Ã¢â‚¬Å“Insurance as a Means of Socio Economic DevelopmentÃ¢â‚¬ is the main theme for the 16th annual conference of the International Association of Insurance Supervisors (IAIS) whichÃ‚ opens this Wednesday in Rio de Janeiro, Brazil. A growing number of insurers are tapping into markets in developing countries through microinsurance projects which provide low cost insurance to individuals generally not covered by traditional insurance or government programs. The opening session at the IAIS will address challenges in identifying appropriate regulation and supervisory tools to facilitate access to insurance without distorting the market. Speakers will also discuss regulation and supervision of alternative providers of insurance and proportionate regulation of microinsurance providers. Check out I.I.I. facts and stats on microinsurance.
A growing number of insurers are providing low cost insurance to individuals in developing countries. For example just last week Munich Re announced a pilot project with Indonesian insurer Asuransi Wahana Tata and GTZ, the German governmentÃ¢â‚¬â„¢s international development agency, to offer flood insurance coverage to low-income households in Jakarta. Instead of a lengthy policy document, the insured receives a simple protection card that guarantees a one-time payment in the event of a flood. Munich Re notes that with just 3 percent of low-income individuals currently having access to insurance products in the worldÃ¢â‚¬â„¢s 100 poorest countries, the microinsurance segment is a growing market. Microinsurance products tend to be much less costly than traditional products and thus extend protection to a much wider market. Check out I.I.I. facts & stats on microinsurance.Ã‚
The second annual dinner of the New York division of the Insurance Industry Charitable Foundation (IICF) will take place at the Waldorf-Astoria Hotel in New York City next Wednesday December 10. The event will feature special guest Colin Powell, the retired General and U.S. Secretary of State from 2001 to 2005. It will honor Pierre Ozendo, chairman and CEO of Swiss Re America for the companyÃ¢â‚¬â„¢s ongoing commitment to developing sustainability related solutions. Brian Duperreault, president and CEO of Marsh & McLennan Cos will serve as the dinner chairman. Since its launch in 2007, the New York division of the IICF has developed and offered grants to tri-state area charities. The insurance industry ranks among the top 15 contributors when it comes to charitable donations. According to a Conference Board survey, charitable contributions to U.S. and international causes by the 189 U.S. companies participating in the survey amounted to $10.21 billion in 2006, up from $9.78 billion in 2005. The insurance industryÃ¢â‚¬â„¢s contributions to U.S. beneficiaries totaled $147 million in 2006. Insurers were also among the top 20 international donors, with $13 million in international contributions in 2006. Check out further I.I.I. info on corporate social reponsibility.Ã‚
Insurance Information Institute (I.I.I.) colleagues, family and friends joined together to raise funds and to participate in last SundayÃ¢â‚¬â„¢s Susan G Komen New York City Race for the Cure 5K walk/run. First held in 1991, the race is now one of the largest in New York City and this year more than 25,000Ã‚ took toÃ‚ the routeÃ‚ in Central Park. The Race for the Cure series raises significant funds and awareness for the fight against breast cancer, celebrates breast cancer survivorship, and honors those who have lost their battle with the disease. Despite 90 degree temperatures, IÃ¢â‚¬â„¢m pleased to report that all I.I.I. team members made it to the finish line. Donations are still coming in, but the team expects to raise close to $4,000 in total. Check out our team picture below.
