Managing risk accumulations - what are the lessons to be learned from Tianjin?
In this IIL reinsurance lecture Jens-Ulrich Peter outlined how risk accumulations can be better managed. In his lecture, Jens evaluated the recent Tianjin experience and concluded that some regulatory requirements and best practices indicate some opportunities for improvement.
As part of their Solvency II or Enterprise Risk Management activities insurers put more emphasis on risk identification, assessment, monitoring, and reporting. Particularly, some companies have already introduced some frameworks and processes to better understand and manage their risk accumulations.
The Tianjin experience puts a spotlight on such risk accumulations and their controls in areas of high value concentration such as major trading hubs or industrial parks. Jens concluded that it offered some lessons to be learned for the industry and to reflect on what we should do differently going forward.
By the end of this lecture members would have gained an insight into:
- Some facts and surprises of the Tianjin loss
- Post accumulation management requirements and best practice
- What should we as an industry do differently going forward?
Jens-Ulrich has been with Swiss Re for more than 10 years having joint when the company acquired GE Insurance Solutions in 2006. He has held a variety of different roles in reinsurance underwriting and sales. In July 2014 Jens-Ulrich was appointed as Head Property Underwriting EMEA.
David Flandro, Global Head of Analysis, JLT Re.
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