“green, greener, greenest” presented by: richard m. terlecki, cpcu, arm, are area senior vice...
TRANSCRIPT
““GREEN, GREENER, GREENEST”GREEN, GREENER, GREENEST”
Presented By: Richard M. Terlecki, CPCU, ARM, ARe
Area Senior Vice President - Public Entity Specialist
September 15, 2008 10:30a.m.-12:00p.m.
Presented By: Richard M. Terlecki, CPCU, ARM, ARe
Area Senior Vice President - Public Entity Specialist
September 15, 2008 10:30a.m.-12:00p.m.
STRIMA 2008 ConferenceDaniels, West Virginia
“How is the Insurance Market Responding to This Need?”
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““GREEN, GREENER, GREENEST”GREEN, GREENER, GREENEST”
Market has Become Much More Sophisticated
HAMILTON, Bermuda--(BUSINESS WIRE)--December 27, 2007--Validus Holdings, Ltd.(NYSE: VR), (Validus) announced today that its wholly owned subsidiary Validus Reinsurance, Ltd. (Validus Re) has entered into a collateralized quota share retrocessional reinsurance agreement with respect to certain lines of marine and offshore energy reinsurance contracts for the 2008 underwriting year. The agreement provides that the retrocessionaire will maintain funds in a trust equal to its potential liabilities under the ceded business.
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““GREEN, GREENER, GREENEST”GREEN, GREENER, GREENEST”
Ceres Report November 2007 (www.ceres.com) Identifies 422 real world examples Identifies 190 insurers from 26 countries, 50% US
based Double 2006 # of products, examples
Green Building Design Hurricane Resistant Construction Carbon Emissions Trading Sustainable Driving Practices Renewable Energy i.e. Wind or Biofuels
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““GREEN, GREENER, GREENEST”GREEN, GREENER, GREENEST”
Sampling of Green Insurance Developments Fireman’s Fund was the first to offer coverage for Green
upgrades in 2006 but others have followed. FF recently included builders risk also. FF now approved in 50 states.
ACE Lloyd’s Lexington – Upgrade to Green XL Insurance Liberty Mutual
Travelers issued a new boiler and machinery product that replaces damaged equipment that is easier on the environment, increases efficiency or enhances safety.
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““GREEN, GREENER, GREENEST”GREEN, GREENER, GREENEST”
Sampling of Green Insurance Developments (Con’t)
Munich Re developed the Kyoto Multi Risk Policy that provides cover against the risk that a facility set up to generate carbon credits doesn’t produce the expected reductions.
Zurich launched a climate initiative that includes an effort to establish a consistent and focused approach to this type of risk globally.
Several insurers, including Travelers and Allstate, started offering personal lines customers discounts for driving hybrids.
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““GREEN, GREENER, GREENEST”GREEN, GREENER, GREENEST”
Sampling of Green Insurance Developments (Con’t)
AXA committed 100 million euros to fund research into environmental risks.
About 15 leading insurers, reinsurers, brokers and trade groups and Lloyd’s launched ClimateWise an initiative to tackle climate change and “encourage climate friendly behaviors” by customers.
Japan’s Sompo and Tokio Marine offer discounts to 9 million individuals for driving low emitting vehicles.
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““GREEN, GREENER, GREENEST”GREEN, GREENER, GREENEST”
Sampling of Green Insurance Developments (Con’t)
Pay as you drive (PAYD) insurance products are now being offered by 19 insurers worldwide. Progressive and GMAC offer policies in the U.S.
Swiss Re, in 2006 was the first to issue an insurance product for managing Kyoto Protocol related risk in carbon credit transactions.
Please make sure that coverage extends to undamaged property under the building laws provision as well as recycling and recertification expenses after both full and partial losses.
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““GREEN, GREENER, GREENEST”GREEN, GREENER, GREENEST”
Sampling of Green Insurance Developments (Con’t)
In closing “BEST OF ALL” Travelers new endorsement is automatically provided to new or existing clients at no additional premium. I have a Travelers flyer dated 8/4/2008 that says so.
QUESTIONS AND ANSWERS!!!!!