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Energy Insurance The Road Ahead

Energy Insurance The Road Ahead

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Energy Insurance The Road Ahead

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  1. Energy Insurance The Road Ahead Dominick Hoare

  2. The Loss/Profit Equation • Inherent Business Dilemma • Demands of Capital • Stable Profit Environment • Sustainable Business Concept

  3. Current Environment • Volatility • Premium Increases • Severe Loss Frequency • Long Term Uncertainty

  4. Toulouse

  5. Toulouse

  6. Toulouse

  7. Toulouse

  8. Toulouse

  9. Toulouse

  10. P36

  11. P36

  12. P36

  13. P36

  14. P36

  15. P36

  16. P36

  17. P36

  18. P36

  19. P36

  20. P36

  21. P36

  22. Gulf of Mexico Blowout

  23. Gulf of Mexico Blowout

  24. Gulf of Mexico Blowout

  25. Gulf of Mexico Blowout

  26. Gulf of Mexico Blowout

  27. Willis Loss Database

  28. Lloyd’s Energy Statistics Offshore Physical Damage - Incurred Loss Ratio

  29. Lloyd’s Energy Statistics Control of Well - Incurred Loss Ratio

  30. Lloyd’s Energy Statistics Onshore Physical Damage - Incurred Loss Ratio

  31. Lloyd’s Energy Statistics Energy Liability - Incurred Loss Ratio

  32. Lloyd’s Energy Statistics All Classes - Incurred Loss Ratio

  33. Lloyd’s Peer Group

  34. Rating Index

  35. Equity Markets 9/11 P36 - March Toulouse - September

  36. Situation • Capital Intolerance • Flawed Business Model • Short Term Solutions vs. Long Term Business

  37. Solution • Mutual and Constructive • Reduce Volatility • Renewed Confidence • Stable Capital

  38. Fundamental Restructuring of Business • Return on Capital • Higher and Consistent Premium Levels • Transparent Risk Transfer

  39. Insured's Charter • Higher Quality Product • New Standard Levels • Commitment and Continuity

  40. Lloyd’s • Flexible and Innovative Product • Expertise and Professionalism • Unique Talent Pool

  41. Lloyd’s • Chairman’s Strategy Group/Franchise Concept • Proactive and Supportive • Entrepreneurial Spirit • Strong Corporate Governance

  42. Lloyd’s • 9/11 • Trading Continuity • Funding Obligations • 2000 Gross Income – £ 10.2bn • 2001 Gross Income – £ 11.6bn • 2002 Gross Income – £ 12.8bn

  43. Regulatory Environment • Risk Focused Management • LMP Reforms • Product Centered • Market Leadership from Lloyd’s

  44. Re-Definition of Insurance Business Model • Structural Change – Mutually Driven • Product of Highest Quality and Integrity • Sustainable and Profitable • Is Failure an Option?

  45. Energy Insurance The Road Ahead Dominick Hoare