Association of reinsurance professionals in France 1 September 2010 APREF PRESENTATION.
-
Upload
antonia-benson -
Category
Documents
-
view
217 -
download
1
Transcript of Association of reinsurance professionals in France 1 September 2010 APREF PRESENTATION.
Association of reinsurance professionals in France1
Association of reinsurance professionals in France
September 2010
APREF PRESENTATIONAPREF PRESENTATION
Association of reinsurance professionals in France2
Association of reinsurance professionals in France
SummarySummary
pagepage
•• APREF Organisation and Tasks 3
•• APREF Actions and 2010 Global view 21
•• Paris reinsurance market place 26
Association of reinsurance professionals in France3
Association of reinsurance professionals in France
• • CreationCreation
APREF was created in 2005 by merging 3 French reinsurance APREF was created in 2005 by merging 3 French reinsurance organisations in Franceorganisations in France
•• APREMAFAPREMAF ( (Association of reinsurance professionals in France)
•• ARFARF (French Reinsurance Association)
•• UREFUREF (Union of Foreign Reinsurers in France)
Association of reinsurance professionals in France4
Association of reinsurance professionals in France
• ObjectivesObjectives
APREF main objectives areAPREF main objectives are:
•• To be a think tank on all reinsurance subjects linked to the French market activities
•• To be a discussion forum on the French market reinsurance topics and to debate with the reinsurance industry players
•• To monitor relations between reinsurers and Professional Associations, Public Authorities and any other market organisation
•• To contribute to the developing and the appeal of the reinsurance industry within the Paris market place
• • To maintain an international network of contacts and exchanges with other organisations or reinsurance markets
APREF works with all the market professionals APREF works with all the market professionals
Association of reinsurance professionals in France5
Association of reinsurance professionals in France
• • ActionsActions
APREF main actionsAPREF main actions::
•• Gather the French Reinsurance industry market playersGather the French Reinsurance industry market players to analyse the legal, financial and technical changes regarding reinsurance
• • Contribute to reflexions on topics affecting reinsuranceContribute to reflexions on topics affecting reinsurance together with the insured, the insurers, the brokers and the public authorities
•• Work at improving knowledge on risksWork at improving knowledge on risks and their modelling to better define and develop the extreme and emerging risks insurability
Association of reinsurance professionals in France6
Association of reinsurance professionals in France
• • ActionsActions
• • Improve the French reinsurance market transparency, efficiencyImprove the French reinsurance market transparency, efficiency, security, and competitivenesssecurity, and competitiveness
•• Communicate on the expertise and on the professionalsCommunicate on the expertise and on the professionals in the risk and reinsurance industries in France
•• Maintain a good relation and dialogue on common topicsMaintain a good relation and dialogue on common topics and best practices with other market places and foreign associations
APREF contributes to the market’s development APREF contributes to the market’s development
Association of reinsurance professionals in France7
Association of reinsurance professionals in France
• Operating modeOperating mode
APREFAPREF:
•• Analyses the market topics with its membersAnalyses the market topics with its members, within committees, commissions and working groups according to a theme distribution
• • Consults the associate members in meetings Consults the associate members in meetings with the commissions and working groups
•• Exchanges with the professional organisations and the Public Exchanges with the professional organisations and the Public AuthoritiesAuthorities on current reinsurance themes
APREF activities are lead in compliance with the law on fair APREF activities are lead in compliance with the law on fair trading principles and regulationstrading principles and regulations
Association of reinsurance professionals in France8
Association of reinsurance professionals in France
• • MembersMembers • • MembersMembers
•• Reinsurers
•• May be involved in all activities
•• Vote at General Assemblies
•• Contribute to notes and market positions published on the Website
• • Associate membersAssociate members
•• All professionals linked to reinsurance (search on added diversity)
•• May attend International and Paris market committees, non technical and catastrophe commissions
•• Kept informed on all actions but not bound by APREF positions
APREF is open to the whole reinsurance industry: reinsurers, brokers, APREF is open to the whole reinsurance industry: reinsurers, brokers, captives, GIE, run-off, consultants …captives, GIE, run-off, consultants …
Association of reinsurance professionals in France9
Association of reinsurance professionals in France
• • A representative forceA representative force
APREF is the representative body of:
•• Around forty members and thirty associates::
•• The main reinsurers operating in the French market
• • Associate members, involved in the reinsurance industry and
its professionals in France
•• NearNear 95% of ceded premiums by the French market to
professional reinsurers in Life and Non Life
Comparing APREF with other reinsurance markets associations
• • The highest number of reinsurers as members
•• Higher diversity of associate members
•• One of the highest number of publications APREF represents around 95% of the reinsurance market in FranceAPREF represents around 95% of the reinsurance market in France
Association of reinsurance professionals in France10
Association of reinsurance professionals in France
• • Members Members ALLIANZALLIED WORLD AMF ARCH RE ASPEN REAXIS RE EUROPE BERKSHIRE HATHAWAYCCR EVEREST RE
GEN RE HANNOVER RE
