Swiss Re Ag · SIX:SREN
Swiss Re — EMEA Claims Conference 2018
14 slides from Swiss Re's conference presentation, March 2018
Slide 1: Terrorism or War, what makes up the difference?
Restricted - do not distribute beyond defined distribution list or make copies Terrorism or War, what makes up the difference ? EMEA Claims Conference 2018, Rüschlikon, 6th - 7th March Yolanda Gügler-Jocham
Slide 2: Underwriting perspective - reasons for war to be distinguished from terrorism
Restricted - do not distribute beyond defined distribution list or make copies Underwriting perspective - reasons for war to be distinguished from terrorism • War can have unlimited geographical dimensions • Amount of damage caused by war usually catastrophic compared to one caused by “conventional”
Slide 3: Insurance: difference between war and terrorism
Restricted - do not distribute beyond defined distribution list or make copies Insurance: difference between war and terrorism War Terrorism Generally not defined in policy, but court decisions - contention between states - with armed forces - no formal declaration needed EMEA Claims Conference 2018
Slide 4: War related risks
Restricted - do not distribute beyond defined distribution list or make copies War related risks • Hostilities: acts by persons acting as agents of sovereign powers, presupposes a state of war • Warlike operations: they include hostilities but have a wider meaning including operations of such genera
Slide 5: Recommended war risks exclusion (political risks)
Restricted - do not distribute beyond defined distribution list or make copies Recommended war risks exclusion (political risks) Loss or damage directly or indirectly caused, or occasioned by, happening through or in consequence of war, invasion, act of enemies, hostilities, warlike operation, civil
Slide 6: Insurance: difference between war and terrorism
Restricted - do not distribute beyond defined distribution list or make copies Insurance: difference between war and terrorism War Terrorism Generally not defined in policy, Usually defined in policy but court decisions • an act or series of acts committed by a person or group of persons • contentio
Slide 7: Reality in claims world: Is it war or is it terrorism?
Restricted - do not distribute beyond defined distribution list or make copies Reality in claims world: Is it war or is it terrorism? War Terrorism EMEA Claims Conference 2018 | Rüschlikon, 6th - 7th March | Yolanda Gügler-Jocham 7
Slide 8: Applicability of the war exclusion to ISIS attacks
Restricted - do not distribute beyond defined distribution list or make copies Applicability of the war exclusion to ISIS attacks “prepared, organised and planned from outside the country by Islamic State…” EMEA Claims Conference 2018 | Rüschlikon, 6th - 7th March | Yolanda Gügler-Jocham 8
Slide 9: Applicability of war exclusion to ISIS attack, cont.
Restricted - do not distribute beyond defined distribution list or make copies Applicability of war exclusion to ISIS attack, cont. • Challenge statements made in media and by representatives of governments (insurance or legal terminology) • Contrary to terrorism, generally no definition of war in p
Slide 10: Requirements for a state
Restricted - do not distribute beyond defined distribution list or make copies Requirements for a state Generally Met by ISIS (2014-2017)? Space with permanent Yes (?) population Defined territory with government maintaining No (?) effective control EMEA Claims Conference 2018 | Rüschlikon, 6th - 7t
Slide 11: Requirements for a state, cont.
Restricted - do not distribute beyond defined distribution list or make copies Requirements for a state, cont. Generally Met by ISIS (2014-2017) ? International recognition No by other countries Conclusion: Although ISIS has called itself “Islamic State”, it does not fulfil all the requirements for
Slide 12: Cyberattacks – challenges in respect of text of exclusions
Restricted - do not distribute beyond defined distribution list or make copies Cyberattacks – challenges in respect of text of exclusions Requirement of bodily injury or property damage Burden of proving who did it (technical issue) Definitions of cyber warfare, like “massively coordinated digital a
Slide 13: Conclusions
Restricted - do not distribute beyond defined distribution list or make copies Conclusions • Delimitation as per “traditional” understanding; what is intended to be covered under specific terrorism extensions cannot be war • Potential threat of cyberterrorism and because magnitude of cyberattack (st
Slide 14: Legal notice
Restricted - do not distribute beyond defined distribution list or make copies Legal notice ©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 p