aig mark handy

50 %
50 %
Information about aig mark handy

Published on March 27, 2008

Author: Jacob


Sumatra Earthquake and Tsunami Issues and Client Response:  Sumatra Earthquake and Tsunami Issues and Client Response Mark V Handy, AIC AIU-CLMD Property/Energy Catastrophe Claims Handling:  Catastrophe Claims Handling Employees may themselves suffer losses Staff must receive, evaluate and handle a large influx of claims of varying degrees Our insured’s will be under a high degree of stress and uncertainty Claims facilities may be inaccessible or unusable The “day to day” claims operation must continue to function Catastrophe Claims Handling:  Catastrophe Claims Handling A dedicated Catastrophe center should be set up to minimize disruption of the “day to day” claim operation A high degree of communication, reporting and constant evaluation must be provided to local management, profit centers and NY-CLMD Reporting and coordination will be required with local insurance authorities, emergency service organizations and other insurers Catastrophe Claims Handling:  Catastrophe Claims Handling Prior Planning is the key Access to adjusting internal and dedicated independent adjuster resources Other services- Salvage, accounting, engineering and damage estimation, disposal of debris, emergency repairs Accommodations for support personnel-Hotels, work space, other facilities Communications- Cellular phones, computers, internet access, toll free calling, call center staffing Catastrophe Claims Handling:  Catastrophe Claims Handling Can we do it better? Plan ahead- Have a written manual to reference under stress Use outside resources dedicated to the Cat. The Cat handling must be a parallel operation to keep the day to day operation functional Cat prone areas should setup spreadsheet and update exposure data at start of season Conduct an After Action Review to identify opportunities for improvement Catastrophe Claims Handling:  Catastrophe Claims Handling Can we do it Better? Get advance commitment for resources, adjusters and additional personnel Make frequent evaluations of progress and accuracy of forecasts Maintain vigilance until it is over, not until a new crisis takes the spotlight. Use innovative settlement techniques while maintaining reasonable standards- Settle fairly, settle early Catastrophe Claim Experience:  Catastrophe Claim Experience Sumatra Earthquake and Tsunami Issues and Client Response Tsunami History 1804-2004:  Tsunami History 1804-2004 Coverage issues relating to Tsunami:  Coverage issues relating to Tsunami Are “tidal wave” and “tsunami” the same? If we provide “Earthquake” does it extend to cover a resulting tsunami? What is our position on cover under the peril of “Flood”? What is a tsunami?:  What is a tsunami? NOAA > NWS > ITIC Home Page > Library > Frequently Asked Questions The phenomenon we call tsunami is a series of large waves of extremely long wavelength and period usually generated by a violent, impulsive undersea disturbance or activity near the coast or in the ocean.   When a sudden displacement of a large volume of water occurs, or if the sea floor is suddenly raised or dropped by an earthquake, big tsunami waves can be formed by forces of gravity.   The waves travel out of the area of origin and can be extremely dangerous and damaging when they reach the shore.   Other authorities definitions:  Other authorities definitions The U.S. Geological Survey, which forms part of the international Tsunami Warning System for the Pacific Ocean, defines a tsunami as “a wave or series of waves that are generated by a sudden disturbance that displaces water.” It adds that they are “typically caused by earthquakes and landslides in coastal regions.” The term “tidal wave,” it says, “is a misnomer... The impact of a tsunami upon a coastline is partially dependent upon the tidal level at the time it strikes, but its generation is unrelated to ocean tides.” The Australian Academy of Science agrees, calling the term tidal wave “inaccurate.” The U.S. National Aeronautics and Space Administration (NASA) says on an explanatory Web page: “The phenomenon we call a tsunami is a series of waves of extremely long wavelength and period generated in a body of water by an impulsive disturbance that displaces the water. "Although tsunamis are often referred to as ‘tidal waves’ by English-speaking people, they are not caused by the tides and are unrelated to them.” What is a tidal wave?:  What is a tidal wave? A “tidal wave” is a surface phenomenon generated by the action of wind and the tidal pull of the moon and planets on the sea. It is generally traveling in a rolling pattern and affects the top 50-100 feet of water. Conclusions:  Conclusions A Tsunami is a direct result of an undersea seismic event (earthquake) and it was determined that the resulting Tsunami was covered under Earthquake coverage. No claims were presented under a flood endorsement. Initial feeling was that it is likely flood coverage would apply in the absence of earthquake cover. Client Experience:  Client Experience AIG Response and meeting our clients needs Sri Lanka Financial Times January 4, 2005:  Sri Lanka Financial Times January 4, 2005 Hayleys AIG Insurance first to help Tsunami victims with firm statement Hayleys AIG Insurance in a communiqué said yesterday that it was the first to come to the rescue of Tsunami victims with a definitive statement. "While the world and the citizens of Sri Lanka watched in anticipation and anxiety, the joint venture between the 127 year old conglomerate in Sri Lanka and one of the largest financial services company in the world, Hayleys AIG Insurance announces that it will cover all losses reported under its policies for which the insured has obtained Earthquake cover," the statement said. "Of all the losses reported at Hayleys AIG, 97% of the losses have been inspected and the current estimates are being prepared. Hayleys AIG reported the same to the Insurance Board of Sri Lanka yesterday," the statement added. It said that in less than 48 hours AIG flew in loss adjustors of international repute to assess the losses reported. "Hayleys AIG lives up to what an insurance provider promises and that is - Service Delivery when it is needed most," the statement said. Hayleys AIG, a member company of the American International Group is here to stay and service its policyholders and the nation, it added. Slide20:  The Tsunami was still on the move, traveling an estimated 300+ MPH as the news broke. Even though many were on holiday at this time of the year and many were traveling, AIG had its catastrophe communication network activated and was up and running on Christmas Day as well. Phone calls and emails were made world wide to gather as much information as possible about the well being and safety of our employees and their families, our customers, where the damage was and the extent of the damage, and in that order. “Do we know that everyone is safe?” “Who needs help and what kind of help is needed?” “What areas are affected?” “What counties are impacted?” “Where do I need to be, to be the most helpful?” These are the questions that were first asked by AIG employees from around the world and in our part of the world as well, SE Asia. Les Metcalfe Personal Line Manager SEA and Greater China Slide21:  Phuket International Hospital is first rate, not just medically but for the care and warmth given freely by the entire staff –from physician to the cleaning staff. Nursing care was efficient and professional but the nurses still found time to sit on my bed and hug me. (You all know how much I believe in Hugs.) Several of Mark’s co-workers from Bangkok, Phuket and Hong Kong visited the hospital and kept in touch with him. They were ready to assist with any needs including evacuation if needed and with small things. Mark’s friend Teeraporn arrived the day after the Tsunami with her cell phone so I could call Mark and let everyone know I was alive and recovering. Helen Muesch Survived at Phi Phi Don Slide22:  December 26 dawned, promising another warm, bright and sunny day in Sri Lanka as the local populace enjoyed its Christmas holiday. The peace and serenity were rudely shattered at 9:00 a.m. when the now-infamous tsunami raced ashore on the country’s eastern coast, causing unprecedented devastation. The following morning, Miss Sangeeta Bordoloi, claim manager of Hayleys AIG Insurance Co. (a joint venture between AIG and the largest business group in the country), arrived at her office to find the first claim reports arriving from the company’s clients. Compounding the difficulty of the situation was the fact that the tsunami had caught Hayleys AIG’s underwriting vice-president Mrs. Kumudini Dassenaike with her family in the city of Galle, one of the hardest-hit areas. The family car was swept away by the waves but Kumudini and her family were fortunately not injured. It took her over a day to make her way back to her office in the capital city Colombo. By that time, 26 claim reports had already been submitted. Hayley’s AIG article for Contact Magazine Slide23:  At such a time when all one needed was a helping hand, the insurance industry in Sri Lanka sat together to debate if their insurance policies would respond to claims from this disaster. But while competitors debated, the power of an AIG member company came alive. Hayleys AIG mobilized loss adjusters from Sri Lanka, Singapore, and Oman in less than 48 hours. The first claim inspection was carried out in less than three days after the catastrophe and all 31 reported loss sites were visited in the first five days of the catastrophe. Sangeeta Bordoloi Claims Manager Sri Lanka Slide24:  The overall activity to locate Amanda Lowe. There was a super effort to locate her and even when it looked bad, questions and searches continued. Steven Barnett and Rob Coldman ( Regional A&H PC Manager) went to visit morgues and searched body by body. Risk assessment – Traveling with Les Mouat and the Phuket Management staff to visit some commercial lines risks. One of our insureds was so impressed with our professional adjusters and our commitment to visit them, they renewed their policy on the spot. Good to have the divisional President in the field, leading the troops. Market Meeting hosted by AIG and all adjusters – Attendees: Swiss Re, Crawfords, Cunninghams, McLarens, MD&D, AIG Regional Claims (Les Metcalfe & I), AIG Divisional President (Mouat). Our goal was to sync the adjusters and with what we needed to have in terms of service, notable issues, etc…. Swiss Re was very interested and participated. Dirk Russell SEARO RCM