HISCOX LIBERTY SYNDICATES
LLOYDS MAPFRE RE MCR MILLI RE MS FRONTIER RE
MUNICH ReMUT RE NEW RE ODYSSEY REPARIS RE PARTNERREQBE INTERNATIONALRGAR & V SCORSECURA SIGNAL IDUNA RESIRIUS INTERNATIONALSWISS RE TOKIO MILLENIUMTRANSAMERICA RETRANSATLANTIC REVALIDUSXL RE EUROPE
Association of reinsurance professionals in France11
Association of reinsurance professionals in France
• Associate MembersAssociate Members
ALD RE (SOCIETE GENERALE) AMS RE AON BENFIELD ASSURANCES ST HONORE SIACI ASSURATOME ASSURPOL AXA CESSIONS BOPS Avocats CALYON (CREDIT AGRICOLE) CARRAIG (SANOFI) CEFAREA (Centre d’arbitrage France) CHILTINGTON DES COURTIS DEWEY & LEBOEUF
GLOBAL RE GUY CARPENTERHMNLA REASSURANCE INTERCONTINENTALE(COVEA)MDBNASCO KARAOGLANOIRC (TOTAL)SEGS (Syndicat du run-off en France)TOWERS WATSONVERSPIEREN GLOBAL MARKETSWILLIS GRAS SAVOYE REWINSTON
Association of reinsurance professionals in France12
Association of reinsurance professionals in France
• OrganisationOrganisation
BUREAU President : F. Vilnet, PartnerRe
Vice President : L. Pietropoli, Odyssey ReTreasurer : O. Monmoton, Hannover Re
General Delegate : B. Dollfus,
APREF
Paris Market Place & InternationalCommittees
Executive Committee
Technical Committee
Financial & LegalCommittee
Secretary GeneralJ.M. Szmaragd,
SCOR
Association of reinsurance professionals in France13
Association of reinsurance professionals in France
Technical CommitteePresident : I. Hux, Swiss Re
Life CommissionPresident : G. Thivant, SCOR
Motor CommissionPresident : J.M Houisse, SCOR
Catastrophe CommissionPresident : H. Duke, Swiss Re
Construction CommissionPresident : J. Tuccella, SCOR
Credit CommissionPresident : P. Barrault, SCOR
Casualty CommissionPresident : P. Richard, Swiss Re
Agriculture CommissionPresident : N. Chatelain, Paris Re
• OrganisationOrganisation
Association of reinsurance professionals in France14
Association of reinsurance professionals in France
• OrganisationOrganisation
Motor Commission
Annuities WGPresident: C. Nivarlet, Secura
Impact of Environment on Motor Liability WG
President : C.Studievic, Odyssey Re
Methodology: human assistanceassessment WG
President : F. Blanchet, SCOR
Association of reinsurance professionals in France15
Association of reinsurance professionals in France
• OrganisationOrganisation
Life Commission
Long term Care WGPresident: P. Trainar, SCOR
Association of reinsurance professionals in France
OrganisationOrganisation
Catastrophe Commission
Natural Catastrophe WGPresident: L. Heroui, Hiscox
Association of reinsurance professionals in France17
Association of reinsurance professionals in France
• OrganisationOrganisation
Casualty Commission
Environment Liability WGPresident: S. Lassa, SCOR
Association of reinsurance professionals in France18
• OrganisationOrganisation
Financial & Legal CommitteeFinancial & Legal Committee President : Y. Besnard, SCOR
Portfolio transfers WGPresident : A. Bricard, SCOR
Finite WGPresident : X.Colonna, SCOR
Legal CommissionPresident: P. Isac, Munich Re
Association of reinsurance professionals in France19
Association of reinsurance professionals in France
• OrganisationOrganisation
Paris Market Place & International Committees
President : J.L Gourgeon, Paris Re
Attractiveness CommissionPresident : A. Pin, PartnerRe
Association of reinsurance professionals in France20
Association of reinsurance professionals in France
2010 Global view2010 Global view Reinsurance market: a transition periodReinsurance market: a transition period
•• The crisis consequencesThe crisis consequences:•• New regulation and tightening solvency rulesfor insurers and reinsurers
•• Common approach of insurers/reinsurers on market patterns and systemic risks
•• Solvency II with an increasing demand for reinsurance
•• APREF, a year of development onAPREF, a year of development on:
•• Communication and initiatives on market topics (reinsurance)
•• Developing private and public websites• Industrial risks Committee project
•• Search of new members and associates
Association of reinsurance professionals in France21
Association of reinsurance professionals in France
2009-2010: Actions2009-2010: Actions
APREF has undertaken a number of actions, in particularAPREF has undertaken a number of actions, in particular :
•• Talks with the Treasury and politicians (Agriculture, Natural catastrophes, Bodily Injury & Medical hearings)
•• Notes on market topics such as Agriculture, Natural Catastrophes, Construction, Credit, LT Care, Civil Liability, Terrorism, Medical Liability…
•• Catastrophes Commission working on exposures in market branches
• Monitoring APREF-FFSA common position on Paris market place and proposals (Market Place High Committee), creation of a commission on attraction subjects
• Setting up new WGs on technical and legal subjects
• News and memos available on : apref.org
Association of reinsurance professionals in France22
Association of reinsurance professionals in France
French market : post-crisisFrench market : post-crisis IssuesIssues
Paris Market Place•• Financial: development (Market Place High Committee, Paris Europlace)
•• Attractiveness: developing means, social and tax environment
•• Insurance: cooperation between insureds, insurers, brokers and reinsurers
•• Reinsurance: improvement (environment and the industry)
•• Security: a risks holistic view and improving the market place mechanisms
The State key role: insurability and protection of the insured asThe State key role: insurability and protection of the insured as
• • The last resort reinsurer (insurability and security)
•• Incentive to a better global cover (businesses and individuals)
•• A guarantee for fair treatment (all compensation schemes)
• • Risks monitoring and restricted liabilities (Public Private Partnerships)
Association of reinsurance professionals in France23
Post crisis RegulationPost crisis Regulation
Catastrophe RisksCatastrophe Risks: •• Insurers/reinsurers: global approach (Controls, Rating Agencies)
•• Catastrophe Perils : better analysis and cover (terrorism, pandemic..)
