Samrana Zafar

In order to have a productive week , you have to 👇 : 1️⃣ Create a daily to do list 2️⃣ Focus on one task at a time 3️⃣ Take regular breaks #AskRoland #fulfillingyourpromise #Protection #MetLifeLebanon #Lifeinsurance #Prodductiveweek

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Dear #insurance and #insurtech community, thanks for your messages! This week, as we celebrated Passover, a public holiday, we were very lucky to be able to celebrate thanks to our soldiers who protect us on a daily basis. Our hearts is with the hostages and families of victimes and soliders who lost thier life. We are here to share some updates from the insurance, insurtech ecosystem and tech from Israel: 1. Ori Lavi-Pelleg, Ron Shvili, and myslef talked last week about the development of insurtech and where the industry is heading. The tv show will be shared soon. 2. Lemondate continues to expand in Europe and launched new homeowner insurance in France in partnership with BNP Paribas Cardif. There is a reason you did not hear abou it https://lnkd.in/ditDQycU 3. Cyber, cyber, cyber - the israeli cyber ecosystem is hot, hot, hot with many new deals, mergers and questions in the last 6 months. For example, Gem Security was acquired by Wiz. Gem offers could TDIR solution ( tackle cloud threats, detection, investigation and response in real-time). A little bit of a wake-up call for the insurance industry to catch up with the latest developments and adjust to the never ending changing risk (relevnt for cyber insurance and internal security). https://lnkd.in/d-hFcju8 4. #cyber again- Munich Re published cyber risk trends for 2024, presenting the major losses and risks drivers accoding to claim data and other. Great work the Munich re team. see below. 5. We have action on the #AI arena, Nvidia just bought israeli Run:AI for $680 million, and rumors are that another company is on the way. Run:AI makes it easier for developers and operations teams to manage and optimize their AI hardware infrastructure. It's another wake-up call for insurers to review the risks and opportunities AI consumers and developers face, as most insurers consume and develop AI themselves. https://lnkd.in/dS-XVbK2 Please share additional topics and your thoughts (you can also just share your love for Israel)

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🌍 Exploring CAT Bond Pricing : Redefining Disaster Risk Financing After the September 8, 2023 Earthquake in Morocco's High Atlas mountain, Cat Bonds emerge as a swift solution for financing reconstruction and providing post-disaster aid. Currently absent for such scenarios, the Moroccan government manages catastrophic events by transferring risks to the private reinsurance market on an excess-of-loss basis. This involves local insurers collecting premiums through imposed tariffs on all exposed insurance policies, with local carriers retaining a portion of the risk. Tariff proceeds then flow to the EV CAT natural catastrophe pool, overseen by domestic (re)insurers like La Cat and Société Centrale de Réassurance (SCR). 💡 But what exactly are CAT Bonds? 🔄 Catastrophe bonds or Cat Bonds are financial products that first appeared in the USA in 1994, designed to provide cover against natural disasters, such as earthquakes. They complement traditional reinsurance and are derived from Insurance Linked Securities (ILS). CAT bonds derive their value primarily from insurance-linked factors. Essentially, the payout of a CAT bond hinges on an underlying index not surpassing a specified threshold, referred to as the attachment point. If this threshold is breached, the CAT bond investor may incur a partial or complete loss of the notional amount, triggering the CAT bond. Why consider CAT Bonds? 🚀 1) Risk Sharing: By involving a large number of investors, CAT Bonds distribute risks more effectively, preventing over-exposure for any single entity in the event of a major catastrophe. 2) Financial Flexibility: Insurance companies can increase their liabilities without impacting their balance sheets or solvency, thanks to CAT Bonds. 3)Liquidity and Security: CAT Bonds offer high liquidity and are free from counterparty risk, making them an attractive investment option. Pricing CAT Bonds is a complex task 📈 : Literature on CAT bond pricing divides into econometric and contingent claim methods. Econometric methods use transaction data to model the bond spread through regression. Conversely, contingent claim methods prioritize bond pricing, often assuming a constant spread. These models establish mathematical frameworks for pricing, relying on numerical methods like Monte Carlo simulations due to the lack of closed-form solutions. An actuarial approach presented by Zimbidis, Frangos, and Pantelous in their 2007 paper "Modeling Earthquake Risk Via Extreme Value Theory and Pricing The Respective Catastrophe Bonds" stands out from other literature by relying solely on historical probability measures. Additionally, the underlying index process, such as earthquake magnitude, is considered a sequence of independent and identically distributed random variables based on Extreme Value Theory. Big thanks to Anass BOUCHAIKH and Mohamed Yacine RIDA for generously sharing valuable resources with me and always being responsive to my questions. 💪