WeÃ¢â‚¬â„¢ve blogged before about the great works of the Insurance Industry Charitable Foundation and a new date to mark in the calendar is Thursday March 6, 2008, when the Foundation will hold its fourth annual Southern California Club 100 Dinner at the Getty Center in Los Angeles. The event, which brings together top insurance executives throughout California, provides the ideal opportunity to meet and network and enjoy an evening of fine food, wine and fine art while enjoying the unique architectural statement of the Getty Center grounds. Foundation Board member Gary C. Petrosino, managing director, Chubb Group, will serve as the Dinner Chairman. Proceeds from the event will benefit the Los Angeles Metro YMCA. Registration can be completed online at http://www.iicf.org/club100/. Check out further I.I.I. facts and stats on the insurance industryÃ¢â‚¬â„¢s charitable contributions.Ã‚
The United Nations Climate Change Conference in Bali got underway today. The two-week long conference brings together representatives from more than 180 countries and observers from intergovernmental and nongovernmental organizations as well as the media. A key goal of the conference is to work towards a deal to replace the Kyoto Protocol which expires in 2012. Ahead of the Bali meeting, insurers AIG, Allianz, AXA, and Swiss Re were among 150 companies to have signed the Bali Communique on Climate Change, a call to world leaders for a comprehensive, legally binding United Nations framework to tackle climate change. This initiative has been led by the Prince of WalesÃ¢â‚¬â„¢s Corporate Leaders Group on Climate Change and the University of Cambridge.Ã‚
The first annual dinner of the New York division of the Insurance Industry Charitable Foundation will take place at the Waldorf Astoria Hotel in New York City next Wednesday December 5. The event will feature special guest New York City Mayor Michael Bloomberg and will honor Brian Dupperault, former chairman and CEO of ACE Ltd. Martin Sullivan, president and CEO of AIG will chair the dinner. The event is expected to raise a total of $1.5 million for three tri-state area charities. Some of you will already be aware that the insurance industry ranks among the top 15 contributors when it comes to charitable donations. According to a survey by the Conference Board, charitable contributions to U.S. and international causes by 211 of the largest U.S. companies and U.S. corporate foundations amounted to $9.87 billion in 2005. The insurance industryÃ¢â‚¬â„¢s donations to U.S. beneficiaries totaled $181.3 million, placing it eleventh out of 19 industry groups.
In response to the recent wildfires in California, the Insurance Industry Charitable Foundation (IICF) has established an industry-wide campaign to provide needed support to the American Red Cross Southern California Wildfires Fund. The IICF is kicking off the campaign with a $25,000 contribution and is asking everyone from the insurance industry to make a contribution. Contributions can be made online at the IICF Web site or via mail. All proceeds will be presented to the American Red Cross to be used solely for the California firestorm relief effort. Check out further I.I.I. facts and stats on the insurance industry’s charitable contributions.
As aviation aficionados know, the last quarter of the year traditionally is when many of the worldÃ¢â‚¬â„¢s major airlines renew their insurance programs. Broker Aon has just published its Airline Insurance Market Pre-Renewal Season Review 2007 which offers a good barometer of the market and where it is headed. According to Aon, average hull and liability premium prices have fallen by 15 percent in 2007 so far, yet at the same time exposures continue to grow as new larger aircraft come off production lines ready to fly ever increasing numbers of passengers. From the safety standpoint, so far 2007 also stands out in terms of the high number of fatalities, hull losses and liabilities. Aon notes that compared to the same time last year: there have been nearly 80 percent more fatalities; the value of hull losses ($420.7 million) is 18 percent higher; and the value of liability losses ($406.7 million) has doubled. AonÃ¢â‚¬â„¢s airline risk management survey also throws out some interesting results. While attitude to risk and risk priorities remain broadly unchanged, future risk requirements reflect a growing focus among airlines on corporate social responsibility. Environmental pollution has become the highest future risk requirement, jumping from sixth place in the 2005/06 survey. This change knocked computer crime insurance into second place, while business interruption climbed to become the third highest additional risk that organizations will be looking to insure against in the next three years. Check out further I.I.I. facts & stats on aviation.Ã‚
A little known fact is that the insurance industry ranks among the top 15 contributors when it comes to charitable donations. Indeed, the charitable contributions to U.S. and international causes by 211 of the largest U.S. companies and U.S. corporate foundations amounted to $9.78 billion in 2005, according to a survey by the Conference Board. The survey included 209 firms which gave over $7.78 billion to U.S. causes in 2005. The insurance industryÃ¢â‚¬â„¢s donations to U.S. beneficiaries totaled $181.3 million, placing it eleventh out of 19 industry groups. This brings us to the Insurance Industry Charitable Foundation. The FoundationÃ¢â‚¬â„¢s New York division will hold its next Board of Directors meeting on Thursday, May 17 at 10:00am at AIG, 70 Pine Street. The IICF-New York division has also been busy planning its first annual dinner to be held at the Waldorf Astoria Hotel on December 5, 2007. New York City Mayor Michael Bloomberg has agreed to be honoree and the dinner will be chaired by Martin Sullivan, chairman and CEO of AIG. Visit the IICF site for more information.Ã‚ Ã‚ Ã‚