October 2020 | The ICISA INSIDER
NEW Chair NEW Views NEW Challenges Interview with Christian Hendriks, Chair of the Single Risk Committee Christian Hendriks, Deputy General Manager at Credendo – Single Risk, was recently elected as the Chair of the Single Risk Committee of ICISA. He accepted to share some thoughts about the motivation and the plans he has as a new Chair of the Single Risk Committee. In our conversation with Christian we touch on the effects of the Covid-19 pandemic, technology and fraud developments in the industry of Credit Insurance.
What was your motivation for accepting the nomination for Chair of the Single Risk Committee? This Chair coincides with the still developing COVID-19 crisis that has led to an unprecedented global lockdown with a direct impact on global trade. Once again, ICISA can assume a leadership role in offering an open place of exchanging and thinking on critical concerns. Thanks to our regular meetings, we all can keep a very close watch on market developments and remain vigilant with regard to any current triggers and potential evolution that may affect our industry. Therefore, considering the current environment, this nomination comes at a very challenging and exciting period. However, the biggest challenge will be to keep the level set by the previous chairs!
Are there any opportunities that you identified and you’d like to work on in the upcoming months with your Committee? The shelves of the Single Risk committee are pretty full already with the work done by my predecessors. We need to continue to follow up on all regulatory topics, like the cost of capital under Basel IV, the impact of the EU forthcoming regulation as regards to minimum loss coverage for non-performing exposures…Added to this, new agenda items, which arose with this specific time, will ask us to address pandemic
exclusion, loss environment, trade finance landscape, etc. They are enough opportunities, which may evolve according the market conditions.
How would you describe the effects of the current pandemic on the industry? Everybody was expecting an economic backlash by the end of the year, after the global lockdown, once the economy will restart. The second or third waves have pushed the return to normality to an indefinite period. It is certainly too early for assessing the impact whilst everything is still in pending settlement. In July 2020, the broker AJG noted that one third of claims reported were attributable to COVID19 - crisis according to PRI insurers. The combination of oil collapse at the same time has increased claim environment deterioration. Some sectors have been hardest hit initially, while others come out unscathed. This might help to accelerate paradigms shifts which were already in motion. More globally, the crisis raises an interesting questioning on the possible scenarios of overcorrection or under-correction of the global economic system. First obvious effect of the current pandemic relates directly to logistic and supply chains management forcing companies to reinvent themselves.
>>> 9
|
