IIG Insights – Property & Casualty Claims Training
The Insurance Institute of Gauteng (IIG) hosted its last IIG Insights session for 2018 on the 13th and 14th of November 2018. This two-day event was again proudly sponsored by Swiss Re and was intended to give delegates insights into a broad variety of claims related topics in the Property, Casualty and Engineering lines of business. Swiss Re’s global team (P&C Business Management EMEA) facilitated the sessions, sharing their wealth of knowledge and experience, making them well worth attending. The speakers representing Swiss Re were Jochen Muller, Rudolf Senn and Antonio Trillo. They were joined by John Morely from Lloyd Warwick International SA.
The session opened with some background being provided on the Swiss Re team and their philosophy on claims management. This included the key principles of reinsurance claims management and some interesting facts and figures about their claims service. Delegates were then briefed on the scope of coverage on property claims, key elements of an All Risks Policy, a loss adjusters report and what to expect in the content, as well as a technical discussion around the claims cooperation clause and claims control clause. Included in the discussion were the conditions precedent to the validity of an insurance contract and conditions precedent to an insurer’s liability. The delegates were educated on some challenging claims the market experienced under the Contingent Business Interruption (CBI), CBI extensions and the importance of understanding the exposure arising from these extensions.
The afternoon session of the first day concluded with an overview of Casualty claims. The prerequisites of legal liability were explained along with the time factor in liability claims, quantum and some important hints around claims handling, such as:
- Being pro-active and not waiting for a lawsuit to be initiated
- Retaining network of experts
- Being ready to investigate new claims quickly and efficiently
- Setting realistic reserves
- Understanding that most situations are not black and white.
Day two was all about Engineering claims with a general introduction to: the covers, standard and special wordings, the relevant clauses and endorsements, claims handling and the challenges around the complexity of claims (as all is not as it seems!). The delegates were then split into groups and presented with a Multiline case study that they had to work through, formulate a plan, quantify and present. The groups that represented the client had to motivate why they believed that the claim is payable and what the damages to third parties could possibly be. The groups that represented the insurer had to advise whether they believed there was sufficient cover and if the claim was payable. This brought on great debate and delegates certainly showed their skills in understanding the situation, analysing the scenario and covers that may apply – they were brilliant at negotiating a settlement. The delegates enjoyed the challenge of the case study, making it one of the highlights of the two-day sessions.
All in all, the both sessions provided an invaluable learning experience for delegates. They appreciated the knowledge shared by the international experts in this critical insurance discipline. The IIG would like to thank our sponsors Swiss Re for this Insights session as well as GIBS for hosting another successful event.
Article written by Daphne Peter – IIG Education Portfolio
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