7 june 2016 - icic · the effects •operating expense exceedsincome •ship maintenancedeferred...
TRANSCRIPT
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Front cover to be sentby Andy
7 JUNE 2016
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Subrogation
Challenges
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Subrogation
Opportunities
Challenges
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Subrogation
Definition WhyBother?Effect inInsurance
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Subrogation
The substitution of one person
or group by another in respect
of a debt or insurance claim,
accompanied by the transfer of
any associated rights or duties.
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Effect in Insurance
• Underwritersmust have indemnifiedan insured
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• Underwriters must have indemnified an insured
• Effectivesometimeafteroriginal loss arises
Effect in Insurance
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Effect in Insurance
• Underwriters must have indemnified an insured
• Effective some time afteroriginal loss arises
• Initialdecisionmakingvestedin the insured
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• Underwriters must have indemnified an insured
• Effective some time afteroriginal loss arises
• Initial decision making vested in the insured
• Underwriterscaninheritpoor subroprospects
Effect in Insurance
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Why Bother?
• Differencebetweenprofitandloss on account
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Why Bother?
• Differencebetween profit and loss on account
• Improvements in risk management
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Why Bother?
• Differencebetween profit and loss on account
• Improvements in riskmanagement
• SaferStreets
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PNIClubs
Challenges
TheEffects ExpenseTheEconomics ContractTerms
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The Economics
• Baltic Exchange DryIndex
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• Baltic Exchange DryIndex
• Key EconomicIndicator
The Economics
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The Economics
• Baltic Exchange DryIndex
• Key EconomicIndicator
• Dropped 94% inWeeks...
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The Effects
• Operating Expense ExceedsIncome
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The Effects
• Operating Expense ExceedsIncome
• Ship MaintenanceDeferred
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The Effects
• Operating Expense ExceedsIncome
• Ship MaintenanceDeferred
• Increased InsuranceExposure
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The Effects
• Operating Expense ExceedsIncome
• Ship MaintenanceDeferred
• Increased InsuranceExposure
• Still Impacting8YearsLater
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The Effects
• Operating Expense ExceedsIncome
• Ship MaintenanceDeferred
• Increased InsuranceExposure
• Still Impacting 8Years Later
• TEU Rates Flatlining
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The Effects
• Operating Expense ExceedsIncome
• Ship MaintenanceDeferred
• Increased InsuranceExposure
• Still Impacting 8Years Later
• TEU RatesFlatlining
• February2016All TimeLow ForIndex
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Challenges | PNI
• Mutual LiabilityInsurers
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Challenges | PNI
• Mutual Liability Insurers
• CrucialRole in MaritimeTrade
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PNI
• Investment Return
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PNI
• InvestmentReturn
• ReverseCBA
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PNI
• InvestmentReturn
• ReverseCBA
• Shift in Employment Pattern
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Contract
TermsHagueRules
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Contract
TermsHague Rules
Limitations
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HagueRules
• Errorin Navigationor Managementof Ship
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HagueRules
• Error in Navigation or Management of Ship
• Blame Your OwnStaff
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HagueRules
• Error in Navigation or Management of Ship
• Blame Your OwnStaff
• Est.40-50%ofall PNIClaims
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Limitations
• TimeLimits
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Limitations
• TimeLimits
• Package/WeightLimits
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Expense
EnglishLaw
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Expense
EnglishLaw
ReverseCBA
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EnglishLaw
• Increased Writ Fees
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EnglishLaw
• Increased Writ Fees
• Adversarial NotInquisitorial
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Reverse CBA
• CargoInsurer
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• CargoInsurer
• LiabilityInsurer
Reverse CBA
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• CargoInsurer
• Liability Insurer
• QuantifyExposure
Reverse CBA
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Reverse CBA
• CargoInsurer
• Liability Insurer
• QuantifyExposure
• Offer 65% QuickDeal
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Reverse CBA
• CargoInsurer
• Liability Insurer
• QuantifyExposure
• Offer 65% QuickDeal
• Spend 35%Fighting
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Compliance
ForumShopping
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Compliance
ForumShopping
Authority toAct
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Forum Shopping
• ImprovedReturns
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Forum Shopping
• ImprovedReturns
• TimeLimits
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• ImprovedReturns
• TimeLimits
• Authority toAct
Forum Shopping
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Compliance
• SubscriptionMarket
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• SubscriptionMarket
• Individual ComplianceIssues
Compliance
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• SubscriptionMarket
• Individual ComplianceIssues
• POA From AllInsurers
Compliance
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• Wording&FormVaryStateto State
Compliance
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Compliance
• Wording &Form Vary State to State
• LeaderApproved
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Compliance
• Wording &Form Vary State to State
• LeaderApproved
• FollowersUnaware
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Compliance
• Mexico 17 POAs
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Compliance
• Mexico 17POAs
• EarlyNotice
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Compliance
• Mexico 17POAs
• Early Notice
•Who is the Underwriter?
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Compliance
• Danger on Large
Losses