of national bureaux and member companies within the green ... zayimtsyan.pdf · more than 1 000...
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We act for the protection of cross-border road traffic victims
Hayk ZAYIMTSYAN
Risk and Monitoring Manager
Council of Bureaux
The importance of financial stabilityof National Bureaux and member companies
within the Green Card system
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COUNCIL OF BUREAUX
The Council of Bureaux
▪ Founded in 1949 by 13 countries
▪ Functioning under the aegis of UNECE (Geneva)
▪ Managing the ‘Green Card System’
▪ Secretariat based in Brussels
▪ Purely technical, not a lobbying and non-political
organisation
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COUNCIL OF BUREAUX
System objectives & CoB mission
▪ Facilitating international traffic
▪ Protecting victims of international
road traffic accidents
Mission of the CoB:
We act for the protection of cross-
border road traffic victims
3
Frontier
insurance
Green Cardor
“deemed
insurance
cover”
in EEA
►►
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COUNCIL OF BUREAUX
The Green Card system
4
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COUNCIL OF BUREAUX
The Green Card system
▪ All European countries are member (except Armenia, Georgia and Kazakhstan)
▪ Extra-European members are Israel, Iran,
Morocco and Tunisia
▪ Pending membership requests from Algeria,
Armenia and Georgia
▪ A very heterogeneous system from cultural,
economical, financial, political and legal points of
view ►►potential frictions and complexity
5
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COUNCIL OF BUREAUX
The Green Card system
6
Green Card
Bureau
Insurer A
Insurer B
Insurer C
Green Card
Bureau
Insurer α
Insurer β
Insurer γ
COUNCIL OF BUREAUX
Green Card
BureauGreen Card
Bureau
Green Card
Bureau
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COUNCIL OF BUREAUX
The Green Card system
▪ Each member country has an independent ‘Bureau’
authorized to issue ‘Green Cards’
▪ The Bureau of the country visited secures that
eventual claims are handled according to local law (= Handling Bureau)
▪ The Bureau, under the authority of which the Green
Card has been issued, guarantees that the Handling
Bureau is reimbursed under all circumstances (= Guaranteeing Bureau)
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COUNCIL OF BUREAUX
The “Green Card”: specimen
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COUNCIL OF BUREAUX
Germany Czech Republic
Cross-border accidents
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COUNCIL OF BUREAUX
Germany
German driver
is liable
Cross-border accidents
Czech Republic
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COUNCIL OF BUREAUX
Cross-border accidents
11
Germany
Payment
Reimbursement
demand
Payment of
reimbursement
Claim handlerGerman insurer
Claim
Czech Republic
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COUNCIL OF BUREAUX
What happens if…
▪ The insurer fails to pay on time or is insolvent
▪ The liable driver / vehicle is uninsured
▪ The liable driver / vehicle is unidentified or untraced (hit-
and-run)
▪ The Green Card is false or unauthorised
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COUNCIL OF BUREAUX
Cross-border accidents: GCBx
13
Germany
Payment
Reimbursement
demand pending
NO payment of
reimbursement
Claim handlerGerman insurer
Claim
▪ Insurer default (failure to pay in time)
▪ Insurer insolvency
Czech Republic
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COUNCIL OF BUREAUX
Cross-border accidents: GCBx
14
Germany
PaymentClaim
▪ Cross-border uninsurance (EEA+Switzerland+Andorra+Serbia)
▪ False Green Cards
Reimbursement
demand
Payment of
reimbursement
Czech Republic
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COUNCIL OF BUREAUX
The financial burden on Bureaux
▪ Green Card Bureaux may step in to compensate victims
or reimburse claim handlers
▪ Green Card Bureaux may have to step in as guarantor of
their members’ obligations
▪ Green Card Bureaux can be the ultimate paying entity in
certain cases: ▪ Insurer insolvency (depends on national legislation)
▪ Uninsured driving / hit and run (“EEA+”)
▪ False Green Cards
▪ Green Card Bureaux are financed through contributions
from their members, usually in % of premium (GWP). ▪ Is this always enough?
