ICAR 2007 CATASTROPHE SCHEME CONSORTIUM The Consortium Bucharest, 1 st and 2 nd October.

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Presentation transcript:

ICAR 2007 CATASTROPHE SCHEME CONSORTIUM The Consortium Bucharest, 1 st and 2 nd October

The Consortium What is a consortium? What is our role? What is the added value?

Why employ a consortium? “An association or grouping of institutions, businesses or financial organisations usually set up for a common purpose or a joint venture that would be beyond the capabilities of a single member of the group”

Why employ a consortium? “……..beyond the capabilities of a single member of the group”

INSURANCE BROKERAGE REVENUE Source: Business Insurance

REINSURANCE BROKERAGE REVENUE Source: Business Insurance

DEDICATED REINSURANCE STAFF Source: Business Insurance

TurkeyAlgeriaJapan Switzerland USA – Florida, California, Hawaii Taiwan NorwayNew ZealandSpain

Role? “not limited to those services normally provided to the clients by reinsurance intermediaries”

Design, quotation, marketing and placement. Administration. Assessment of counterparty risk. Efficient handling of recoveries. Market information. Technical advice. Facilitation of scheme activities.

Assessment of counterparty risk and Market Information: Constant, in depth reviews based on ownership, financial strength, reinsurance, management, Government supervision.

Efficient handling of recoveries: Claims Collection Performance (Rita, Wilma, Katrina) 52%- Paid in 10 days or less 76%- Paid in 15 days or less 93%- Paid within 25 days

Technical advice: Coordination of modelling study results, Dynamic Financial Analysis, communication channels Dedicated, professional staffing in Romania. Full training, full support. Imagination.

CREATION of a fully functioning SYSTEM that provides ECONOMIC STABILITY to the whole of ROMANIA and each and every ROMANIAN