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Reinsurance / Reaseguro / Resseguro . Dr. Sebastian von Dahlen Santiago de Chile 15 November 2007. Introduction / Introducción / Introdução. Señoras y señores, - PowerPoint PPT Presentation
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Reinsurance / Reinsurance / Reaseguro / Resseguro Reaseguro / Resseguro
Dr. Sebastian von DahlenSantiago de Chile15 November 2007
Case Study Reinsurance ScenariosDr. Sebastian von Dahlen, Principal Administrator IAIS
22007 / Santiago de Chile
Introduction / Introduction / IntroducciónIntroducción // IntroduçãoIntrodução
Señoras y señores,
Disculpen que mi presentación sea en inglés. Mis escasos conocimientos de español y portugués solo me permiten decirles que pueden sentirse dichosos de que me esté limitando a esta sola página.¡Muchas gracias!
Estimados senhoras e senhores,
Peço desculpa por proferir a minha conferência somente em língua inglesa, mas os meus escassos conhecimentos das línguas portuguesa e espanhola são apenas suficientes para lhes comunicar que se podem considerar felizes que agora acabo por continuar a falar apenas em língua inglesa.Muito obrigado!
Case Study Reinsurance ScenariosDr. Sebastian von Dahlen, Principal Administrator IAIS
32007 / Santiago de Chile
Today‘s schedule on IAIS and reinsuranceToday‘s schedule on IAIS and reinsurance
Index of contents
A) During PANEL (now)
Some background on: – Current IAIS reinsurance work – Selected Latin American data
B) During CASE STUDY (later)
Some basic insights: – Reinsurance supervision– Problems and solutions
Case Study Reinsurance ScenariosDr. Sebastian von Dahlen, Principal Administrator IAIS
42007 / Santiago de Chile
Importance of the IAISImportance of the IAIS
IAIS Mandate• Standards and guidance for insurance
supervision• Assist national supervisors• Promote cooperation among insurance
supervisors• Coordinate with other financial sector
and international organizations (Basel Committee, IOSCO, Joint Forum, Financial Stability Forum, etc.)
Case Study Reinsurance ScenariosDr. Sebastian von Dahlen, Principal Administrator IAIS
52007 / Santiago de Chile
Reinsurance and the IAISReinsurance and the IAIS Executive
Committee
Technical Committee
Solvency Subcommittee
Accounting Subcommittee (incl.
Insurance Contracts)
Reinsurance Subcommittee
Governance & Compliance
Subcommittee
Market Conduct Subcommittee
Financial Conglomerate Subcommittee
Reinsurance Transparency
Subgroup
Mutual Recognition Subgroup
Pension Coordination Task
Force
Executive Committee
Technical Committee
Reinsurance Subcommittee
Reinsurance Transparency Subgroup
Mutual Recognition Subgroup
Reinsurance Subcommittee
1. Main focus on
Mutual Recognition Reinsurance Transparency
2. Work also on
Revision of IAIS Papers
Case Study Reinsurance ScenariosDr. Sebastian von Dahlen, Principal Administrator IAIS
62007 / Santiago de Chile
Reinsurance Transparency SubgroupReinsurance Transparency Subgroup
Global Reinsurance Market Report
• Participants of report– Supervisors from Bermuda, France, Germany, Japan
Switzerland, the UK and the USA– 56 significant reinsurance entities – Representing a very high proportion of the worldwide
reinsurance market • Aim of report
– Increase transparency concerning worldwide reinsurance market
– Indicate resiliency of the reinsurance market
Source of information for supervisors around the world
Case Study Reinsurance ScenariosDr. Sebastian von Dahlen, Principal Administrator IAIS
72007 / Santiago de Chile
IAIS Global Reinsurance Market ReportIAIS Global Reinsurance Market Report
Edition 2007 – new structure & new layout
Insights to relevant reinsurance market developments New in the report: more reference to the overall capital market
Example:Average CDS spreads for reinsurance, insurance and banks
0
10
20
30
40
50
60
BanksInsuranceReinsurance
Case Study Reinsurance ScenariosDr. Sebastian von Dahlen, Principal Administrator IAIS
82007 / Santiago de Chile
IAIS Global Reinsurance Market Report …IAIS Global Reinsurance Market Report …
… Edition 2007 – some life reinsurance focus …
