THE INTERNATIONAL ASSOCIATION OF ENGINEERING INSURERS - About us - IMIA
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About us THE INTERNATIONAL ASSOCIATION OF ENGINEERING INSURERS © IMIA – the International Association of Engineering Insurers – December 2018
IMIA - Mission & Focus
IMIA is a network of experts in Engineering Insurance
from around the world who share experience,
investigate and discuss emerging and critical issues
2
and elaborate papers discussing all kinds of topics of
Engineering Insurance.
The core value of IMIA is to offer a forum for
understanding and promoting best practice in the field
of Engineering Insurance and to make all information
and documents available on the IMIA website for the
benefit of the Engineering Insurance Community.
© IMIA – the International Association of Engineering Insurers – December 2018
Message from the IMIA Chairman
IMIA is constantly expanding its range of activities and international scope
and welcomes new applications of experts in Engineering Insurance for
membership. Through the support and contributions from its members I am
pleased to report that IMIA continues to strengthen its knowledge base.
• In 2018, the 51st annual IMIA conference took place in September in Singapore.
3 • Following on from its very successful Berlin Conference, Guests from National
Associations, Insurance and Reinsurance Companies as well as Associate Members
(loss adjusters, brokers and lawyers) attended the conference.
• Working group papers were presented on various areas of interest ranging from
energy topics, aging plant, the offshore industry and construction in mountainous
areas.
• Papers on special topics were presented by guest speakers including the challenges of
metro construction in Singapore. There was also a panel discussion on cyber risks and
several break out sessions dealing with the changing risk landscape
• Next year the conference is in Vienna in October.
• IMIA’s academies remain popular and another academy took place in Berlin in 2019
and one is planned for Singapore in 2020.
• IMIA’s website is a significant source of Engineering Insurance knowledge and is being
constantly developed by adding new information about latest developments.
• The IMIA Newsletter is circulated periodically to members.
© IMIA – the International Association of Engineering Insurers – December 2018
Executive Committee (EC) and Secretariat
Chairman Olivier Secretary General Max Benz AXAXL Guido Benz Swiss Volkan Babür
Hautefeuille Michael Spencer Re Corporate Mapfre Sigorta
4 Switzerland
Solutions
SCOR Paris France UK Turkey
Switzerland
Matia Cazzaniga Stephan Lämmle Richard Radevsky Diet er Spaar
Zurich Insurance Munich Re Charles Taylor HDI Global
Adjusting
Switzerland Germany Germany
England
© IMIA – the International Association of Engineering Insurers – December 2018
5
© IMIA – the International Association of Engineering Insurers – December 2018
Engineering insurance Premium
and loss statistics 2015-7
• 20 Association reported statistics in 2015, 18 in 2017
20
Association
8%
down on
• Members reported premiums down 8% from USD reported premiums
9,203 m in 2015 to USD 8,476 m in 2017 partially due
6 to reduction in reporting members
9%
• Machinery business and CAR/EAR dropped most
(over 9%)
• Loss ratios reduced in 8 countries constant in 2 and
increased in 8
• Germany remains the largest country by premium drop in Machinery Germany remains
business & CAR/ the largest country
EAR by premium
These statistics do not include some major known losses for instance, a sandstorm loss to a gas fired power station in the Middle East, a coal fired power station
loss in Morocco, power house flooding in Columbia, LNG claims in Australia and a dam failure in Laos
© IMIA – the International Association of Engineering Insurers – December 2018
IMIA INDEX 2018
Index Concept Introduced in 2014
7 Data collected from 2002
2010 Data Benchmark =100
2002 Rating level 115% to 140% above bench
2018 Rating level 60 to 70% of bench
Project rate decreases seem stronger and coming from a higher level
(except oil and gas)
Self Comparison tool to be introduced for members
© IMIA – the International Association of Engineering Insurers – December 2018
Topics on website dealt with
by IMIA and its Members
Technical Topics: Other Topics:
• Airports • Hydro Power Plants • Solar Cells • Engineering Insurance
• Aluminium Production • New Technologies • Steam Turbines General, PML Calculation
• Boilers • Nuclear Power Plants • Steel Plants • BOT / Privately Financed
• Bridges • Offices and Malls • Thermal Power Plants Projects, Power Purchase
8 • Buildings • Offshore Windparks • Transformers Agreements, Claims
• Cement Mills • Oil & Gas Industry • Transmission Lines Handling
• Chip Board Factories • Ore Processing • Tunnel Boring Machines • Claims Reserving
• Combined Cycle Power • Other Production Plants • Tunnelling and Mining • Law and Jurisdiction
Plants • Pipelines • Waste Treatment • Risk Management / Loss
• Contractors Plant / Cranes • Power Plants • Water Supply / Waste Prevention
• Cyber Risks, Dams • Pulp and Paper Water Works • Tunnelling Code of
• Desalination Plants • Railways + other • Wet Risks Practice, Non- destructive
• Electronic Equipment / Transportation Systems • Wind Testing ...
Telecommunication • Renewable Energy
• Gas Turbines • Residential Buildings
• Generators • Turbines
• Harbours • Roads
• High Rise Buildings • Semiconductor Plants
• Hotels
© IMIA – the International Association of Engineering Insurers – December 2018
IMIA Academy in
Singapore – March
2018
• Annual 5-day Engineering
Insurance training course in
Europe or Asia
• Final examination with
9
certificate
• Experienced lecturers from IMIA
member companies
• Up to 30 students from IMIA
Members may participate in any
course
• For information on courses
contact the IMIA secretariat,
Mike Spencer at
• mss.sec@imia.com
© IMIA – the International Association of Engineering Insurers – December 2018
51st Conference in Singapore
2018 - Highlights
Five Working Group Papers were presented on: Others activities and presentations included:
• Construction in mountainous areas– WGP • Update on market developments in the last 12
106(18) months
• Offshore oil and gas platforms – WGP 107(18) • Presentation of Premium and Claims statistics
10
• Scientific Instruments – WGP 109(18) • Six break-out discussion groups on
selectedbtopics
• Electric Failures WGP 110(18)
• Panel discussion on Cyber exposures in
• Ageing plant and maintenance WGP 111(18)
construction
Guest Papers were presented on:
• How the Singapore market works
• Parametric covers
Site visited hosted by Singapore’s Land Transport
• A large Sandstorm loss Authority to the world’s first four-in-one depot under
construction called the East Coast Integrated Depot
• Update of the Tunnelling Code of Practice
• The Singapore LTA Construction
• Risk Management
© IMIA – the International Association of Engineering Insurers – December 2018Delegates
IMIA 51st Annual Conference | 1 to 5 September 2018 | Singapore
11
© IMIA – the International Association of Engineering Insurers – December 2018Contact IMIA:
IMIA Chairman Olivier Hautefeuille:
ohautefeuille@scor.com
IMIA Secretary, Michael Spencer:
mss.sec@imia.com
Public relations, Richard Radevsky:
12 richard.radevsky@ctplc.com
Membership, Matia Cazzaniga
matia.cazzaniga@zurich.com
Academy, Michael Spencer:
mss.sec@imia.com
General queries, Volkan Babür:
vbabur@mapfire.com.tr
www.imia.com
© IMIA – the International Association of Engineering Insurers – December 2018
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