Matt Rafferty, General Manager of QBE European Operations, addressed Dublin Chamber members on "Emerging Trends in the Insurance Market". Matt discussed how external influences and events can impact upon local markets and businesses.
Matt Rafferty joined QBE in January 2009 to focus on the expansion and growth of the specialist business insurer. QBE Ireland has been offering insurance via the broker market in the Casualty, Motor Fleet, Commercial Property, Liability and Professional Financial Lines sectors in Ireland since 1988. QBE employs almost 100 people in its offices located on Sir John Rogerson’s Quay, Dublin.
9. Property Business Interruption Theft, Glass, Money Credit Third Party liability insurances. Soon moved on to broader range of business cover Page 4 2011-09-27 Presentation to Dublin Chamber of Commerce
10. A broad range of Personal Insurances Motor Home Travel Personal Accident Health Even our beloved pets.... Page 5 2011-09-27 Presentation to Dublin Chamber of Commerce Personal Insurances followed....
11. Space Pharma/Chemicals Rich & Famous Reinsurance And even more clever ones... Specialist markets emerge... Page 6 2011-09-27 Presentation to Dublin Chamber of Commerce
12. Clever....but maybe too clever? Page 7 2011-09-27 Presentation to Dublin Chamber of Commerce Complex/diverse financial instruments Finite Risk CDS’s
13. Insurance – what is it today? Page 8 2011-09-27 Presentation to Dublin Chamber of Commerce No longer just a piece of paper Decision for the buyer is more complex Trend to providing services, many of which give something back to the customer
39. February – NZ Earthquake - $6bn to $10bn Insured loss.
40. March – Japan Earthquake - $25bn to $40bn insured loss.15 month period – 4 of the top 5 most costly earthquakes in the history of the insurance industry.
46. Insurance Density – Global Comparisons Page 18 2011-09-27 Presentation to Dublin Chamber of Commerce Insurance Data Source : Irish Insurance Federation
47. Domestic Trends – the raw data Page 19 2011-09-27 Presentation to Dublin Chamber of Commerce Insurance Data Source : Irish Insurance Federation
48. Domestic Trends – A perfect storm? Page 20 2011-09-27 Presentation to Dublin Chamber of Commerce Insurance Data Source : Irish Insurance Federation
49. Global: Depletion in reserves caused by recent catastrophic events both natural and financial Challenging investment portfolios ‘Property capacity is likely to be diminished and rates will harden’ Domestic: Frequency up and spending down – the perfect storm? Difficult economic and investment conditions ‘We need to look at the patterns and get back to our knitting’ The trend and outlook in summary Page 21 2011-09-27 Presentation to Dublin Chamber of Commerce