China´s economy is growing at an annual average rate of over 10% and the Chinese business environment is undergoing rapid transformation.
For insurance to provide basic financial security to support China´s many expanding commercial and economic ventures the insurance sector will need to grow and develop at an equivalent rate.
The Seminar will examine the policies and practices in other countries for the benefit of China´s insurance sector, and generate ideas and opportunities to:
- Improve the terms and conditions of insurance and reinsurance practices in China through comparative exchange of information on practices in overseas markets.
- Increase the volume and quality of insurance services in China by exploring alternative methods of diversifying and enlarging the premium and capital base.
- Increase the competitiveness of domestic insurance transactions, and strengthen insurance companies in China so as to enable them to operate effectively in an international business environment.
Reinsurance has changed significantly in recent years. The impact of these changes on the developing countries´ choice of reinsurance providers, and the changes in developing countries´ markets resulting from privatization and liberalization will be assessed.
A review will identify the changes and developments in Europe and other markets. In the United States changes in ownership have strengthened some companies and new capital has been invested in the market. The US market differs in many ways from the international market and these differences as well as recent changes in the US market will be reviewed.
This topic will review the extent to which catastrophe insurance is available, new developments and changes which are occurring in the markets. Technical rating issues from which the annual cost of cover can be calculated will be examined, in particular, the different approaches for funding, financing, reserving and reinsurance will be looked at in detail.
An overview will be presented of advanced technology for catastrophe risk management, followed by a computer software demonstration for catastrophe insurance management. A key point of this technology is to quantify both individual and aggregated risk exposures.
Contractors´ All Risks (CAR) Insurance offers protection against loss or damage in respect of the contract works and construction plant and equipment during the execution of a building project. Erection All Risks (EAR) Insurance offers protection against the risks involved in the erection, testing and commissioning of machinery, plant and steel structures.
Machinery (M) Insurance covers all types of plant, machinery and mechanical equipment at work, at rest or during maintenance operations. Electronic Equipment Insurance covers sudden and unforseen losses which physically affect all types of electrical and electronic systems such as: electronic data processing (EDP) equipment, communication facilities, etc.
Today the concept of insuring against business interruption as a separate cover is very much taken for granted in many countries. Fire insurance for buildings and contents is no longer adequate when taking into account financial losses caused by stoppage of work because of fire or other risks. Such losses can be broken down into loss of profits, increased cost of doing business, such as renting new premises, etc. Method of calculating such consequential losses will be discussed through a case study.
The subject will begin with background information of sources of liability, the types of compensation, and the quantification of compensation for property damage, personal injury and for the consequences resulting therefrom.
Topics will include general liability or public liability. In addition, some other lines of liability will be taken into account. The insurance coverage presently available in respect of general or public, products and employers liability will be outlined. Products liability will focus on the legal situation in the USA and the EU countries and the impact on non US and EU manufacturers, and possible future developments.
The aim of this topic is to highlight the state-of-the-art technology in insurance. Presentations and demonstrations include an Insurance Application Architecture and Object Technology dealing with the IAA enterprise system and OT insurance prototype. The second presentation on Network Centric Computing in Insurance deals with Lotus´s experience around the world in insurance networking, and lastly Direct Marketing, Distribution and Tied Agents concentrates on insurance distribution trends and includes a demonstration of an agent workbench.
This seminar is sponsored by the Grand Duchy of Luxembourg, and cost-shared by the Ministry of Foreign Trade and Economic Cooperation, People´s Republic of China, and by the corporations of the expert speakers.