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Insurance Companies Management Plans for Natural Hazards September, 2013. Nat Cat Risk Map. Turkey Earthquake Risk Map. Some Serious Events in 2011. New Zeland E/Q, Japan E/Q, Turkey E/Q ABD , Europe Snow Storm England , ABD Taphoon, Tornado Irene Hurricane.

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Presentation Transcript
slide1

Insurance Companies Management Plans for

Natural Hazards

September, 2013

slide2

Nat Cat Risk Map

Turkey Earthquake Risk Map

some serious events in 2011
Some Serious Events in 2011
  • New Zeland E/Q, Japan E/Q, Turkey E/Q
  • ABD , Europe Snow Storm
  • England , ABD Taphoon, Tornado
  • Irene Hurricane
one of the biggest natural hazards in 2011 in thailand flood 12 mi a usd
One of the Biggest Natural Hazards in 2011 in Thailand Flood 12 Mia USD

The Biggest Natural Hazards within last 20 years is Sand Hurricane in America more than 25 Mia USD in October 2012

4

natural hazards event claims in turkey
Natural Hazards Event Claims in Turkey

Due to Global Warming (Unexpected Flash Flood & Wind Storms) also because of Geological conditions of Turkey Earthquake events on top of this insufficient risk conditions has created heavy effect on insurance companies in last 18 Months.

Samsun Flood (2011 July)

İstanbul Storm (2012 April)

Ordu Flood (2011 August)

Egean Flood (2011 January)

Van Earthquake (2011 October)

Antalya Flood (2012 January)

Antalya Flood (2011 October)

catastrophic events in 2012
Catastrophic Events in 2012

Over 300 catastrophic events occurred in 2012 168 were natural catastrophes, while the remaining 150 events were man-made disasters

Total economic losses estimated at about USD 186 billion

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catastrophic events in 20121
Catastrophic Events in 2012

At least nine events triggered losses ofUSD 1 billion or more; Hurricane Sandywas the most expensive at USD 35 billion.

%42 of Total Damage in Asia

2

3

2012 reinsurance impacts
2012 Reinsurance Impacts

Reinsurer Capital (USD Billions)

10%

-3%

17%

  • Reinsurer capital has continued to increase throughout the first 3 quarters of 2012 to a new peak level
  • Supply continues exceed demand in most global regions

18%

-17%

InsurerCapital

9%

1%

12%

34%

  • Insurer capital increased 9 percent from year end 2011 to Q3 2012, back in line with historical averages for the industry.
  • Reinsurance demand continues to be flat to down slightly in peak zones as capital increases and insurers continue to retain more risk.

-29%

8

5

3

2

slide12

Important Catastrophe Losses

Source: Munich Re

2

3

5

8

total cat protection in turkish insurance sector since 2010
Total Cat Protection in Turkish Insurance Sector since 2010

Total Cat Protection in Turkish Insurance Sector 6.47 Milyar Euro

Turkish Cat Protection Cots increase by %15

Source: Munich Re

2

3

5

8

10

on the other hand climate change is happening and natural hazards on increasing trends
On the Other Hand Climate Change Is Happeningand Natural Hazards on Increasing Trends
  • Potential increased frequency and severity of storms
  • Rising sea levels
  • Potential increased frequency and severity of drought
  • Natural resources stresses
  • Increased severe weather events
      • Flood
      • Hurricane winds
      • Ice Storms
      • Fires …
  • Earthqukaes
environmental impacts
Environmental Impacts

Water

EnvironmentalImpacts

Energy

Biodiversity

Waste

Consequences

Insurance

Clean Air/Pollutants

Service delivery

Fuel/Transport

Heat/Sun

Carbon/Greenhouse Gas emissions

Financial

Cold/Snow/Ice

Legal

High Winds

Storm

Market changes/demands for services

Extreme Rainfall

People/health & Social care

Procurement

Flood

Planning

Drought

what is the role of insurance in adaptation to and mitigation of climate change risk
What is the Role of Insurance in Adaptation to and Mitigation of Climate Change Risk ?
  • History / Demonstrated Record of reducing risks
      • Exploration into emerging markets
      • Reduction of Fire Risk / Improvement of Existing Building Stock
      • Improvements to Worker Safety
      • Improvements to Vehicle / Driver Safety
      • Risk Mitigation in Deployment of New Technologies
  • Policy makers should engage insurance industry expertise and capital to most efficiently and effectively adapt to and mitigate risks of climate changeandnaturalhazards
      • After all … insurers are in the business of risk …

