All of the health and safety legislation, practices and training can’t help us in the event of something entirely out of left field, as the earthquake in February 2011 in Christchurch was. As most of you will know, Carey Bird lost his life in that earthquake – now 7 years ago last month.
With the support of Marsh, his employer at the time, we established the Carey Bird scholarship as an essay competition, with the prize being to attend either the Sydney or Asia claims convention. The essay question for 2018 is being prepared and will be announced shortly. I encourage everyone to consider entering; not only is the prize worthwhile, but it also counts for CPD points and continuing development is important for all of us (and a requirement for remaining a Chartered Loss Adjuster).
As I write this newsletter I am frantically trying to get up to date as I head on leave before going to the Asian Claims Convention in Bali from the 11th to the 13th of April. Our convention was highly successful last year and attracted some 120 delegates, with already more expected this year. There is a wide range of speakers, as diverse as marine and cyber. As always there is a focus on technology and the increasing role it plays. Often the technology discussion is about delivery channels when selling insurance, or drones or big data. The change in technology also means a change in the types of things that are insured.
Cyber is an example of a class of business that pretty much didn’t exist 10 years ago, and yet a recent KPMG report stated that premiums are predicted “to rise from US$2.5 billion in 2015 to US$7.5 billion by 2020, reaching US$20 billion in premiums by 2025”. Allianz is quoted as predicting that losses could rise to $2 trillion by 2020. Alongside the cyber risk is the physical risk of the assets that are being developed. Claims themselves will change; for example, if cars are made to fly – do you need to have panel repair experience or be an aviation technician? The very nature of the claim itself, let alone the way in which we handle it, will change over time.
It is not too late to register for the claims convention and to help make it the best.
Following the convention, Tony Libke, our CEO, Andrew Khoo, the International Division Chairman, and I will be travelling to see members in Singapore, Thailand, Malaysia and Hong Kong. It is important that as an international association we continue to be relevant to all parts of the region, and visiting and listening to members is an important part of that. We hope to see many of you during that week, or at the convention.
Leon Briggs, Chartered Loss Adjuster
President – AICLA