Regulation/supervisionRegulation/supervision •• Regulation (G20, EC, IAIS): standards, practices, models review
•• Solvency II: reconsider the scenarios on market catastrophe
(CEIOPS)
•• Macro/micro supervision : monitoring of systemic risks (EU)
•• IFRS: limit volatility linked to accounting standards
Systemic riskystemic risk •• Risk considered as limited in reinsurance (G30 report, P. Volcker,
2006)
•• Global surveys (The Geneva association, IAIS, FSB)
•• Regulation to refine (EU, USA)
Association of reinsurance professionals in France24
Association of reinsurance professionals in France
Reinsurance in France: facts and challengesReinsurance in France: facts and challenges Reinsurance market: FactsReinsurance market: Facts
•• World market, regulation and tax competition
•• Fragmented representation::
•• WorldwideWorldwide (GRF - Global Reinsurance Forum)
•• RegionalRegional (RAB - CEA Reinsurance Advisory Board)
•• LocalLocal (ABER, ABIR, APREF, DIMA, RAA, RRC)
French market:French market: •• Specific local characteristics
•• Cessions and underwriting: linked development•• On average, stands up better to the crisis
Challenges:Challenges: • Reinsurance: Reinsurance: profession, tool and strategic channel to develop
•• Local monitoring very important to develop and improve the Market placedevelop and improve the Market place
•• Aim for a local market to be transparent, competitive, secure and efficientlocal market to be transparent, competitive, secure and efficient
Association of reinsurance professionals in France25
Association of reinsurance professionals in France
Paris Market Place Reinsurance : trendsParis Market Place Reinsurance : trends
Professionalisation and development of the reinsurance industryProfessionalisation and development of the reinsurance industry
•• Head offices, offices and subsidiaries of major reinsurers
•• Reinsurance brokerage
•• Captives (insured and insurers)
•• Cessions entities
•• Market place tools (GIE)
•• Run-off businesses
•• Consultants
Staff concentration around the Market’s major playersStaff concentration around the Market’s major players •• Reinsurers established in France
• • Reinsurance brokerage
•• In development: captives, Run-off
Association of reinsurance professionals in France26
Association of reinsurance professionals in France
The PARIS Market Place: Insurance/ ReinsuranceThe PARIS Market Place: Insurance/ Reinsurance
2009 Estimation in volume of premiums2009 Estimation in volume of premiums
•• Non Life cessions Non Life cessions (to professional reinsurers(to professional reinsurers))• ~ 3,85 Bn Euros• 5th world market (3,5%)
•• Life cessions (to professional reinsurers)Life cessions (to professional reinsurers)• ~ 1,9 Bn Euros• 4th world market (4,5%)
•• Reinsurance underwriting (from France, by professional reinsurers) Reinsurance underwriting (from France, by professional reinsurers) • • ~ 5,5 Bn Euros
• 6th world market (3,5%)
•• Reinsurance brokerageReinsurance brokerage• ~ 0,175 Bn Euros• 3rd world market (5%)
Association of reinsurance professionals in France27
Association of reinsurance professionals in France
Paris Market Place Reinsurance : developmentParis Market Place Reinsurance : development
Development of the Reinsurance market placeDevelopment of the Reinsurance market place
•• Ensure the reinsurance expertise and the quality of supervisionexpertise and the quality of supervision
•• Reinforce the Market Place regulation and tax securityregulation and tax security
• • Adjust the reinsurance taxationAdjust the reinsurance taxation •• As acts as a limitation to maintain the actual reinsurers and to
attract new players to the Market Place
•• While taking into account the reinsurance international profile