Page 46 - Insurance Times September 2015 SAMPLE

increasing, triggered by the closing of the gap between insured
and uninsured risks. He stressed the need for creating a com-
plete ecosystem to facilitate the creation of regional reinsur-
ance hub. Mr. Arun Agarwal shared his experience of two grow-
ing reinsurance hubs; Singapore and Dubai (DIFC) and under-
lined the need to create a conducive ecosystem characterized
by inclusiveness and ease of doing business.
The 2nd session of the first day discussed at length the theme
"Reinsurance - The way ahead" Mr. Rafi Ahmed, GM, New
India who moderated the session and opened the session
with the observation that reinsurance market had been
changing rapidly and there had been soft market conditions
for several years. "This has been occasioned by oversupply
of third-party capital whose participation in the market has
increased" he further quipped. Mr. Suhindra B. Kodagali, Gen-
eral Manager Trust Re India Liaison Office who spoke about
the importance of driving capability standards to meet the
future challenges.
He set the context by comparing the growth rates in differ-
ent markets. He highlighted the need for strengthening capa-
bilities in areas outside traditional reinsurance activities, includ- surance, Howden Mr. Joseph Augustin opened the session
ing managing high credit ratings, risk management services,
training, claim services, pricing, product development and
expanding geographical footprint. Mr. Raghunath, Chief of re-
insurance, Mahindra Insurance Brokers dwelt on the issue of
natural disasters and the way ahead for reinsurance.
Taking the example of earthquake exposure for Mumbai and
the recent large NAT CAT losses, he described the challenges
that exist in respect of penetration, awareness of CAT expo-
sures and limited ability to pay for cover. He explained that
an India-specific modelling tool, larger reinsurance capacity,
granular data and analytics, would be needed to meet the
challenges in days to come. Mr. Rajesh Yagnik,Practice Head
- Reinsurance & Aviation, JLT Independent Insurance Brokers,
presented several dimensions and measures of insurance pen-
etration in India and highlighted the challenges before the
market in increasing the penetration in the primary market.
The 3rd session of the day discussed and debated at great
length on the theme "Challenges in Reinsurance Interme-
diation and Contracts" The session was moderated by Mr.
M. Ramaprasad, Ex-member Non-Life, IRDA. The other dis-
tinguished panel members were Mr. Simon Ellis, MD, Glo-
bal Specialty Practices (UK), Guy Carpenter England, Mr.
Puneet Malhotra, Director Head Engineering Large Risks,
42 The Insurance Times, September 2015
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Swiss Re and Mr. S. Pain, Chief Manager, National Insurance
Company Limited. Mr. M.Ramaprasad opened the session
with brief introduction to Reinsurance, intermediaries and
its importance. He highlighted various difficulties in conclud-
ing Reinsurance Contracts across the world. Mr. Simon Ellis
elucidated in detail the changing role of reinsurance brokers
in the existing market. He explained how the brokers in the
mature markets were positioning themselves as integrated
reinsurance partners by adding various other offerings to their
bouquet of services. Mr. Puneet Malhotra opened his pre-
sentation with a brief background of de-tariffication of policy
wordings in India and discussed the key challenges arising out
of de-tariffication. Mr. S. Pain provided the background for
the move in the UK towards establishing a market code for
Contract Certainty, especially in the reinsurance markets.
The second day of the seminar opened with the theme "Re-
sponding to new risks (Cyber and liability insurance)”
which was moderated by Mr. Joseph Augustin, Country Head,
XL Catlin. The other eminent panel members were Mr. Shay
Simkin, MD, Howden Insurance Brokers Ltd, Israel and Mr.
Mahesh Chainani, Senior Vice President and head of Rein-
with the remark that we live in a connected world which is
changing very rapidly and each new development is throw-
ing up new risks. These emerging risks are difficult to assess
and manage due to lack of information.
As the result large reinsurers are not willing to offer full ca-
pacity to these lines and are adopting a cautious approach.
Mr. Shay Simkin opened his session by presenting a overview
of the development of cyber risk market and the expecta-
tion that it will touch $85billion. Mr. Mahesh Chainani pre-
sented a brief history of liability insurance by also touching
on the basics of the liability insurance. The 2nd session of the
second day threw light on the theme of "Future Uncertain-
ties Before Reinsurers" The session was moderated by B.
N. Narasimhan, DGM, GIC Re. The other notable panel
members were Mr. Atma Ram Cheruvu, India representa-
tive (non-life) Hannover re, Ms. Nymphea Batra, SVP Marsh
India Insurance Brokers Pvt. Ltd. and Dr. Jagath Alwis, Di-
rector/CTO Ceylinco General Insurance Ltd., Sri Lanka.
The third session of the second day discussed the theme "Re-
newed Focus on Operational Issues" Mr. Suresh
Mathur,Senior Joint Director, IRDAI moderated the session and
opened the session by sharing IRDAI's views on the importance
of raising the operational standards, especially in the light of