INTERVIEW | October 2017 | The ICISA INSIDER
“in the past certain ‘bad’ or ‘unattractive’ deals would perhaps not reach the market because brokers would advise their clients against it, nowadays due to the very large number of participants, the quality of offers to the market is under pressure”
brokers, as sometimes risks are presented to the mar-
According to Bert increased competition has also
ket that in the past would not have been considered.
triggered a rise in non-traditional and more complex
Where in the past certain ‘bad’ or ‘unattractive’ deals
products. “The increased competition, not just in the
would perhaps not reach the market because brokers
London market, and the logical necessity of insurers
would advise their clients against it, nowadays due to
to maintain market positions or even increase market
the very large number of participants, the quality of
shares, has triggered a high level of ‘creativity’ and
offers to the market is under pressure.” Bert is pleased
innovative drive.” But Bert underlines that not all ideas
to see that as a result the industry sets higher requi-
are really new. “Sometimes we see new approaches
rements in order to select between ‘good’ and ‘bad’
to basically not new business structures, while ‘old
risks, resulting in increasing percentages of declined
dogmas’ do not remain undiscussed or undisputed.
cases by the market.
Products such as single risk cover, non-trade related cover, top-up cover and non-cancellable credit limits,
“Sometimes we see new approaches to basically not new business structures, while ‘old dogmas’ do not remain undiscussed or undisputed”
all types of leasing- and factoring-structures, reversed or not, are examples that now play a more important role in the business than before.” Bert recognises they need to be investigated due to the competitive pressure in the market. “This requires quite some effort and analysis by insurers as well as reinsurers as they are not only offered as a general product, but also on individual requests with particular ins and outs. We see submissions of this nature quite regularly. Clearly, as a reinsurer we want to support our clients where we can and are
Bert Zandvliet Bert Zandvliet, born The Hague 1962, married, three children. Studied Master of Business Law/ Leiden University 1986 and Master of Business Administration/ Newport University Utrecht 1990. He started his career in primary trade credit insurance (product development and technical assistance and trainings for starting export credit insurers in developing countries) and since 1999 at Munich Re on the reinsurance side.
Bert Zandvliet, Senior Risk Underwriter MunichRe
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