Presentation Transcript
Global Reinsurance Consultants Ltd: Global Reinsurance Consultants Ltd Peter Matthews Managing Director
Slide2: Overview of Asian Run-Off Exposures
Specific Markets including Collection Difficulties and Levels of Deals Possible – (South Korea/Singapore/India)
Global Re’s ‘Secrets’ for Success Maximising Your Reinsurance Recoveries In Asia
Worldwide Collection Successes: Worldwide Collection Successes Where Global Re have collected for Clients
Extent of Run-Off in Asia: Extent of Run-Off in Asia Countries with Large numbers of Run-Off Exposures –
India/Japan/South Korea/Singapore/China
Countries with Small Run-Off Exposures –
Mongolia/North Korea/Thailand/Malaysia/
Pakistan
Countries with Medium Run-Off Exposures –
The Philippines/Indonesia/Taiwan
Recoveries in Asia: Recoveries in Asia Recoveries in Asia
Changes in approach from Asian Companies: Changes in approach from Asian Companies Ownership changes
International Business Relationships
Statute of Limitations
South Korea: South Korea Korean Lloyd’s Traditional Costume Korea Buddhism Tteokkkochi Gui and Tteokjjim Seoul City Tour Bus
Singapore: Singapore Raffles Hotel Singapore Turf Club Singapore Sling Sri Mariammam Temple Bottle Collector
India: India Snake Charmer Wedding-Musicians Hotel Park Sheraton & Towers Chennai Taj Mahal Indian Transport
Difficulties in collecting from South Korea/Singapore & India (I): Difficulties in collecting from South Korea/Singapore & India (I) Time Differences
Language Barriers
Ring – Fencing of the old liabilities
Difficulties in collecting from South Korea/Singapore & India (II): Difficulties in collecting from South Korea/Singapore & India (II) Subscription Markets
Lack of dedicated run-off staff
Lack of Outsourcing
Difficulties in collecting from South Korea/Singapore & India (III): Difficulties in collecting from South Korea/Singapore & India (III) Accepting predecessors underwriting liabilities
IBNR
Time Bar
Level of Deals Achievable in Asia (I): Level of Deals Achievable in Asia (I) Unpaids
Loss Reserves
IBNR
Level of Deals Achievable in Asia (II): Level of Deals Achievable in Asia (II) Further Discounting?
Instalments
Timing
Global Re’s Collection Secrets (I): Global Re’s Collection Secrets (I) Relationships
Effective Communication
Trust
Global Re’s Collection Secrets (II): Global Re’s Collection Secrets (II) Travel
Leverage
Persistence
Conclusion: Conclusion An Overview of Asian Run-Off & Global Re’s experience of Maximising Reinsurance Collections
Focused on particular markets – South Korea/Singapore/India
Provided you with our ‘Trade Secrets’ for Maximising Your Reinsurance Recoveries in Asia
…. And if you can meet the requirements for collection success in Asia then the consultant is an endangered species.
Global Reinsurance Consultants Ltd: Global Reinsurance Consultants Ltd