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Covéa Group, a French market leader in 𝐏&𝐂 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 and the world’s 10th-largest reinsurer, is a prominent name in European insurance. The group stands strong with a robust financial position and a balanced range of activities. With €26.8 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 in 𝐆𝐫𝐨𝐬𝐬 𝐄𝐚𝐫𝐧𝐞𝐝 𝐏𝐫𝐞𝐦𝐢𝐮𝐦𝐬, the Group’s portfolio includes 50% from non-life insurance, 13% from life insurance, and 37% from reinsurance. Covéa insures 10.5 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 𝐯𝐞𝐡𝐢𝐜𝐥𝐞𝐬 𝐚𝐧𝐝 7.3 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 𝐡𝐨𝐦𝐞𝐬 in France, and has 3 million health insurance policyholders. The Group’s impressive performance in 2023 resulted in a net income of €1.48 billion. Covéa's workforce is a testament to its commitment to 𝐰𝐨𝐦𝐞𝐧 𝐞𝐦𝐩𝐨𝐰𝐞𝐫𝐦𝐞𝐧𝐭 and professional development, boasting 24,000 employees, including 21,000 in France and 3,000 worldwide. The Group 𝐞𝐦𝐩𝐨𝐰𝐞𝐫𝐬 𝐰𝐨𝐦𝐞𝐧, with 63% of its staff and 53% of managerial positions held by women. Moreover, 95.4% of employees received training, reflecting Covéa’s dedication to continuous learning and growth. Covéa supports its customers and members daily through 𝐟𝐨𝐮𝐫 𝐝𝐲𝐧𝐚𝐦𝐢𝐜 𝐛𝐫𝐚𝐧𝐝𝐬. MAAF Assurances, a mutual insurer, offers comprehensive solutions for individuals and small businesses. MMA Assurances provides coverage for individuals, businesses, non-profits, and local authorities through a third-party-operated distribution network. GMF Assurances is a leading insurer for French public sector employees, offering coverage for individuals. PartnerRe, a global reinsurance leader, boasts a diversified portfolio and a strong presence in North America, Europe, and the Asia-Pacific region. At the helm of Covéa Group is its esteemed Chairman, Michel Gougnard. With a Master’s degree in Public Law and a graduate of the Institut Professionnel du Contrôle de Gestion (ICG), Michel’s journey began at MAAF Assurances in 1976. Over the years, he has held numerous executive positions, driving 𝐢𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐯𝐞 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬 and establishing a unified employee status across the Group. Appointed as Chairman of Covéa’s Audit Committee in January 2021, Chairman of the Group’s 𝐁𝐨𝐚𝐫𝐝 𝐨𝐟 𝐃𝐢𝐫𝐞𝐜𝐭𝐨𝐫𝐬 in July 2022, and Chairman of Covéa Coopérations in November 2022. Reflecting on 2023 results, Michel said, "With the efforts of all of 𝐨𝐮𝐫 𝐭𝐞𝐚𝐦𝐬 𝐚𝐧𝐝 𝐨𝐮𝐫 𝐝𝐢𝐠𝐢𝐭𝐚𝐥 𝐜𝐚𝐩𝐚𝐛𝐢𝐥𝐢𝐭𝐢𝐞𝐬, we were able to deal with an exceptional number of 𝐜𝐥𝐚𝐢𝐦𝐬 while maintaining the 𝐪𝐮𝐚𝐥𝐢𝐭𝐲 of our 𝐬𝐞𝐫𝐯𝐢𝐜𝐞." 25th #InsuranceCEO Post: Every Sunday, I publish a LinkedIn post about an insurer and its Founder/CEO/Chairperson to create awareness about them. 𝐃𝐢𝐬𝐜𝐥𝐚𝐢𝐦𝐞𝐫: The views/data presented in this post are solely my own work and do not reflect the opinions or positions of my employer. #CovéaGroup #Leadership #Insurance #Innovation #MichelGougnard #FinancialStrength #CustomerSupport #Reinsurance

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AI is real

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Its written as the Credit Insurance Market Survey, pronounced as the #masterpiece 😎 The one and only-#unique-report on the Credit Insurance Market❗ How does the market #evolve ❓ #Resiliency is still the buzz word❓ Riskwise❓ Where are the carriers with the #exposure❓ Resurgence of the #claims❓❗ #AI vs the market ❓ What about #MGA's ❓ 🤜 AU Group is the #leading #specialist #advisor in trade receivables management, at your service with the #indispensable Credit Insurance Market Survey.

