Large bodily injury claims in Europe - Swiss Re · Trends in Motor Insurance Claims Managements....
Transcript of 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
Swiss Re Nordics Motor Roundtable | 30 August 2018 | Anita Wackerl
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
Swiss Re Nordics Motor Roundtable | 30 August 2018 | Anita Wackerl
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
Swiss Re Nordics Motor Roundtable | 30 August 2018 | Anita Wackerl
Bodily Injury Claim
Longevity
Claims Header
6
Swiss Re Nordics Motor Roundtable | 30 August 2018 | Anita Wackerl
Claims Headers
Loss of earnings
Assistance(care)
Pain and Suffering
7
Swiss Re Nordics Motor Roundtable | 30 August 2018 | Anita Wackerl
• 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
8
Swiss Re Nordics Motor Roundtable | 30 August 2018 | Anita Wackerl
• 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
9
Swiss Re Nordics Motor Roundtable | 30 August 2018 | Anita Wackerl
• 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
10
Total reserves for this case?
Swiss Re Nordics Motor Roundtable | 30 August 2018 | Anita Wackerl
• 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
11
Swiss Re Nordics Motor Roundtable | 30 August 2018 | Anita Wackerl
Total claim costs in Europe as per 2012
Tetraplegia claims scenario, Disability Factor 100 %
12
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
Swiss Re Nordics Motor Roundtable | 30 August 2018 | Anita Wackerl 13
Total claim costs in Europe as per 2017
Tetraplegia claims scenario, Disability Factor 100 %
Developments in Assitance/Care
Swiss Re Nordics Motor Roundtable | 30 August 2018 | Anita Wackerl
Case Management
Reintra as an example
15
Swiss Re Nordics Motor Roundtable | 30 August 2018 | Anita Wackerl
Technological Development
16
•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
Swiss Re Nordics Motor Roundtable | 30 August 2018 | Anita Wackerl
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?
1717
Swiss Re Nordics Motor Roundtable | 30 August 2018 | Anita Wackerl 18
Swiss Re Nordics Motor Roundtable | 30 August 2018 | Anita Wackerl
Legal notice
19
©2018 Swiss Re. All rights reserved. You are not permitted to create any modifications or derivative works of this presentation or to use it for commercial or other public purposes without the prior written permission of Swiss Re.
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.