large bodily injury claims in europe - swiss re · trends in motor insurance claims managements....

Large bodily injury claims in EuropeSwiss Re Nordics Motor Roundtable, August 2018, Anita Wackerl

Swiss Re Nordics Motor Roundtable | 30 August 2018 | Anita Wackerl 2

Swiss Re Nordics Motor Roundtable | 30 August 2018 | Anita Wackerl

Large Loss Scenarios

Bodily Injury claims

JurisdictionCross Border

Claims

Trends in Motor Insurance Claims Managements


Bodily Injury claims

Trends in Motor Insurance Claims Managements

No uniform methodology-national practices and compensation concepts differ

Lump sum agreement vs. annuity payments

Increasing costs of assistance/ care and pain & suffering etc.

Increase of severity of injury pattern

Large Loss Scenarios

JurisdictionCross Border

Claims Guarantee function in

the Green Card Regulations

EU-MIDs harmonization of MTPL regulations

protection of victims

increase of limits

liability in case of uninsured or un-registered cars

Increasing number of regulations and conventions on national, EU and international level

Place of jurisdiction

Applicable law

Tunnel accidents

Train accidents

Bus accidents

Terror attacks


Key Drivers in Increase of Severe Bodily Injury Claims

Trend: Amounts for (MTPL) bodily injury claims are rising

Capitalization tables

Improved welfare

Increased claims awarenessLife Expectancy

Exploding Nursing/Healthcare costs

Legal Changes


Bodily Injury Claim

Longevity

Claims Header

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Claims Headers

Loss of earnings

Assistance(care)

Pain and Suffering

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• Loss background:Loss in 2016: 22 year old driver lost control of her car, collision with a tree. 2 people (single) died, 1 severe injured person, 1 only minor injuries.

Severe injured person:Born 1994, single, trainee, estimated future monthly salary (net): 2.500 EUR.Severe brain injury. (tetraplegia, no return to work, highest level of assistance/care)

Total reserves for this case?

BI losses in GermanyLargest (reported) claim

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• Loss background:22 year old driver lost control of her car; collision with a tree. 2 people (single) died, 1 severe injured person, 1 only minor injuries.

Severe injured person:Born 1994, single, trainee, estimated future monthly salary: 2.500 EUR.Severe brain injury. (tetraplegia, no return to work, highest level of assistance/care)

• Current reserves for severe injured person:Medical costs 0,5m EURCare costs 12,2m EUR

Salary 1,6m EUR total reserves currently 15,3m EURAdditional needs 0,5m EUR (incl. costs for minor injured and fatalities)

Other 0,2m EUR

BI losses in GermanyLargest (reported) claim

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• Loss background:

Accident of 2013. Insured person overturned -> collision with a motorcycle.

• Claimant male, born 1963, seriously injured. Suffered head injuries, fractures.Will not be able to work again. Future income is expected to be very high (Partner Lawfirm).

BI losses in the Nordic countiresLargest (reported) claim in Norway

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Total reserves for this case?


• Loss background:Accident of 2013. Insured person overturned -> collision with a motorcycle.

• Claimant male, born 1963, seriously injured. Suffered head injuries, fractures.Will not be able to work again. Future income is expected to be very high (Partner Lawfirm).

Future loss of income NOK 12mTreatment, aid, lawyer, lost income, med. assessment, costs NOK 8m

total loss: 20m NOK (approx. 2m EUR)

BI losses in the Nordic countiresLargest (reported) claim in Norway

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Total claim costs in Europe as per 2012

Tetraplegia claims scenario, Disability Factor 100 %

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0 5.000.000 10.000.000 15.000.000

Poland

Slovakia

Spain

Finland

Italy

CzechRepublic

Switzerland

Austria

Belgium

Germany

France

UK

loss of earnings assistance pain and suffering remainder


Total claim costs in Europe as per 2017

Tetraplegia claims scenario, Disability Factor 100 %

Developments in Assitance/Care


Case Management

Reintra as an example

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Technological Development

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•E - healthImplementation electronic devices for med.care and other und anderer tasks in the healthcare segment

•Medicine 4.0 Interconnectedness of medical care through IT /communication technology

• Opportunities for rehabilitationmanagement?-> Opportunities in cases of doctors or nursing

staff shortage-> digital integration in health care-> impact new technologies:

* more safety at home* robots are helping patients – use of

intelligent assistance systems


LONG TERM PARTNERSHIPS

between insurance and reinsurance are KEY

to JOINTLY COPE the current and

future CHALLENGES of LONG-TAIL CLAIMS

What does this mean for you – our Nordic clients?

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Legal notice

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The information and opinions contained in the presentation are provided as at the date of the presentation and are subject to change without notice. Although the information used was taken from reliable sources, Swiss Re does not accept any responsibility for the accuracy or comprehensiveness of the details given. All liability for the accuracy and completeness thereof or for any damage or loss resulting from the use of the information contained in this presentation is expressly excluded. Under no circumstances shall Swiss Re or its Group companies be liable for any financial or consequential loss relating to this presentation.

large bodily injury claims in europe - swiss re · trends in motor insurance claims managements....

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