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Fast movers vs slow movers. Once again, NN is the 1st on the Belgian market to launch an innovative product which responds to the changing needs of its customers. 🎉 #NN #Innovation #Insurance #burnout #YourLifelongHappiness

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The Five Dysfunctions of a Team Patrick Lencioni 7 July 2024 1 Muharam 1446H Well spent Sunday morning and the first day of Muharam reading on how to manage teams work efficiently. This book was written in a very interesting way with a fable story on how a new CEO was brought in to rebuild a struggling executive team. Summary of the book: “1. The first dysfunction is an absence of trust among team members. Essentially, this stems from their unwillingness to be vulnerable within the group. Team members who are not genuinely open with one another about their mistakes and weaknesses make it impossible to build a foundation for trust. 2. This failure to build trust is damaging because it sets the tone for the second dysfunction: fear of conflict.
Teams that lack trust are incapable of engaging in unfiltered and passionate debate of ideas. Instead, they resort to veiled discussions and guarded comments. 3. A lack of healthy conflict is a problem because it ensures the third dysfunction of a team: lack of commitment. Without having aired their opinions in the course of passionate and open debate, team members rarely, if ever, buy in and commit to decisions, though they may feign agreement during meetings. 4. Because of this lack of real commitment and buy-in, team members develop an avoidance of account-ability, the fourth dysfunction. Without committing to a clear plan of action, even the most focused and driven people often hesitate to call their peers on actions and behaviors that seem counterproductive to the good of the team. 5. Failure to hold one another accountable creates an environment where the fifth dysfunction can thrive. Inattention to results occurs when team members put their individual needs (such as ego, career develop-ment, or recognition) or even the needs of their divisions above the collective goals of the team.”

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Here's an overview of the main changes arising from the Solvency II Review. Better not to be caught unprepared...

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Discover DKV Life: Your Personalized Life Insurance Protect your loved ones with DKV Life Insurance, designed to offer you peace of mind and financial stability. With our flexible options, you can tailor the coverage amount, optional benefits, and payment terms to fit your needs. Basic Coverages: - Death from any cause: Ensures the designated capital for your beneficiaries. - Advance capital for terminal illness: Early access to 50% of the capital in case of terminal illness. - Grief counseling: Specialized psychological support to help you cope with loss. - Family assistance: Personalized management for your family in case of your demise. - Psychological assistance: Support during challenging times like death, disability, or severe illness. Optional Coverages: - Total and permanent disability: Additional protection against income loss due to disability. - Accidental death (double capital): Doubles the coverage amount in case of death due to an accident. - Death due to traffic accident (triple capital): Triples the coverage amount in case of death due to a traffic accident. - Combined options for death or disability due to accidents: Ensures double or triple the capital depending on the accident type. - Critical illness (50% or 100% of capital): Early access to up to 100% of the capital in case of a critical illness. Exclusive Additional Services: - 24/7 telephonic medical guidance. - Second medical opinion for serious illnesses. - Access to DKV Health and Wellness Club: Discounts on health and wellness services. - Legal advice and free online will drafting. Don't wait to protect what matters most. Get in Touch Today for your Free Quote!! #LifeInsurance #DKVLife #FamilyProtection #FinancialSecurity #PeaceOfMind

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🚨 EIOPA's Call for Advice on Solvency II Review 🚨 Key changes adopted: 👉 Standard Formula: Relative shift for Interest Rate Risk, Dampner Ceilings for Equity Risk. 👉 Risk Margin: Decreasing risk dependency over time. 👉 Volatility Adjustment: New VA formula. 👉 Interest Rate Term Structure: Updated extrapolation method. 👉 LTEI: Enhanced long-term economic financing capacity.

