SKANDIA INTERNATIONAL, MEXICO
Skandia International, the group’s international
reinsurance operation, has been active in Mexico for
nearly 40 years. Business has been very profitable during
the past 10 years. Skandia International is part of
IDR (International Direct Insurance & Reinsurance), one
of Skandia’s four operating units.
Twenty-five people work in Mexico with non-life
reinsurance, mainly of fire risks. As a condition to
reinsure fire risks in the market, the company is required
to accept some earthquake risks as part of the
business. These risks are carefully analysed and business
is mainly written on a facultative basis. Due to the
risk exposure, it is crucial that Skandia sets the right rate
level and keeps its total risk exposure controlled.
Net premium volume for 1995 was MSEK 222 in the
facultative book of business.
Processes for
Risk Management
Risk Selection – Risk Competence
A clearly defined business strategy
lets the staff focus on a limited
number of risk types and thereby
develop their competence in these
areas. The strategy for risk assessment
and selection is outlined in the
Underwriting Guidelines. These are
updated continuously based on
claims experience and future risk
anticipations. The risk assessment
and risk handling process involves
staff on all levels at the Mexico office
and is conducted in close cooperation
with the Skandia International
head office in Stockholm.
Reinsurance –
Specialists in Cooperation
A clearly defined business strategy,
which is effectively communicated
both internally and to the market, is
decisive in efforts to develop effective
processes. It makes it possible to
concentrate the business in those
areas defined as the core business.
Skandia International’s customers
then know what type of business
Skandia specializes in and have an
opportunity to adjust their offers and
business proposals to Skandia’s risk
strategy. This form of competence
cooperation leads on the whole to
lower costs and a better sharing of
costs throughout the value chain.
that is communicated to the market.
In addition, effective process management
is required to support
external contacts as well as to
minimize the company’s own administration.
Competition in the reinsurance
market is fierce, and the market is
global, with few restrictions. The
ability to create sustained profitability
over the longer perspective requires
a clearly defined business strategy
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