SERVICES

RISC tailors its services to the specific circumstances prevailing in Latin America, the special requirements of our customers and the type of risk being analyzed. Below we present a non-exhaustive list of some of the services RISC provides its clients,

1. (Re)insurance Underwriting

  • Preparation of underwriting information for major risks, assistance with adequate and risk commensurate data collection, assistance with the submission to reinsurance markets
  • Pre-underwriting for property, engineering and liability
  • Analysis of the original policy to a) ensure compatibility with the reinsurance placement and b) avoid unwanted coverage
  • PML/EML assessment and/or assistance in determining probable maximum loss scenarios
  • Plausibility of first risk limits or sum insured
  • Bid / Tenders: assistance during underwriting meetings representing our client
  • Underwriting agreements: Engineering subscription for third parties (intermediaries, facilities, underwriting agencies) based on standard engineering policy wording currently in use in Latin America

2. Risk Management

  • Review of third party inspection reports with a focus on reinsurance placement
  • Inspections to office building, hotels, conventional civil works with focus on loss prevention and nat cat exposure (earthquake and hurricane)
  • Industrial Risk Management: process description, fire protection conditions,PML / EML scenarios, recommendations for adequate loss prevention
  • EML / PML determination for Property and Engineering
  • Risk studies to assist determining insured limits and recommendations for the issuance of the policy
  • Inspections of erection /construction projects with focus on work progress and critical path (ALoP)
  • Third party liability inspections also considering environmental issues
  • Pre-hurricane season inspection: actual conditions of major facultative risks,review of loss prevention measures

3. Risk Management and Underwriting of Natural Hazards

  • Specialized risk inspections including the calculation of PMLs: earthquake, windstorm, hurricanes and flood
  • In close collaboration with clients we assist in the development of concepts for earthquake and hurricane accumulation control for a facultative Property and Engineering portfolio
  • Consultancy for the development of strategies for the underwriting of risks located in natural hazards exposed regions

4. Claims

  • Qualified opinion on coverage issues for property, engineering and TPL claims
  • Analysis and review of loss adjusting reports as well as review of the initial claim reserve
  • Post-loss inspections including status report
  • Progress monitoring in case of complex claims, claims meeting attendance in representation of our client including editing of meeting minutes
  • Claims control / cooperation clause: controlling function in case of complex fire / engineering risks

5. Training and Seminars

  • Training courses on topics such as EAR, CAR, MB, EEI, CECR, ALoP
  • “Case-studies” based on large losses with guidelines for an improved underwriting
  • Risk Inspections: training of inspectors of insurance companies or brokers, structuring of a report, PML / EML Definition
  • Presentations of reinsurance issues (Natural Hazards, Underwriting strategies to avoid accumulations, Thermal and Hydro Power Plants, Underwriting of highways / toll-roads, Aspects to Consider During Risk Inspections)

6. Alternative Dispute Resolution

Assistance in conciliatory proceedings to resolve disputes between parties (reinsurers, insurers and insured) to avoid a long and tortuous legal process. Intervention as an independent and neutral third party in resolving the conflict through:

  • Mediation
  • Arbitration
  • Expert Opinion
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