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From AXA Emerging Customers to AXA EssentiALL: a new ⭐essential⭐ step in our journey! How do you pick a name for your business? It needs to reflect what it does, its ambition, be understandable by all. It should be easy to both pronounce and remember, simple yet differentiating. Ideally, it should spike curiosity and interest, as well as provoke a positive emotion. In a few words: finding the perfect name is no easy feat. With AXA’s inclusive insurance business becoming global as we expand to mature markets, I was determined - with the invaluable expertise of the Brand team - to find this rare gem. Our new name needed to reflect our universal nature, our new global scope, our target segment and our ambition: to address the essence of insurance, cover our clients’ essential needs and contribute to better protecting if not all, at least as many clients as possible. And that’s how AXA Emerging Customers has become AXA EssentiALL! In the emerging world, over 3 billion men and women have no access to insurance, or if they do, it is inadequate in terms of distribution, cost, and coverage. Similarly, in mature economies, the lower income segments of the population, 25-30% of total, is increasingly having to arbitrate on constrained expenses, including insurance. Vulnerability is not a situation but a risk, that of not being able to make ends meet, and this segment is struggling to do this. So our purpose is clear: ensuring underserved customers around the world gain access to protection for their families, businesses and communities. We're already protecting 14 million clients, and the next target is high as we are aiming for 20 million clients by 2026! This is what AXA EssentiALL ambitions to do. I am very proud of this new name. I’m even prouder of our community, of how far we have gone and of our potential to go to the next level. In terms of innovation, insights, influence, impact. In terms of profitable business growth, market share, number of people protected. In terms of going back to the roots of insurance, pushing the borders of insurability and driving a federating source of pride. AXA Emerging Customers is dead, Long live AXA EssentiALL 😊 Find out more on our new webpage! https://lnkd.in/eAWDShCi George Stansfield Patrick Cohen Hassan El-Shabrawishi Guillaume Borie Alban de Mailly Nesle Frédéric de Courtois Karima Silvent Martin Powell Meryem CHAMI Sally O'Hara Khaled el Shaarany Mirjam Bamberger Alice Holzman Virginie Berçot Ida de Catuelan Erika Medici Kevin Chor Alexandra Quiroga Omar Shelbaya Niharika Yadav Laurent Bourson Daniel Bandle Rashidat Adebisi Amar KEBE Claude SEIGNE YAVUZ OLKEN Etienne Bouas-Laurent Thilo Schumacher Chiara Soldano Olga Sánchez Fabrizio Petrillo Tara Foley Quentin Gisserot Michal Matul Laura Elena Rosado Solene Boutoille Celine Callard

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One Vision, One Mission, One AXA Team! 💪Yesterday Giovanni D'Aniello and I were joined by Achille Benmussa, Ilse De Graef, Olga Smirnova, Ioana Ciupe (Malusanu) and Henri ECHAROUX to discuss our aligned roadmap and celebrate our collective milestones during the Group Technology Operations / Group CIO Talk. It was a lively event, where we were able to shine light on a number of key topics, including the collaboration between markets and products, synergies between our departments, and moving towards the ever evasive simplicity we all seek in a large organization! 😉 Some takeaways for me included: 👌Quality of Service: The more digital we go, the more we require a superior QoS. When we make the link and understand the business impact of incidents we can move into preventative maintenance – this is where AXA Group Operations adds real value to the business and we’ve got impressive results so far in 2024. Let’s keep it up! And don’t forget, the QoS Awards are launched! Make sure to enter your team into the competition! 🗺️ ATLAS and our Cloud Journey: BIG big things coming from our teams, but I won’t make all the reveals just yet. 😉 Just a teaser - we have just finalized our Private IaaS exit 💪 and I can tell you that our teams are making excellent progress across all dimensions of this global endeavor, so watch this space as impressive achievements are coming up! 💰FinOps and Innovation: As cloud consumption increases, controlling and optimizing the cost needs to be part of the next global challenges. 👩‍💻EmpowHER: Gender diversity brings huge benefits to the business, so I am really proud of the progress we are making on our 3 key pillars on #EmpowHER: Recruiting, Internal Career support and Mindset. Let’s continue our journey toward excellence and innovation. Thank you for your dedication and hard work.   #AXAGroupOperations #AXA #QualityofService #Cloud

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Happy #Insurance #Nerd Day! #Genesis #Risk #Managers #Riskmanagers #Reinsurance #World #Global #Intelligent #Professionals #Business #Leaders #Mongolia #Riskmanagement #Riskestimation #Planning #Control #Mongol #Asia #Europe #Africa #Europeanunion #Businessinsurance #Insurancecoveragematters #Insuranceindustry #Insuranceexpert #Insuranceprofessional #Insurancemarketing #Insuranceadvice #Insuranceeducation #Insurancelaw #Insurancenews