…“Chapter III” provides assessments on: a) pandemic risks b) mortality risks e.g. potential avian flu e.g. graph below
http://www.iaisweb.org/
Case Study Reinsurance ScenariosDr. Sebastian von Dahlen, Principal Administrator IAIS
92007 / Santiago de Chile
Mutual Recognition SubgroupMutual Recognition Subgroup
Mutual Recognition of Reinsurance Supersvision • Reinsurance protection
– Important risk mitigation tool for insurers– Provide economic benefits for primary insurers and their
policyholders
Example: major natural catastrophes (e.g. severe storms)
- Reinsurance provides protection - Global risk diversification is important
Supervisors should support, if possible and appropriate, a worldwide diversification of reinsured risks
Case Study Reinsurance ScenariosDr. Sebastian von Dahlen, Principal Administrator IAIS
102007 / Santiago de Chile
Mutual Recognition SubgroupMutual Recognition Subgroup
IAIS aim concerning mutual recognition
• To facilitate a system of efficient insurance and reinsurance supervision: avoid unnecessary burdens
Example: appropriate information sharing among supervisors instead of a duplication of supervisory requests
• Please check IAIS website for the recently published “Discussion Paper on the Mutual Recognition of Reinsurance Supervision”
Case Study Reinsurance ScenariosDr. Sebastian von Dahlen, Principal Administrator IAIS
112007 / Santiago de Chile
Reinsurance Subcommittee Reinsurance Subcommittee
Additional work planned for the near future
• Revision and updating of existing reinsurance related IAIS papers
– „Standard on the evaluation of the reinsurance cover of primary insurers“
– „Guidance Paper on finite reinsurance“
Case Study Reinsurance ScenariosDr. Sebastian von Dahlen, Principal Administrator IAIS
122007 / Santiago de Chile
Insurance and ReinsuranceInsurance and Reinsurance
Some insights into Latin America
• Premium shares• Premium growth• Market penetration• Growth expectation
Case Study Reinsurance ScenariosDr. Sebastian von Dahlen, Principal Administrator IAIS
132007 / Santiago de Chile
Latin AmericaLatin America
Non Life premium shares Latin America
37.8%21.4%
9.2%9.1%
5.6%4.5%
1.5%1.5%1.4%
1.0%1.0%0.8%0.8%0.7%0.7%0.7%0.6%0.6%0.4%0.3%0.2%0.2%
0% 5% 10% 15% 20% 25% 30% 35% 40%
BrazilMexico
VenezuelaArgentinaColombia
ChileEcuador
PeruDominican Republic
JamaicaCosta Rica
PanamaGuatemala
UruguayTrinidad and Tobago
El SalvadorBahamasBarbadosHonduras
BoliviaNicaraguaParaguay
87.6%
87.6%
Source: VERA
Case Study Reinsurance ScenariosDr. Sebastian von Dahlen, Principal Administrator IAIS
142007 / Santiago de Chile
Latin AmericaLatin America
Non Life premium growth 2000-2005Non Life premium growth 2000-2005
NL real premium growth 2000-2005*12.5%
12.3%
6.5%
5.4%
4.9%
4.4%
3.9%
2.3%
0% 5% 10% 15%
Venezuela
Chile
Mexico
Argentina
Latin America
World
Colombia
Brazil
Source: Munich ReSource: Munich Re
Case Study Reinsurance ScenariosDr. Sebastian von Dahlen, Principal Administrator IAIS
152007 / Santiago de Chile
Latin AmericaLatin America
Insurance market penetration
Venezuela
UK
Singapore
Russia
PhilippinesMexico
S. Korea
Italy
Germany
France
Colombia
China
Chile
Canada
Argentina
USA
TaiwanSouth AfricaNorway
New ZealandJapan
India
Brazil
Australia
0
1
2
3
4
5
6
0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000
GNI per capita in purchasing power parities (PPP-US$)
Pen
etra
tion
Non
-life
(%)
Global trend line
year: 2005
Source: VERA
Case Study Reinsurance ScenariosDr. Sebastian von Dahlen, Principal Administrator IAIS
162007 / Santiago de Chile
Chile Chile
Growth expectation for a primary insurance market
source: AACH (history), Munich Re
0
500000
1000000
1500000
2000000
2500000
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
NL Trend BIP nom. (downside) NL Trend (GNI PPP)
Global Trend NL
Case Study Reinsurance ScenariosDr. Sebastian von Dahlen, Principal Administrator IAIS
172007 / Santiago de Chile
Reinsurance / Reinsurance / Reaseguro / Resseguro Reaseguro / Resseguro
http://www.iaisweb.org/
A source for further questions und answers:
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