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Current experience with weather hazards An Insurance Industry View by Dr Andrew Dlugolecki Andlug Consulting for UNFCCC workshop on insurance and risk.

Published byAbigail Campbell Modified over 8 years ago

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Presentation on theme: "Current experience with weather hazards An Insurance Industry View by Dr Andrew Dlugolecki Andlug Consulting for UNFCCC workshop on insurance and risk."— Presentation transcript:

1 Current experience with weather hazards An Insurance Industry View by Dr Andrew Dlugolecki Andlug Consulting for UNFCCC workshop on insurance and risk assessment in the context of climate change and extreme weather events Bonn May 12-13th 2003 andlug@hotmail.com

2 Overview Weaknesses of insurance industry Strengths The way forward andlug@hotmail.com

3 Gaps in Cover (1) Natural disasters 80 % of loss is uninsured Process friction c 30% of fund is not recycled Access to funds a rich man's club ? andlug@hotmail.com

4 Gaps in Cover (2) Product design short-term, restrictive terms Lack of capital unstable prices, volatile supply Fragmented market incapable of dialogue? andlug@hotmail.com

5 Strengths (1) Efficient risk transfer risk pricing mechanism Global outlook can transfer lessons internationally Vertical sophistication specialists for all functions variety of RM solutions andlug@hotmail.com

6 Strengths (2) Leverage potential interacts with all sectors claims purchasing power Administration network fraud control "overflow" capacity andlug@hotmail.com

7 The Way Forward (1) Collaboration on public policy pricing (social v efficient models) regulation (tariff v competitive models) compensation (liability v relief/charity v contractual ) physical resilience (design and construction) andlug@hotmail.com

8 Finance Sector Agenda andlug@hotmail.com

9 The Way Forward (2) Capital formation renting, tax breaks, ART Internal processes product design,distribution The human factor selection, training, development Information specification, capture and use andlug@hotmail.com

10 UK subsidence - the problem Product - uniform (zero) national rates in 1971 - integrated into multiperil cover Problem -more frequent droughts -indiscriminate planting - damage to buildings ( $800m in 1990!) -greater risk information andlug@hotmail.com

11 UK subsidence - the solution deeper foundations ( regulatory action) differential rating within multiperil (insurers) improved claim-handling (insurers) liability for tree management (courts) andlug@hotmail.com

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