1. the insurance and reinsurance
markets of the Caucasus
in the context of today’s
economic realities
Giles Ward, Regional President,
Eurasia and Africa, ACE Group
July 2015

2. ACE’s global reach
Operations in 54 countries Global network spanning 200 countries and territories in total Eurasia and Africa Employees 270 Offices 11 Europe Employees 2,500 Offices 45 North America Employees 10,000 Offices 170 Asia Employees 47,000 Offices 130 Latin America Employees 3,600 Offices 110

3. Serving Eurasia and Africa from 10 strategic locations:
Geographic sources of premium (2014)
12/11/2018

4. Insurance penetration rates (%)
Russia
Turkey
Source: Xprimm (life and non-life) 2014; AXCO data

5. Property Property / Catastrophe Energy Construction
Terrorism & political risks

6. Casualty General liability Employer’s liability
Directors and Officers liability
Professional indemnity

7. Three key goals Improve risk awareness
Move perception of risk management at Board level from cost burden to financial and strategic enabler
Better risk management processes/ safety standards
Deliver increased professionalism
A risk-based approach to capital at company/ market level
Self sufficiency: shift from ‘price takers’ to ‘price makers’
Focus on underwriting discipline
Increased market competition (incl. from Asia and ME)
Low interest rates in West fuelling capital flows and reducing income opportunity from fixed assets
The long-term trend for catastrophe losses is upwards