Add a comment

Related presentations

Related pages

Home - Versicherung von AIG in Deutschland

AIG in Deutschland AIG ist eine internationale Versicherungsorganisation mit innovativen Versicherungslösungen und Dienstleistungen, ...
Read more

Mark Handy | LinkedIn

Mark Handy. Vice President Property/Energy claims at Chartis International, LLC. Location Greater Atlanta Area Industry Insurance
Read more

Mark Handy at American International Group (AIG) Contact ...

Mark Handy at American International Group (AIG) Contact Details - find the Job Title, Phone#, Email Address, Social Profiles (Including Facebook, LinkedIn ...
Read more

Mark Handy at AIG Property and Casulaty | Former PO1 - MM ...

PO1 Mark Handy, Navy | RallyPoint professional military profile.
Read more

John Roberts | LinkedIn

View John Roberts’ professional profile on LinkedIn. ... Energy and Engineered Risk at AIG. Mark Handy.
Read more

Insurance Matters -

Insurance Matters ... MARK V. HANDY SR. VICE PRESIDENT AIG Property/Casualty. news. Myles Parker was recently selected by his peers for inclusion in the ...
Read more

AIS-Schiffspositionen/-verkehr in Echtzeit | AIS Marine ...

MarineTraffic Live Ships Map. Discover information and vessel positions for vessels around the world. Search the MarineTraffic ships database of more than ...
Read more

AIGA, the professional association for design

Relive the excitement of the 2016 AIGA Design Conference and gain insights from emerging designers and established creative leaders alike. AIGA Women Lead ...
Read more

Bank Strategy and an AIG Breakup - Bloomberg View

AIG disagrees, though my Bloomberg ... If you'd like to get Money Stuff in handy e-mail form, right in your inbox, ... Mark Gilbert; Eli Lake;
Read more