Protector Forsikring Asa · OSL:PROT
Protector Forsikring Asa — Claims Club Summit 2017
22 slides from Protector Forsikring Asa's conference presentation, Sep 27, 2017
Slide 1: Claims handling and the Grenfell Tower disaster
Claims handling and the Grenfell Tower disaster Claims Club Summit 27.09.2017
Slide 2: Grenfell Tower – a human tragedy
Grenfell Tower – a human tragedy As the insurance provider for Royal Borough of Kensington and Chelsea, Protector Forsikring ASA is involved in the tragic fire in Grenfell Tower which occurred 14th of June, 2017. Our thoughts go out to the people who lived in the building, their families and everyon
Slide 3: Our DNA
Our DNA Vision The Challenger Business Idea This will happen through unique relationships, best in class decision-making and cost effective solutions Main targets Cost and quality leadership Profitable growth Top 3 Values Credible Open Bold Committed Values tested in Grenfell Tower situation …walk t
Slide 4: Facts about Protector
Facts about Protector The Challenger Sverre Bjerkeli, CEO 3) Change of Ownership 1) Commercial sector 2) Public sector Insurance (GWP MNOK) (GWP MNOK) • 30+ years of experience from the (GWP MNOK) insurance, IT and banking industry • Head of Consumer/Commercial at 2 086 829 509 526 524 730 Storebran
Slide 5: Protector’s key success factors
Protector’s key success factors Cost, quality, profitability and growth Gross expense Quality leadership 2008 2009 2010 2011 2012 2013 2014 2015 2016 ratio PRF 11.2 % 12.1 % 11.9 % 10.0 % 7.7 % 8.8 % 7.6 % 7.5 % 6.8 % Quality leader – 11 years in a row Quality leader – 6 years in a row Gjensidige 17
Slide 6: Market leader public sector in the Nordics
Market leader public sector in the Nordics Entered UK 2016 • Cost-, quality- and UW-leader • Client relationship to more than 600 local authorities • All Claims are handled locally and internally • Of course acquiring external expertise when needed Copenhagen Stavanger Aarhus Malmö • Norway - #2 in
Slide 7: Protector in the UK
Protector in the UK Entry point Public Sector – targeting top 3 • All products covered • 45 Local Authorities incl. 20 Boroughs • 12 boroughs in London • 24 housing associations • 3 Fire Authorities and 1 University • £47Bn Sum Insured, 190,000 properties • 22 people on board, 20 more to come in the
Slide 8: Grenfell Tower Fire
Grenfell Tower Fire Progression of fire 8
Slide 9: a] Bs all
a] Bs all NTS] PROTESTS ARE TAKING PLACE IN KEN: 5, ‘ ‘30 Years ago Britain turned its back on social housing, Profit mattered more than pug asa roof over the a heads of our poorest. tis diabolical failing which stlames our nation...and may now have claimed more ‘than 100 lives, We need answers. We
Slide 10: Grenfell Tower Fire – Government involvement
Grenfell Tower Fire Government involvement 14th of June • Fire & Rescue on site • Reports of several casualties and injured • Mayor of London speaks • Theresa May calls for government meeting – investigation 15th of June • Statement from Queen Elizabeth • Death tolls rising • Tower block search may
Slide 11: Event timeline
Event timeline The first two weeks Fire at First meeting First meeting Meeting with Meeting with Communication Meeting with Video conference Grenfell held with LL with client, casualty casualty with involved Kennedys in with Kennedys, tower, 14.06, team, 14.06, broker and CL, reinsurers in reinsurer
Slide 12: Claims handling and reinsurance projects
Reinsurance • Claims handling involvement and support • Challenging UK casualty renewal completed Claims handling • Align reinsurance with Risk Management, UW and renewal season Property Reinsurance Casualty Reinsurance The four …In total 11 Reinsurance partners Grenfell Tower projects Risk Manageme
Slide 13: Projects – Media/Communication
Grenfell Tower Fire Projects Media/Communication • Reactive and open • On the spot and credible • No media advisor • All requests handled internally • We are in the periphery • Focus on the claims handling process • No scandals so far
Slide 14: Projects – Claims handling, the moment of truth
Grenfell Tower Fire Projects Claims handling – the moment of truth • Manage claim and client • Keep legal costs at decent level • Process is key • Allign with reinsurance companies • Proactive and professional communication to involved parties and other stakeholders (brokers)
Slide 15: Claims handling - Summary
Grenfell Tower Fire Claims handling - Summary • The Grenfell Tower fire is an unprecedented tragedy • Protector has established a fruitful and good relation with RBKC • Working on the same goal • Not waiting for liability to be established, redress schemes to compensate without prejudice the survivo
Slide 16: Status - Property
Grenfell Tower Fire Status - Property • London Resilience Team (LRT) and Gold Command (GC) in control of the site • Police is conducting investigations • Building unlikely to be released to RBKC/Protector until April 2018 • All information is secondary or rumors • LRT has so far focused on stabilizi
Slide 17: Status - Liability
Grenfell Tower Fire Status - Liability • Many victims from the fire have suffered, several with personal injuries and many have lost most of their belongings • The challenge is that nobody knows if anyone is liable for the fire, or eventually who it might be and to what extent • It will take a long
Slide 18: Status - Liability
Grenfell Tower Fire Status - Liability • RBKC and Protector started early to draft a contents scheme • Without prejudice, pay compensation for the residents contents • Enable the survivors to reestablish their life when relocated to permanent accommodation • Tenants’ contents scheme is ongoing • Cla
Slide 19: Recovery
Grenfell Tower Fire Recovery • Emotional and Painful process for all the unfortunate victims involved • Recovery process will lead to repetition of the terrible experience • Difficult territory, for all involved parties and their insurance carriers • Recovery work already started • Approximately 24
Slide 20: An unprecedented claim calls for unprecedented considerations
An unprecedented claim like the Grenfell Tower tragedy, calls for unprecedented considerations Let’s consider an unprecedented contribution with all involved parties that focuses the maximum attention upon delivering compensation to the unfortunate victims and avoids costs being incurred in legal ex
Slide 21: Summary
Summary We stand firmly behind our UK operations • Grenfell Tower fire – a human tragedy • Worst in decades • Nordic market leader – Targeting top 3 in the UK • 45 Local Autorities, incl. 20 Boroughs £47Bn Sum Insured, • 24 housing associations 190,000 properties • 3 Fire Authorities and 1 universit
Slide 22: Our DNA
Our DNA Vision The Challenger Business Idea This will happen through unique relationships, best in class decision-making and cost effective solutions Main targets Cost and quality leadership Profitable growth Top 3 Values Credible Open Bold Committed Values tested in Grenfell Tower situation …walk t