The 5 th International Istanbul Insurance Conference
46
Titulo de la Presentación The 5 th International Istanbul Insurance Conference LOSS PREVENTION AND RISK IMPROVEMENT HAKAN ILERI ISTANBUL, 3 rd October 2013
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The 5 th International Istanbul Insurance Conference. LOSS PREVENTION AND RISK IMPROVEMENT HAKAN ILERI ISTANBUL, 3 rd October 2013. CONTENTS. Introduction. Expectations of the Reinsurers. Current Situation. Loss Prevention Measures. Improving the Risk Standards. Cases. INTRODUCTION. - PowerPoint PPT Presentation
Transcript of The 5 th International Istanbul Insurance Conference
Titulo de la
Presentación
The 5th International Istanbul Insurance
Conference
LOSS PREVENTION AND RISK IMPROVEMENT
HAKAN ILERI
ISTANBUL, 3rd October 2013
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CONTENTS
Improving the Risk Standards
Loss Prevention Measures
Current Situation
Expectations of the Reinsurers
Introduction
Cases
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INTRODUCTION
Riskier World
Local Players’ Roles
Innovations by Reinsurers
Risk Management Approach
Importance of Risk Surveys
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IDEAL(Before the loss)
Proven methodsPrudent actingCompetent personnelSmooth cooperationReasonable budgetingReasonable schedules
REAL(As it turns out to be….)
Trial and errorNegligenceIgnoranceChaosUnderfundingTime pressure
INTRODUCTION
IDEAL VS REAL
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Insurer
Insured
Policy Claim
- Extent - Causation -
Coverage/Liability- Indemnification- Subrogation- Loss Mitigation- Repair- …..
THE THEORY IS SIMPLE
INTRODUCTION
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Insurer
Insured
Policy Claim
Co-Insurer(s)
Principal
OEMs
Sub-Contractors
Banks
Loss AdjusterBroker
Re-Insurer(s)
Lawyers
Experts
Underwriting Claims
Project Site Design
THE REALITY: USUALLY COMPLICATED
INTRODUCTION
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Understand my business
Sufficient capacity
Accurate & Consistent View of Risk
Practical advice
Reasonable premium
Prevent losses
Avoid surprises
Fair claims payments
Understand exposure
Balanced portfolio
Accurate & Consistent View of Risk
Delivery solutions for client
Sufficient premium
Prevent losses
Avoid surprises
Fair claims payments
INSURED INSURER
EXPECTATIONS OF THE INSURED AND INSURER
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EXPECTATIONS OF THE REINSURER
Accurate & Consistent View of Risk
Presentation of data in the requested format
Sufficient premium
Familiarity with the general principles of law governing reinsurance contract
Prevent losses (risk improvement and loss control)
Timely and Comprehensive Reporting
Claims Control
Fair claims payments
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WHERE DO THEY MEET?
Prevent Losses
AvoidSurprises
Accurate &Consistent
View of Risk
Fair ClaimsPayments
PreventLosses
PreventLosses
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CURRENT SITUATION
Differences in expectations
Lack of understanding and communication
Catastrophe Modelling
BI Exposure
Application of Loss Prevention Measures
Risk Managers
Claims Control – Post Loss Mitigation Measures
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LOSS PREVENTION MEASURES
Identification of Risks
Risk Improvements
Development of Loss Control Programme
Business Continuity Plan
Maintaining the programme
SUMMARY
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LOSS PREVENTION MEASURES
Find out if the risk offered is acceptable;
Help in determining an appropriate rate to be charged;
Make recommendations for improvement of the risk;
Make an estimate of the maximum amount, or percentage of the risk that is likely to be lost in one fire or any other loss.
RISK SURVEYS
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LOSS PREVENTION MEASURES
EXAMPLES
RISK SURVEYS
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We have proven equipment!
LOSS PREVENTION MEASURES
EXAMPLES
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We use qualified contractors only!
EXAMPLES
LOSS PREVENTION MEASURES
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Ooops!EXAMPLES
LOSS PREVENTION MEASURES
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We have strict procedures and standards......
?
EXAMPLES
LOSS PREVENTION MEASURES
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Our staff are highly motivated .............EXAMPLES
LOSS PREVENTION MEASURES
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We have fire doors ... Yes, but the walls are not..EXAMPLES
LOSS PREVENTION MEASURES
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We are painters, we paint everything…EXAMPLES
LOSS PREVENTION MEASURES
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No comments…EXAMPLES
LOSS PREVENTION MEASURES
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Fire truck?EXAMPLES
LOSS PREVENTION MEASURES
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Fire door. But what is it?EXAMPLES
LOSS PREVENTION MEASURES
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Risk prevention is not a game…EXAMPLES
LOSS PREVENTION MEASURES
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RISK SURVEYS
OBJECTIVES
The purpose of the risk inspection program is to provide Insurers & Re-Insurers with a comprehensive understanding of this risk, including: Overview of the Plant Compliance of activities and equipment with the
insurance proposal Condition of equipment Plant life management philosophy and implementation Adequacy of maintenance strategy Review of management and technical documentation
and reports Impact of differences on risk profile PML considerations Comments on environmental risks and political/social
risks If BI: review of contracts, redundancies, business
figures, spare part inventory
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RISK SURVEYS
Specific Review Topics
Process and equipment characteristics Prototypical elements Plant organization Maintenance approach, history and schedule Fire protection, detection and suppression
systems, inspection program and records Fire plant/emergency response procedures Capital spares for major equipment HSE and QA/QC manuals Example internal/external risk/safety audit
reports Accident/incident reports + details of any
losses or incidents to date during site works Client organization & management training
program
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IMPROVING RISK STANDARDS
Ability to Understand the Risk
Contract Certainty / Willingness to Handle the Claims
Product Innovation
Risk Manager or Insurance Buyer?
Appointment of Experts
Pro-active approach in loss control programmes
RECOMMENDATIONS
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EXPLOSION AND FIRE – OIL REFINERY IN SPAIN
CASES
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EXPLOSION AND FIRE – OIL REFINERY IN SPAIN
CASES
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EXPLOSION AND FIRE – OIL REFINERY IN SPAIN
CASES
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FIRE & BUSINESS INTERRUPTION–VARNISH & COATINGS MANUFACTURING PLANT IN TURKEY
CASES
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EARTHQUAKE / INDUSTRIAL PLANT IN ITALY
CASES
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CASES
FIRE – COMMERCIAL BUILDING IN SPAIN
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FIRE – COMMERCIAL BUILDING IN SPAIN
CASES
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COLLAPSE OF H2SO4 TANK – FERTILIZER FACTORY
CASES
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CASES
COLLAPSE OF H2SO4 TANK – FERTILIZER FACTORY
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FIRE – PRINTING FACTORY IN IFRANCE
CASES
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FIRE – CONSTRUCTION PROJECT IN KAZAKHISTAN
CASES
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CASES
FIRE – CONSTRUCTION PROJECT IN KAZAKHISTAN
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FIRE – PVC FACTORY IN TURKEY
CASES
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CASES
FIRE – PVC FACTORY IN TURKEY
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CASES
FIRE – PVC FACTORY IN TURKEY
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CASES
ACCIDENT DURING START-UO – HIGH SPEED TRAIN IN MEXICO
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ACCIDENT DURING START-UO – HIGH SPEED TRAIN IN MEXICO
CASES
THANK YOU / TESEKKURLER