15
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COUNCIL OF BUREAUX
The Green Card system
▪ 48 countries / 47 Bureaux
▪ Over 500 million registered vehicle fleet *
▪ Up to 500 000 cross-border accidents annually **
▪ 1500+ insurers issuing Green Cards ***
* Data from CoB Member
Bureaux and other sources,
2013-2016
** estimate, 2018
*** CoB data, 2017
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COUNCIL OF BUREAUX
The Green Card system
▪ More than 1 000 cross-border accidents per day
▪ Multiple stakeholders and involved parties:
▪ Insurers
▪ Claims handling offices
▪ Bureaux
▪ Complex cross-border cash flows constantly,
which do not “match” in time and space
►► liquidity and solvency critically important
at all times and on all levels
17
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COUNCIL OF BUREAUX
Statistics: geography of accidents
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COUNCIL OF BUREAUX
Statistics: geography of accidents
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COUNCIL OF BUREAUX
Statistics: geography of accidents
20
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COUNCIL OF BUREAUX
Statistics: geography of accidents
Largest Green Card
accident “exporters”
21Source: Handling Bureaux statistics
▪ Indiv. net balance ~ 35’000 accidents:
▪ 2013: one Bureau
▪ 2017: four Bureaux
▪ Aggregate net balance system-wide:
▪ 2013: 125’000 accidents
▪ 2017: 160’000 accidents
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COUNCIL OF BUREAUX
Statistics: Moldova and the region
22
The South-Eastern region in the context of the
Green Card system (CoB classification):
▪ 14 countries AL, AZ, BG, BiH, CY, GR, IL, IR, MD, MK, MNE, RO, SRB, TR
▪ A mix of EEA Members (MA signatories) and “pure Green
Card” countries
▪ Over 80 million
vehicle fleet
(ca. 15% of the
whole system)
20
9,0
98
52
0,1
34
56
3,1
06
68
0,9
36
80
3,1
99
1,0
81
,19
4
1,3
30
,55
1
2,1
00
,00
0
2,3
45
,38
7
3,3
00
,43
4
7,0
10
,60
8
8,1
72
,94
8
21
,09
0,4
24
33
,30
0,0
00
75,000
750,000
7,500,000
75,000,000
MNE MK AL CY MD BIH AZ IL SRB BG RO GR TR IR
Number of registered vehicles
Data for 2016
Source: CoB Member Bureaux
LOG scale for registered vehicle fleet
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COUNCIL OF BUREAUX
Statistics: Moldova and the region
23
49
.64
38
.29
35
.36
26
.27
14
.83
13
.99
11
.16
2.4
2
0.5
5
0.4
1
-
10.00
20.00
30.00
40.00
50.00
60.00
Green Card gross written premium, EUR Mio
Source: CoB Member Bureaux
Data for 2016 (except vehicle fleet data for GB, F)
LOG scale for vehicle fleets and MTPL GWP
MTPL GWP missing for: GB, I, MA, IL
For BiH and MNE, GC premium is included in MTPL
20
,80
0.0
15
,45
1.0
5,5
09
.1
3,6
92
.1
2,5
74
.5
2,5
36
.4
2,2
36
.0
17
2.8
16
5.6
78
.5
15
.7
10.0
100.0
1,000.0
10,000.0
MTPL gross written premium, EUR Mio
81
,19
6
20
9,0
98
31
7,0
00
35
8,9
47
51
8,2
81
35
,55
5,0
62
38
,13
8,0
00
41
,00
0,0
00
57
,10
0,0
00
63
,00
0,0
00
75,000
750,000
7,500,000
75,000,000
Number of registered vehicles
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COUNCIL OF BUREAUX
Statistics: Moldova and the region
24
Green Card accidents
▪ Estimated up to 19% of all Green Card accidents annually
“exported” from SER countries
▪ Estimated around 6% of all Green Card accidents
annually “imported” to SER
▪ A large number of accidents from SER occur in high
indemnification countries (Italy, Germany, France, UK…)
>> much larger frequency of accidents compared to fleet
(especially considering the specificity of ‘pure GC’ countries)
>> most countries are “net exporters” of accidents
>> not only more accidents, but also more expensive claims
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COUNCIL OF BUREAUX
Statistics: Moldova and the region
25
Online Guarantee Calls
▪ Around 45% of the guarantee calls are issued to SER
Bureaux; around 22% (27% in amounts) by SER Bureaux
▪ Growth in OGCs is higher for SER compared to system
▪ OGC “frequency” per accident: in some countries higher
than average
>> OGC = reimbursement demand unpaid by insurer (as a rule)
>> bigger share of OGCs than vehicle fleet / number of GCs
larger amounts of OGCs
faster growth in OGC numbers / amounts
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COUNCIL OF BUREAUX
Statistics: conclusion
Financial stability is a major challenge
… for the Green Card system as a whole:
▪ More than 1 000 cross-border accidents per day
▪ Multiple stakeholders and involved parties:
▪ Insurers
▪ Claims handling offices
▪ Bureaux
▪ Complex cross-border cash flows constantly, which do
not “match” in time and space
►► liquidity and solvency critically important
at all times and on all levels26
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COUNCIL OF BUREAUX
Statistics: conclusion
Financial stability is a major challenge
… and even more so for the CEE region:
▪ The region is an “above average” risk (Green Card
accidents “exported” vs. share of vehicle fleet)
▪ Most countries are “net exporters” of accidents: this puts
additional indirect pressure on the solvency / liquidity of
Bureaux, insurers, and claims handlers
▪ Larger exposures due to circulation in high
indemnification level countries
▪ Less financial discipline? (OGC statistics)
27
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COUNCIL OF BUREAUX
