A seminar organised by the Reinsurance Committee and the Property Insurance Committee titled “Managing risk in property insurance from the reinsurer’s, insurance company’s and insurance broker’s point of view” was held on 6 June 2013.
The seminar was opened by Maciej Łuczyński, Member of the Management Board of PIU. Part of the event consisting of four presentations was hosted by Dariusz Kwiatkowski, Long-term Insurance Reinsurance Director at the Biuro Reasekuracji PZU S.A.
The first presentation was conducted by Dominika Kozakiewicz, Vice President of the Management Board, Managing Director of Marsh Polska, Agnieszka Michałowska, Broker Director at Marsh Polska and Jacek Ryć, Corporate Clients Director at the regional branch of PZU S.A. in Poznań. During this presentation, two real life examples of companies were discussed, on the basis of which the most important problems in the functioning of property insurance in practice were exposed. Particular attention was given to the role of appropriate risk management in the case of simultaneous functioning of modern and outdated technologies in a single enterprise, early engagement of a broker and insurance company in the insurance risk assessment process and a proper information flow. Also, a manner was presented in which complexity, investment innovation and investor’s requirements with respect to the scope of protection influence the possibility of obtaining proper reinsurance coverage. The speakers emphasised that in both discussed cases conclusion of insurance and reinsurance contracts was possible owing to the willingness of all parties to reach a compromise and good communication between the parties concerned.
Then, Otmar Erich, senior underwriter fac. property at Swiss Re discussed key trends in property insurance perceived from the reinsurer’s point of view, and in particular types of damage which is increasingly more important for reinsurance portfolios. He also presented opportunities and threats concerning reinsurers on the Polish insurance market. Next, Marcin Kowalski, Regional Director of Department Poland in Polskie Towarzystwo Reasekuracji, spoke about the significance of reinsurers in the process of maintaining financial liquidity of the insurance market. Furthermore, he discussed the most important challenges for the reinsurance market and the role of an insurance broker in the proper conclusion of insurance and reinsurance contracts.
During the last presentation, Tomasz Libront, Reinsurance Director, Member of the Management Board at THB Polska, discussed factors on the insurers, clients, and market environment side which influence the existence of the so-called “gaps” in the reinsurance coverage. During his presentation, he also tackled the issue of communication between particular insurance market participants which may lead to limited or distorted information received by the reinsurer which, in turn, may result in negative consequences for all parties to the contract.
The seminar was concluded with a discussion panel hosted by Agata Siennicka, Reinsurance Director at Vienna Insurance Group Polska, with Sławomir Majkowski – fac. underwriter property at Munich Re – Witold Janusz – Lloyd’s General Representative at Lloyd’s Polska – and dr Krzysztof Łyskawa from the Insurance Department of the Poznań University of Economics. Director Agata Siennicka invited also Otmar Erich from Swiss Re, who was sitting in the audience, to take part in the panel. In the course of the discussion, the need to create standards and good practices in the area of preparing reinsurance inquiries was indicated as well as the need to develop activities aiming at increasing the level of knowledge of customers, insurance companies and insurance brokers in the field of risk management and fire safety. It was reminded that the Property Insurance Committee already has its track record with respect to recommendations concerning the functioning of property insurance. In 2012, Minimum Information Requirements regarding conclusion of insurance contracts and Coinsurance Agreement Templates were introduced.
Participants of the seminar were informed that the diagnosed issues and questions asked will be the subject of further works of the Property Insurance Committee, the Reinsurance Subcommittee and the Working Group on Risk Management.
More than 100 people participated in the seminar, including representatives of universities, domestic and foreign insurance and reinsurance companies as well as insurance and reinsurance brokers.
Conferences and seminars
