Rep.
Turkey
Russia
Size of bubble:
total (Life and Non-
Life) primary
insurance premium
volume 2013
*inflation adjusted compound average annual growth rate
Slovenia
Hungary
Estonia
Ukraine
Latvia
Lithuania
Source: Munich Re Economic Research
19. The most expensive natural catastrophes ever
“recorded” took place in the largest economies in
absolute terms
19
214
151 147
91 112
250
200
150
100
50
0
Japan 2011
(earthquake and
tsunami)
Japan 1995
(earthquake)
USA2005
(Hurricane Katrina)
China 2008
(Earthquake
Annual average 1980-
2012
The four natural catastrophes with the highest overall losses in US$ bn (in 2012 values)
The four natural catastrophes with the highest insured losses in US$ bn (in 2012 values)
73
31 30 28 29
80
60
40
20
0
USA2005
(Hurricane Katrina)
Japan 2011
(Earthquake and
tsunami)
USA, Karibik 2012
(Hurricane Sandy)
USA1992 Annual average 1980-
(HurricaneAndrew) 2012
Source: Munich Re Geo Risks Research, Economic Research 22/09/2014Catastrophic risks – do we have enough protection reinsurers view / Jürgen Brucker
21. The overall economic effect results from both the direct
and the indirect effects
21
Economic effects of natural catastrophes
Overall effect
Direct losses
Direct consequences of
the forces of nature
Usually not directly
evident from the
development of GDP*
Personal injury
Direct economic losses,
e.g. damage to capital
assets and resources
Indirect effects = “positive” + negative indirecteffects
All effects not caused directly by the natural catastrophebut
by the resultant direct losses
Indirect effects are usually changes in GDP comparedwith
the hypothetical development of GDP in the absence of a
natural catastrophe
“Positive” indirect effects,
e.g. through
Reconstruction stimulus
“Prosperity incentives”, e.g.
construction of new, better-
quality houses
“Creative destruction”, e.g. the
destruction fosters innovation;
new production facilities are
more modern than those
destroyed
Negative indirect effects,
e.g. through
Loss of production due to
destroyed installations
Degradation of human capital
Damaged and destroyed
infrastructure
Often higher inflation
Frequently, an increase in
government debt
*) Exemptions are droughts and heat waves which directly impair GDP
Source: Munich Re Economic Research 22/09/2014Catastrophic risks – do we have enough protection reinsurers view / Jürgen Brucker
22. Industrialised economies Emerging economies Developing economies
Natural catastrophes represent a great economic
challenge, particularly for emerging economies
22
Distribution of direct losses* across country groups
3,0%
Average percentage of direct
losses with respect to GDP
2,5%
2,0%
1,5%
1,0%
0,5%
0,0%
*) Only natural catastrophes included in Munich Re’s catastrophe classes 4-6 are shown here. Emerging economies are those countries whose inhabitants have a “middle” per-
capita income on average. According to the World Bank, middle income is between US$ 1,036 and US$ 12,615 (based on 2012 figures). Countries with lower average income are
referred to as developing economies here, and countries with higher income as industrialised economies; source: Munich Re NatCat SERVICE, Economic Research
23. The Marmara earthquake in Turkey in 1999
caused widespread damage including to 32% of the
production facilities
23
Direct economic losses:
US$ 12bn
Of the 1,062 companies
located in the Kocaeli
region, 345 (32%) were
damaged
On average, these
companies were out of
production for 35 days
It was not until 18 months
after the earthquake that
capacity utilisation returned
to levels roughly similar to
those seen prior to the
catastrophe
Source: Munich Re Geo Risks Research, Economic Research, Claas Menny (2011): Effects of natural catastrophes on
companies: An empirical study of the Maramara earthquake from 17 August 1999, dissertation, KIT;
Image: dpa Picture Alliance / Pierre Verdy
22/09/2014
24. 24
Example: Although the earthquakes in Haiti and New Zealand were of
roughly similar strength, the effects in Haiti were far worse, i.a. due to the
relatively lower level of insurance penetration
Haiti earthquake (2 Jan. 2010)
Magnitude 7.0
New Zealand earthquake (4 Sep. 2010)
Magnitude 7.1
-0.4% of GDP
100,000
0
Cumulative indirect
effect**
Houses damaged
Fatalities
US$ 200m (2.5%*)
285,000
222,570
(2.5% of the population)
Insured losses
Houses destroyed
Fatalities
US$ 8bnOverall losses US$ 6.5bnOverall losses
-3.5% of GDP
Cumulative indirect
effect**
US$ 5.2bn (80%*)Insured losses
*) Ratio of insured losses to overall losses, **) Calibration based on von Peter, von Dahlen and Saxena (2012): Unmitigated Disasters? BIS Working papers No. 394.