Financial stability: markets / insurers
▪ Premiums▪ Single premium vs. domestic MTPL + Green Card
▪ Traffic geography: countries of circulation of vehicles
▪ Reversed ‘production cycle’
▪ Long-tail business
▪ Competitive vs. ‘actuarially justified’ premiums
▪ Reserves (provisions) and investments▪ Adequacy of amounts
▪ Timely communication of changes in reserve advice
▪ Long-tail business BUT constant liquidity needs
28
►►‘cash management’ WILL NOT work
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COUNCIL OF BUREAUX
Financial stability: markets / insurers
▪ Portfolios: negative selection ▪ Trucks, buses etc. ►►severity of claims
▪ (Other) commercial fleet ►►frequency of claims
▪ Country of registration vs. country(ies) of circulation of vehicles
▪ Insolvencies ▪ Claims handling entities experience financial strain, as recoveries from
the (potentially) insolvent insurer become difficult
▪ Regional inter-relations and the possibility of a domino effect
▪ An ‘extra’ financial burden on the Bureaux (eventually, the whole market)
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COUNCIL OF BUREAUX
Financial stability: Bureaux / CoB
▪ Financing of the Bureaux by member insurers
▪ Monitoring of insurers’ financial stability by Bureaux
▪ Reinsurance subscribed by insurers
▪ Additional financial guarantees from under-performing insurers towards Bureaux
▪ Constant risk monitoring of Bureaux / markets / whole systemOnline guarantee calls (volumes and payment speeds), system-based financial stability indicators, market and supervisory data
▪ Dedicated follow-up of some individual Bureaux / marketsMarket and supervisory data, published financial reports, Bureau-specific reporting
requirements, worst-case scenario analyses, etc.
▪ Reinsurance subscribed by BureauxRequired for ‘Transitional’ and ‘Monitored’ Bureaux, voluntary for all other Members
▪ Additional financial guarantees from under-performing Bureaux (markets) towards the CoB
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COUNCIL OF BUREAUX
Reinsurance
Reinsurance is purchased …
▪ By primary insurance companies ►►CoB not involved
▪ By Bureaux for their own risks only
✓ uninsured driving, false green cards, bankruptcy of members
❖ Example: CoB Excess of Loss programme
▪ By Bureaux for the whole market
✓ All foreign claims, including those of insurers
❖ Required for ‘Transitional’ and ‘Monitored’ Bureaux
… or not ►► risks are transferred to the market
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COUNCIL OF BUREAUX
Reinsurance: map 2017
32
Market cover (all vehicles abroad) CoB XL cover (uninsured / false GC)
Individual cover (uninsured / false GC) Risk retained or transferred to market
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COUNCIL OF BUREAUX
Depends on the
vehicle fleet
Bank guarantee
Registered Vehicles (Million)
Guarantee or Deposit (€Million)
<1 1M
1-5 €1 M+€ 0.5 per vehicle above1M vehicles
5-10 €3 M+€ 0.4 per vehicle above5M vehicles
10-20 €5 M + € 0.3 per vehicle above 10M vehicles
>20 €8 M + € 0.2 per vehicle above20M vehicles
33
Priority of the Excess of Loss Reinsurance Treaty
Minimum amount of Bank Guarantee or Cash
Deposit
Equal or less than €200,000 20 times the priority
Between €200,001 and €300,000
€ 4 M + 5.0 x (priority of the excess of loss reinsurance
treaty - € 200.000)
Between €300,001 and €400,000
€ 4,5 M + 3.0 x (priority of the excess of loss reinsurance
treaty - € 300.000)
Between €400,001 and €500,000
€ 4,8 M + 2.0 x (priority of the excess of loss reinsurance
treaty - € 400.000)
Depends on the
reinsurance
deductible
* Plus additional technical requirements URDG 758
Bank guarantees are required from ‘Transitional’ and
‘Monitored’ Bureaux in various amounts:
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COUNCIL OF BUREAUX
As we conclude…
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COUNCIL OF BUREAUX
Meet Quick and Flupke
35
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COUNCIL OF BUREAUX
Meet Quick and Flupke
36
OR ?
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COUNCIL OF BUREAUX
The ‘business’ of promise and trust
▪ Insurance is a business based on a promise
▪ Green Card is a system based on trust
PROMISE + TRUST =
37
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COUNCIL OF BUREAUX
The ‘business’ of promise and trust
▪ Insurance is a business based on a promise
▪ Green Card is a system based on trust
PROMISE + TRUST =
38
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COUNCIL OF BUREAUX
The ‘business’ of promise and trust
▪ Insurance is a business based on a promise
▪ Green Card is a system based on trust
PROMISE + TRUST =
39
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COUNCIL OF BUREAUX
The ‘business’ of promise and trust
▪ Insurance is a business based on a promise
▪ Green Card is a system based on trust
40
PROMISE + TRUST
+ FINANCIAL STABILITY=
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We act for the protection of cross-border road traffic victims
Questions ?
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We act for the protection of cross-border road traffic victims
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www.cobx.org
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