8th annual Insurance and Reinsurance Conference

October 2010 - The 8th annual Insurance and Reinsurance Conference (Jornadas Seguro y Reaseguro) took place in Mexico City on September 22 and 23, and drew over 330 legal experts as well as underwriters, claims adjusters, risk managers, among others.

Presentations offered by Swiss Re Mexico Legal Committee gave Swiss Re an opportunity to share information with the market on current topics and to compare notes with participants on the issues discussed by the speakers and panelists. The result was an open and interactive exchange of ideas and a systematic collection of lessons learned.

Discussions this year included Life and Health topics alongside Property & Casualty and, for the first time, a special segment dedicated to NatCat events. Presenters came from the US, Mexico and Chile. Swiss Re Mexico´s Legal Committee played a central role in organizing the event, presenting and moderating an Expert Discussion Panel, which included representatives from underwriting, claims and the legal area.

Edmundo Hernandez opened the event with a very warm welcome to the participants, noting that natcat events are an increasing global concern for reinsurers due to frequent earthquakes and hurricanes seen in a short period of time. As he described, these events force us to review and revalidate reinsurance models as well as insurance conditions to limit expected loss and exposure in a more technical manner.

Hernández also emphasized that Swiss Re has been present in Latin America over the last 100 years and that since day one, the company maintained its business interests in the region by providing reinsurance capacity, paying claims in a period of 12 days, sharing experience, providing technical advice and knowledge-sharing through events like this one in Mexico City.

Below is a brief summary of discussion topics from the Conference. The full agenda agenda is attached to this article, and additional details on the event, presentation materials, and the conference proceedings are available on swissre.com (Spanish only).

Life and Health topics

Medical networks in medical malpractice and their implications: We have recently seen legal rulings in Mexico on medical malpractice, with millionaire judgments against some insurers. In some cases the insurance company has been sued and found directly responsible for the mere fact of medical professionals recommend or use medical networks. What implications will these legal decisions have in the future?

Pandemics vs Life and Health: Analysis of the consequences of a pandemic outbreak, as was the case of influenza H1N1, both from a medical standpoint as well as in relation to its implications and effects on the insurance and reinsurance industry.

Property & Casualty topics

Solvency II:  It is a subject about which much has been written, but its interpretation and implications could have some considerations from the point of view of Swiss Re.

Mandatory insurance: What are these compulsory insurance in the Third-Party Liability? What is the current situation in Mexico?

Essential Risk Aggravation: What is essential risk aggravation? How to interpret and apply in the case of accidents or loss? What are the limitations and scope?

Natural Catastrophe Events (P&C)

Lessons learned from Hurricane Katrina: Katrina is considered the most expensive hurricane in modern insurance industry. In addition to economic devastation, Katrina created ongoing industry discussions relating to contract language, coverage definitions, etc. which remain current.

Chile Earthquake - Learning and Experience: The whole world watched as Chile suffered one of the worst earthquakes in history on February 27, 2010. How did the Chilean market react?  How are they evaluating and compensating the damage from earthquake, fire and post earthquake, tsunami, flood and water damages, business interruption and loss of market?

Casualty and Majeure Force Event: What is Force Majeure? How does it apply to accident or loss? Are they considered acts of God? Are they are covered by policy wordings?

Feedback from the event was extremely positive. 96% of survey participants rated the topics to be good or excellent, and the speakers received similar high marks in terms of subject-matter excellence and expertise. We were also pleased to receive press coverage for the event, with an article appeared soon after in "El Asegurador" - a bi-weekly trade journal in the market.

Published 29 October 2010

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