Source: Munich Re Geo Risks Research, Economic Research; source right-hand photo: National Geographic, UN Development Programme, IFRC;
Image: Benjamin J. Myers / Corbis Image: dpa Picture Alliance / David Alexander
22/09/2014
25. 25
Example: Hurricane Gustav caused higher absolute damage in the USA,
but lower relative damage than in Jamaica. This is explained, in part, by the
countries’ respective absolute economic strength and economic level of
development
USA Jamaica
US$ 4.3bn
0.03 %
11
Overall losses*
Overall losses
(relative to GDP)
Fatalities
US$ 14,292bn
US$ 43,161
GDP 2008*
GDP per capita
2008**
US$ 0.21bn
1.5%
15
Overall losses*
Overall losses
(relative to GDP)
Fatalities
US$ 14bn
US$ 7,437
GDP 2008*
GDP per capita
2008**
*) In original values, **) In 2005 values and purchasing power parity; source: Global Insight, “Tropical Cyclone Report:
Hurricane Gustav” from the National Hurricane Center; Munich Re Geo Risks Research, Economic Research;
Image: dpa Picture Alliance / Landov Bates Image: dpa Picture Alliance / Collin Reid
22/09/2014
26. 26
In emerging economies, government debt often rises
significantly following natural catastrophes*
Per-capita debt in
industrialised economies
Years after
catastrophe
“Confidence
band” for
estimate
60%
40%
20%
0%
Hypothetical development without
catastrophe = trend =baseline50%
0%
-50%
-100%
-150%
Per-capita debt
in emerging economies
Figure on the left: for industrialised economies there is no statistically significant deviation inper-
capita debt versus its trend (=“baseline”) after the natural catastrophe takes place in “year 0”
Figure on the right: emerging economies must expect on average a statistically significantincrease
in per-capita debt (nearly 30% after fiveyears)
Source: Melecky M. et Raddatz C.(2011): How Do Governments Respond after Catastrophes? World Bank; Munich Re Economic Research;
*) In this analysis, only weather-related (climatic) natural catastrophes is accounted for 22/09/2014
27. Example: In Chile, government borrowing increased by
around 70% in the earthquake year of 2010
27
-40
-20
0
20
40
60
8016000
14000
12000
10000
8000
6000
4000
2000
0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Government debt (left axis))
Growth rate of government debt (rightaxis)
Government debt Chile
in bn pesos
Start of 2010:
Earthquake in Chile
Source: Munich Re Economic Research, IMF 22/09/2014Catastrophic risks – do we have enough protection reinsurers view / Jürgen Brucker
28. Insurance cover significantly helps economic recovery
following a natural catastrophe
22/09/2014 28Source: MR Economic Research; graph based on Hallegatte S. et al. (2010): "The Economics of Natural Disasters“.
Besides the direct losses from anatural
catastrophe (e.g. buildings destroyed),
there are also indirect losses (e.g. loss
of production in a destroyed factory),
which can seriously impact economic
output in subsequent years
"Positive" indirect effects (e.g.
reconstruction boosting the economy)
cannot usually compensate for the
"negative" indirect effects
Insurers provide funds, thus limiting
indirect losses
Three scientific studies of recent yearsall
came to the same conclusion: Higher
insurance market penetration helps to
overcome the indirect consequences of
natural catastrophes
Illustration of indirect effects in the short
and medium term
Hypothetical GDP development without catastrophe
GDP development in countries with low insurance market penetration
GDP development in countries with high insurance market penetration
GDP
level
Time
Occurrence
of catastrophe
End of
reconstruction
Several years
Increase in GDP from the
economic stimulus of
reconstruction
(= indirect positive
effects)
GDP losses following the
catastrophe
(= indirect negative
effects)
29. Current position - Cession rates / equity
Image: used under license from Shutterstock.com
30. Business model appears to be more relevant than
company size in explaining cession rate
22/09/2014 30…
US personal
US commercial
Global diversified
Bermuda
Bancassurer
EU diversified
Lloyds
Emerging markets
Japanese
Chinese
Other
60%
50%
100
40%
30%
20%
10%
0%
3020
Quantitative analysis: Size vs. cession per business model
Non-Life cession rate
40 50 60 70 Size
Catastrophic risks – do we have enough protection reinsurers view / Jürgen Brucker
US Comm.
US Pers.
EU divers.
Global divers.
