Natural disasters: Swiss Re leads the discussion with clients in Puerto Rico and the Dominican Republic

May 2011 - Swiss Re shared nat cat insights with clients during two sessions held May 3 and 4 in Santo Domingo, Dominican Republic and San Juan, Puerto Rico entitled: "Natural Disasters 2010: Lessons Learned".

The meetings provided a platform for an exchange of ideas on the social and economic implications of the world's 2010 natural disasters with special emphasis on the earthquakes in Chile and Haiti, which had strong repercussions for each of these Latin American countries.

Speaker Tom Walker, International Regional Underwriting Manager for the Liberty Group in Latin America, emphasized the “importance of preparing a contingency plan and an operations recovery plan for insurance companies exposed to these types of occurrences”. He also stressed the advantages of using the Internet for more timely claims notification processes in these scenarios.

Walker's comments and recommendations were highly useful and well received. Most of those in attendance have disaster contingency and recovery programs focused on hurricanes, making this meeting an excellent occasion to think about what would happen in an event if there is no advance warning of a nat cat event.

Other speakers included Swiss Re executives Yves-Daniel Cochand, Carlos Boelsterli, Edmundo Hernández, Jaime Pineda and Marcos Saravia, representing Marketing, Underwriting and Claims. They presented a detailed analysis of the significance of nat cat occurrences in the insurance and reinsurance sector and noted the most important factors to be taken into account.

Edmundo Hernández addressed topics related to “the importance of drafting extremely clear clauses and the challenges posed by high construction costs and the strong demand for duly qualified adjusters”. He said that the improvement in these market practices places cedents and reinsurers in a better position, not only to react in response to natural disasters but also to be better prepared and minimize the impact of such events.

This highly informative event was well attended with a total of 50 representatives from the Puerto Rican market and 40 more from the Dominican market. This conference was possible thanks to the support of Swiss Re Academy, Swiss Re's training center. To learn more about the full range of courses offered by Swiss Re Academy, follow this link.

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Conferencia - Catástrofes naturales 2010: lecciones aprendidas

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