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The 5 th International Istanbul Insurance Conference. LOSS PREVENTION AND RISK IMPROVEMENT HAKAN ILERI ISTANBUL, 3 rd October 2013. CONTENTS. Introduction. Expectations of the Reinsurers. Current Situation. Loss Prevention Measures. Improving the Risk Standards. Cases. INTRODUCTION.

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Presentation Transcript
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The 5th International Istanbul Insurance Conference

LOSS PREVENTION AND RISK IMPROVEMENT

HAKAN ILERI

ISTANBUL, 3rd October 2013

slide2
CONTENTS

Introduction

Expectations of the Reinsurers

Current Situation

Loss Prevention Measures

Improving the Risk Standards

Cases

slide3
INTRODUCTION

Riskier World

Local Players’ Roles

Innovations by Reinsurers

Risk Management Approach

Importance of Risk Surveys

slide4
IDEAL

(Before the loss)

REAL

(As it turns out to be….)

INTRODUCTION

IDEAL VS REAL

  • Proven methods
  • Prudent acting
  • Competent personnel
  • Smooth cooperation
  • Reasonable budgeting
  • Reasonable schedules
  • Trial and error
  • Negligence
  • Ignorance
  • Chaos
  • Underfunding
  • Time pressure
slide5
THE THEORY IS SIMPLE

INTRODUCTION

Insurer

  • Extent
  • Causation
  • Coverage/Liability
  • Indemnification
  • Subrogation
  • Loss Mitigation
  • Repair
  • …..

Claim

Policy

Insured

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INTRODUCTION

THE REALITY: USUALLY COMPLICATED

Co-Insurer(s)

Insurer

Re-Insurer(s)

Underwriting

Claims

Lawyers

Claim

Policy

Loss Adjuster

Broker

Experts

Insured

Sub-Contractors

Project

Site

Design

Principal

Banks

OEMs

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INSURED INSURER

EXPECTATIONS OF THE INSURED AND INSURER

  • Understand my business
  • Sufficient capacity
  • Accurate & Consistent View of Risk
  • Practical advice
  • Reasonable premium
  • Prevent losses
  • Avoid surprises
  • Fair claims payments
  • Understand exposure
  • Balanced portfolio
  • Accurate & Consistent View of Risk
  • Delivery solutions for client
  • Sufficient premium
  • Prevent losses
  • Avoid surprises
  • Fair claims payments

- 4 -

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EXPECTATIONS OF THE REINSURER

Accurate & Consistent View of Risk

Presentation of data in the requested format

Sufficient premium

Familiarity with the general principles of law governing reinsurance contract

Prevent losses (risk improvement and loss control)

Timely and Comprehensive Reporting

Claims Control

Fair claims payments

- 4 -

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WHERE DO THEY MEET?

Prevent

Losses

Prevent

Losses

Prevent

Losses

Accurate &

Consistent

View of Risk

Fair ClaimsPayments

Avoid

Surprises

slide10
CURRENT SITUATION
  • Differences in expectations
  • Lack of understanding and communication
  • Catastrophe Modelling
  • BI Exposure
  • Application of Loss Prevention Measures
  • Risk Managers
  • Claims Control – Post Loss Mitigation Measures
slide11
LOSS PREVENTION MEASURES

SUMMARY

Identification of Risks

Risk Improvements

Development of Loss Control Programme

Business Continuity Plan

Maintaining the programme

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LOSS PREVENTION MEASURES

RISK SURVEYS

Find out if the risk offered is acceptable;

Help in determining an appropriate rate to be charged;

Make recommendations for improvement of the risk;

Make an estimate of the maximum amount, or percentage of the risk that is likely to be lost in one fire or any other loss.

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LOSS PREVENTION MEASURES

RISK SURVEYS

EXAMPLES

slide14
LOSS PREVENTION MEASURES

EXAMPLES

We have proven equipment!

slide15
EXAMPLES

LOSS PREVENTION MEASURES

We use qualified contractors only!

slide16
EXAMPLES

LOSS PREVENTION MEASURES

Ooops!

slide17
EXAMPLES

LOSS PREVENTION MEASURES

We have strict procedures and standards......

?

slide18
EXAMPLES

LOSS PREVENTION MEASURES

Our staff are highly motivated .............

slide19
EXAMPLES

LOSS PREVENTION MEASURES

We have fire doors ... Yes, but the walls are not..

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EXAMPLES

LOSS PREVENTION MEASURES

We are painters, we paint everything…

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EXAMPLES

LOSS PREVENTION MEASURES

No comments…

slide22

LOSS PREVENTION MEASURES

Fire truck?

EXAMPLES

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EXAMPLES

LOSS PREVENTION MEASURES

Fire door. But what is it?

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EXAMPLES

LOSS PREVENTION MEASURES

Risk prevention is not a game…

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RISK SURVEYS

OBJECTIVES

The purpose of the risk inspection program is to provide Insurers & Re-Insurers with a comprehensive understanding of this risk, including:

  • Overview of the Plant
  • Compliance of activities and equipment with the insurance proposal
  • Condition of equipment
  • Plant life management philosophy and implementation
  • Adequacy of maintenance strategy
  • Review of management and technical documentation and reports
  • Impact of differences on risk profile
  • PML considerations
  • Comments on environmental risks and political/social risks
  • If BI: review of contracts, redundancies, business figures, spare part inventory
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RISK SURVEYS

Specific Review Topics

  • Process and equipment characteristics
  • Prototypical elements
  • Plant organization
  • Maintenance approach, history and schedule
  • Fire protection, detection and suppression systems, inspection program and records
  • Fire plant/emergency response procedures
  • Capital spares for major equipment
  • HSE and QA/QC manuals
  • Example internal/external risk/safety audit reports
  • Accident/incident reports + details of any losses or incidents to date during site works
  • Client organization & management training program
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IMPROVING RISK STANDARDS

RECOMMENDATIONS

Ability to Understand the Risk

Contract Certainty / Willingness to Handle the Claims

Product Innovation

Risk Manager or Insurance Buyer?

Appointment of Experts

Pro-active approach in loss control programmes

slide31
FIRE & BUSINESS INTERRUPTION–VARNISH & COATINGS MANUFACTURING PLANT IN TURKEY

CASES

slide33
CASES

FIRE – COMMERCIAL BUILDING IN SPAIN

slide36
CASES

COLLAPSE OF H2SO4 TANK – FERTILIZER FACTORY

slide39
CASES

FIRE – CONSTRUCTION PROJECT IN KAZAKHISTAN

slide41
CASES

FIRE – PVC FACTORY IN TURKEY

slide42
CASES

FIRE – PVC FACTORY IN TURKEY

slide43
CASES

ACCIDENT DURING START-UO – HIGH SPEED TRAIN IN MEXICO

slide46
HAKAN ILERI

HILERI@ADDVALORAGLOBAL.COM

+44 7812 77 44 77