Climate Change Risks and Opportunities

Risks:

  • Failure to climate proof creates difficulties in securing investment and/or insurance cover
  • Potential liabilities if climate change is not factored into long term decisions about the future

Possible impacts:

  • Insurance Policies: Check Insurers stance on undefended flood risks and impact on premiums
  • Future Developments: improved specification that takes account of future climate is likely to be cost effective in most cases

Opportunities/Controls/Mitigation

  • Evidence of climate proofing enhances reputation with all stakeholders, provides security for investments and an opportunityto reduced insurance premiums

16

the role of insurance sector to natural hazards
The Role of Insurance Sector to Natural Hazards

ADAPTATION

Interaction with Policymakers

MITIGATION

Arrangement

Emergency Plan, Early Warning etc.

17

insuranc e companies natural hazards management
Insurance Companies Natural Hazards Management

Before Claim

  • Increasing the Risk Awarness of the Risk
  • Maping of the Risks and Classfing and Pricing Models
  • Risk Assesment / Selection
  • Following the Technical Rules / Regulations / Precautions
  • Appropriate Scope of Wording and Clauses in accordance with the tariff and
  • regulation in force
  • Monitor the Catasrophic Accumulation coming from the policies in the portfolio

18

insuranc e companies natural hazards management1
Insurance Companies Natural Hazards Management

Before Claim

  • Focused risk-management efforts include use of geographic information systems to better understand and pinpoint risks, land-use planning, flood control programmes, mitigation along coastlines, cloud seeding to divert hail storms, tightened zoning, improved weather forecasting and storm warning systems, and public spending on disaster preparedness and recovery
  • To buy eough Natural Catastroping Reinsurance Protection in paralel with the existing company cumulative sum insured
  • To Establish one additional data storage area in a different place far away the main buiilding where can not be impacted afetrteh same event
  • Creating Common Data Bank within the Market wshowing all existing insured details ( such a Tramer for motor business )

19

insurance can be applied to facilitate mitigation adaptation to climate change risk
Insurance Can Be Applied to Facilitate Mitigation & Adaptation to Climate Change Risk

Before Claim

  • Insurance focuses on risks to private assets
  • Insurance is the ultimate economic shock absorber
  • Insurers have also developed disaster preparedness andrecovery plans, and participated in the formulation ofbuilding codes to make buildings more disaster resistant
  • Insurers are creating products today to facilitate adaptation and mitigation to climate change risk
insuranc e companies natural hazards management2
Insurance Companies Natural Hazards Management

After Claim

  • Business Continuty Plan
  • 1) Personal Safety
  • * If hit by an natural hazards within office hours
  • * If hit by an Natural Hazards after Office Hours
      • 2)Fırst Aid and Building Safety
      • 3) Partners and After Event Coomunication
      • 4) Copamny – Staff First Commnunication After the Event
  • 5) Situation Analysis and BCP Invacation
  • 6) After event Actions – Coordination - Commnunication

21

insuranc e companies natural hazards management3
Insurance Companies Natural Hazards Management

After Claim

  • Prepare The Business Continuty plan and Pre Agrement with the Third Parties
    • Claim Adjusters
    • Car Reapirer
    • Restoration Companies
    • Suppliers ( Spare Parts ect )
    • Lawyers
    • Ect.
  • Rough / Quick Estimation of the Size of the Natural Hazard
  • Decide and Establish Immediate Actions
  • Organize the Possible Risk Minimaze Actions
insuranc e companies natural hazards management4
Insurance Companies Natural Hazards Management

After Claim

  • Communication with Reinsurers
    • Claims Notification
    • Claim Handling
    • Advanced Payment ect
  • Manage the Cash Flow