Risk management – a journey from the merely unlikely to the totally unpredictable Enrico Bertagna Head of Southern, Eastern Europe & Africa General Representative.

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Presentation transcript:

Risk management – a journey from the merely unlikely to the totally unpredictable Enrico Bertagna Head of Southern, Eastern Europe & Africa General Representative for Italy II Università di Napoli 15 April 2012

WHAT Is lloyd’s?

1400 s 1500 s 1600 s 1700 s 1800 s

Lloyd’s established

1600 s 1700 s 1800 s 1900 s 2000 s

Lloyd’s and Nelson

’s Entrepreneurialism in the 19th Century

1600 s 1700 s 1800 s 2000 s 2010 s

Lloyd’s is a catalyst for Innovation

The motorcar TerrorismAviation Commercial space flight Lloyd’s firsts

Other firsts contract Certainty Reinsurance claims academy

Role of Insurance In society

Lloyd’s insures against natural disasters around the world and its devastating consequences covering everything from injury to property damage Whatever the force of nature

Crucial to society

Imagine a world Without insurance

insurance Is not banking

Insurance is pre-funded Banks lend before they borrow

Standards Franchise structure Risk Management What we learnt

Underwriting discipline

2012 financial results 91,1% Despite claims from superstorm sandy (€ 1,7mld) Profit before tax Combined ratio € 3,41 mld

How the market works

A dynamic and diverse market As at 31 December 2012, the Lloyd’s market was home to 57 managing agents that manage 87 live syndicates. Source: Lloyd’s Annual Report 2012

Market structure Source: Lloyd’s Annual Report 2012 Our unique structure creates a market based on trusted relationships and expertise

The risk

The broker

The underwriters

The capital The policy

Claims paid

The risk The broker The underwriters The capital Claims paid The policy

The world is A Risky place… …insurance Understanding risk

THE SCIENCE OF RISK

Insurance A second pair of eyes

Top 10 Risks

TOP RISKS REGIONALLY

Lowest 10 Risks

The Insurers of the future Security Global Reach foresight

Lloyd’s to be the global centre for specialist insurance and reinsurance Growing premium income from established markets in line with their economic growth with greater growth in new markets.

By 2025 Lloyd’s will be the global centre for specialist insurance and reinsurance A more diversified capital base, with a greater contribution from high growth economies.

By 2025 Lloyd’s will be the global centre for specialist insurance and reinsurance A truly internationalised underwriting community.

By 2025 Lloyd’s will be the global centre for specialist insurance and reinsurance A broker market, utilising brokers’ international networks.

By 2025 Lloyd’s will be the global centre for specialist insurance and reinsurance With powerful overseas hubs in certain major overseas markets.