31. Equity development does historically not reflect
business growth – Equity to NWP-Ratio declines
over time
22/09/2014Catastrophic risks – do we have enough protection reinsurers view / Jürgen Brucker 31
Turkey Equity position of NL insurance companies
6,3
6,7
10,0
12,4
5,7 5,6 5,1
110%
83%
103%
51%
41%
47%
0%
20%
40%
60%
80%
100%
120%
4,0
6,0
8,0
10,0
12,0
14,0
16,0
2007 2008
5,0 5,1
2009 2010 2011 2012 2013
BnTRY
Equity vs Net Written Premium
14,5
NWP
6,9
Equity
Equity / NWP in %
Source: Hazine
32. The current Turkish cession behavior currently
does not reflect capital intensity following Solvency II –
22/09/2014 32
excl. Cat
Cession Ratios vs Solvency II Capital intensities
22%
96% 96%
78%
4% 4%
Fire & Gen Dmg* MoD
Retained
MTPL
Cession
Ceded and retained Business
SII Capital necessary per premium unit written
* Including Engineering and Subsidized Agriculture Insurance ** per 100 TRY, 3 yrs development, after Diversification
Source: Hazine, Munich Re analysis
21% 26% 22%
12%
28%33%
54%
28%
6%
Fire and Gen Dmg* MoDMTPL
Premium Reserve
34. NatCat Capacity
(without faculative and int. Programs)
Additional € 2-3bn for
facultative covers and int.
programs to be added
EQ Japan - €55bn w.o.
Government scheme
Demand for RI is smaller as
some programs from int.
comp. are placed with H.O.
Low retention levels in
proportional covers
Low attachment pointsfor
Cat XL covers
Further substantialincrease
expected from TCIP
(currently 6,5mio insured –
2017:9 - 10mio)
Subdued growth rate due to
depreciation of TRY vs €
Others
Fire prop.
Eng. prop.
Others
Fire prop.
Eng. prop.
Others
Fire prop.
Eng. prop.
M
M M
TCIP
TCIP
TCIP
Cat XL
Total
Cat XL
Total
Total
12
0
2
4
6
8
10
12
Cat XL
Total
20152012 2013 2014
Split of Nat Cat capacity requirements
€ bn
14
Catastrophic risks – do we have enough protection reinsurers view / Jürgen Brucker 22/09/2014 34
35. Nat cat models and their limitations
Image: used under license from Shutterstock.com
37. Seismic Hazard Vulnerability Exposure
Model components
22/09/2014Catastrophic risks – do we have enough protection reinsurers view / Jürgen Brucker 37
38. Seismic Hazard
Catastrophic risks – do we have enough protection reinsurers view / Jürgen Brucker 22/09/2014 38
Ground Motion Prediction Equation (GMPE):
selection, applicability, calibration,
uncertainty…
Site effects:
global and regional studies, Vs30 maps
(resolution)
39. Vulnerability
Regional differences
Building stock (building height distribution). Ground motion response
(pga, 1 s…)
Construction year, building codes
Retrofing, special seismic devices
Mean damage ratio (converting damage to economical loss)
Historical losses/calibration
Construction/reconstruction labor costs
Uncertainty
22/09/2014 39Catastrophic risks – do we have enough protection reinsurers view / Jürgen Brucker
41. Exposure
22/09/2014Catastrophic risks – do we have enough protection reinsurers view / Jürgen Brucker 41
Distribution of insured values
GIS information
Building stock: distribution
per regions/countries,
differences rural and urban
areas. Use of Cadaster
information. Distribution of
building heights.
Cultural/regional differences
Detailed information fromour
clients
42. Exposure
22/09/2014Catastrophic risks – do we have enough protection reinsurers view / Jürgen Brucker 42
Building stock: distribution per regions/countries, rural and urban areas differences.
Example:
% of buildings with masonry walls and wood
by municipalities (no main cities)
Source: DANE, dane.gov.co
44. Summary and outlook
Overall strengthen capital position of Turkish insurance companies
Following the introduction of a new solvency regime re-thing cession practice
Standard Turkish EQ model (vendor or own) is needed and to be used
Currently nat cat model uncertainties are to be considered
Lower model uncertainties be means of improved data quality
Improve risk assessment and risk management procedures especially for highly
exposed risks and industries
Consider additional balance sheet protection cover
22/09/2014 44Catastrophic risks – do we have enough protection reinsurers view / Jürgen Brucker
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Munich Re accepts no responsibility for the accuracy or completeness of any such data. In addition, the
recipient acknowledges that any form of mathematical and/or empirical analysis and modeling (including
that used in the preparation of this document) may produce results which differ from actual events or
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acknowledges that such recommendation or assessment of risk is an expression of Munich Re’s opinion
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consequential loss or damage of any kind arising from any use of the information contained in this
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22/09/2014 45Catastrophic risks – do we have enough protection reinsurers view / Jürgen Brucker