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🌟✈️ Recently, we celebrated International #Pilots Day! Let's recognize the invaluable contribution of pilots worldwide and discuss a crucial aspect of their #professional #security: Loss of Licence Insurance Cover! At #BUNDA, we understand the pivotal need for pilots to have financial protection in place, especially considering the significant investments associated with obtaining and maintaining a pilot's license. Our Loss of Licence #insurance serves as a safety net, providing essential financial support in case of accidents or illnesses leading to the loss of a pilot's license. Imagine, an experienced pilot tragically lost his sight in an accident, resulting in the suspension of his license. Loss of Licence insurance can make a difference, offering stability and the opportunity to cover all financial obligations during such challenging times. For more information on how Loss of Licence insurance can benefit you or your organization, reach out to us at insurance@bunda.eu. Let's ensure our pilots keep flying high, knowing they've got the support they need. #AviationInsurance #LossOfLicence #FinancialProtection #BUNDA 🛫🔒

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📌Sometimes it takes only one act of kindness and caring to change a person’s life. 📌You must have heard this quote several times in you life, but have you ever stopped for a minute and think about what actually is kindness and why is it important ? And have to ever tried to act upon this quote ? Yeah ! You probably have tried, how does it feel to be kind to others ? 📌Well to start off first lets think about the first question. 📌What is kindness and why is it important ? 📌Kindness is a small kind act, generosity, friendly behaviour, smile, greeting. Yes it is. Any small act you can think of, which can make other person happy is kindness and yes it makes you happy too. 📌You should be kind because YOU ARE A KIND PERSON. And yeah everyone has some kindness in them. You just have to take it out and see what wonders you can do. Counsel India Counsel THE Counsellor Career Counseling Career Counseling Motiva Enterprises LLC Motivational Speaking Team Motivation

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Happy Earth Day! 🌍 Let’s protect our planet by reducing, reusing, and recycling. ♻️ Just like safeguarding our environment, insurance protects what we value. 💚 Together, let’s ensure a safer, greener future! 🌱🌲#earthday #value #insurance #insurance_solutions #happyearthday #eugeneinsuranceagent

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Probable Maximum Loss (PML- Part III): Construction/Erection Engineering Risk (MD Section) : In construction engineering CAR/EAR Risk, estimating the (PML) is a crucial part of the underwriting process and must be done before the risk is accepted. Predicting the extent of damage is very difficult, especially when there are no past examples of similar failures & historical losses to guide proper estimates. This is different from operational risk, where past examples are more common. Under construction risk, the evaluation of the (PML) always reflects the point when the risk reaches its highest level of completion as well as the analysis of the project through its various construction phases & relying on the nature of occupancies. Most importantly at the same time, many protection systems, and procedures are not present, might be incomplete, not commissioned, or not properly functioning, which is conversely opposite of Operational Risk. It is observed that under technical PML Calculations "Fire & Explosion" is always considered the main cause of major losses in property and construction. However, underwriters also pay attention to other natural perils in exposing areas and man-made disasters that can impact ongoing construction projects massively. These include machinery failure, collapse, windstorms, flood damage, and earthquakes as well. Factors Determining PML in Construction or Erection Projects: Buildings should have maintained distance, and compartment firewalls with no openings between them. Buildings should have adequate separation to prevent fire spread. In the UAE & GCC markets, a distance of 30 to 50 meters is considered standard. Multiple Groups of Buildings: When buildings are inadequately separated, the underwriter or risk engineer must consider the largest loss scenario, taking into account the high contract value of “Target Risk / One Risk” and other risk factors such as common basements, surroundings, and fire loads between the basement and superstructure. UW always considers the construction type and size, including building elevations, floor-to-floor heights, and openings such as doors and windows, etc. Combustible Construction: To examine building construction made from materials like rigid plastic panels, wood frames, asphalt-coated metal, and other exposed combustible materials such as furnishings, trim, decorations, and combustible cladding factor to be taken. Non-Combustible Construction: Look for structures made from reinforced concrete (RCC), steel, concrete panels (solid, hollow, or insulated), cement stucco, and rated cladding that may reduce the PML scenario. Consider both internal and external man-made exposures, including surrounding influences. Firewalls should have a resistance rating of at least 6 hours. To continue reading, please refer to Part IV. Written By: Mr. Abdul Rahim Rao – AR Lead Property & Construction Engineering UW

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