Energy - Allianz Global Corporate & Specialty

More documents

Recommendations

Info

IMPRINT PUBLISHER Allianz Global Corporate & Specialty AG, Fritz-Schaeffer-Str. 9, D-81737 Munich, Germany © Allianz Global Corporate & Specialty. All rights reserved. Contents of this publication may not be reproduced whole or in part without written consent of the copyright owner. Global Risk Dialogue is published twice annually. Cut-off date for this issue’s editorial content was March 15, 2011. OVERALL RESPONSIBILITY Hugo Kidston, Global Head of Communications, Allianz Global Corporate & Specialty, Fritz-Schaeffer-Str. 9, D-81737 Munich, hugo.kidston@allianz.com PUBLISHING HOUSE medienfabrik Guetersloh GmbH, Geisenhausener Str. 17, D-81379 Munich, Germany EDITORIAL STAFF Richard Manson, Annika Schuenemann, Andrea Schmiedl, Neil King ART DIRECTOR Nadine Schroeder PRINTER medienfabrik Guetersloh GmbH, Guetersloh PHOTO CREDITS AGCS, corbis, MERCEDES GP PETRONAS, BARD DISTRIBUTION TERMS Allianz Global Risk Dialogue is published twice a year. Excluding VAT and shipping costs, the price per copy is € 20.00. CONTACT FOR SUBSCRIP- TION agcs.dialogue@allianz.com ISSN 2191-7566 DISCLAIMER Contributors´comments do not necessarily reflect the views of the editor or the publisher. The editor reserves the right to publish articles in an edited and abridged form. Information in this publication provides only a general outline of subjects and does not substitute for individual advice. Although care has been taken in compiling this information, neither the publisher nor the editor accepts responsibility for errors or omissions or for any damage, loss or expenses incurred from the use of any information contained herein. The publisher assumes no obligation to update any forward-looking information contained herein. 02 Contents 14 20 24 Contents SPECIAL TOPIC Energy today – risks and prospects 14 Energy security Oil and gas facing major challenges 20 Down Under on top A large-scale gas project in Australia 24 “Going with the wind” Breathing life into offshore windparks 30 Capturing carbon emissions CCS systems are ready for take off IN BRIEF 04 News Events in risk, Allianz and AGCS 07 4 Questions for ... Dr. Jürgen Guhe, leader of the NatCat area at Allianz Global Corporate & Specialty REGIONAL EYE 08 Regional story The meaning of market management RISK FUTURES 10 A day in the life Risk assessment of the Mercedes-Benz truck plant IN CONCLUSION 34 The last word Johannes Kindler on peaking power grids 35 Calendar EDITORIAL One thing I have learned over the years: sharing knowledge is better than hoarding it. The idea underpins the new Allianz brand campaign, but it has always been a core value of AGCS. It is the best way to master fu- ture challenges together and to enab- le industry to progress. This issue of “Global Risk Dialogue” focuses on one of those key challenges: energy – fi- nding it, generating it and managing some of the side effects of energy production such as CO ² . Being part of this discussion and sharing AGCS’s own knowledge is truly exciting. Axel Theis CEO, Allianz Global Corporate & Specialty AG Contents | Editorial 03
04 News IN BRIEF Spring and Fall 2011: Risk news briefs CLIMATE CHALLENGES AND POLITICAL UNREST The 2010 United Nations Climate Change Conference took place in Cancún from November 29th to December 10th. The outcome was an agreement concluding that climate change is an urgent and possibly irreversible threat to mankind and needs to be addressed. All parties are supposed to reduce their carbon emissions in order to hold the average increase in temperature to less than 2° C from pre-industrial levels. The winter 2010/2011 began with an unusually harsh November in all of Europe. Heavy snow hit not only Scandinavia and central Europe but also Belgium, the Netherlands, the United Kingdom and even Italy, Spain and Portugal. Norway experienced the coldest temperatures ever recorded in November (hitting -35° C in Finnmark). North America also experienced an extreme winter on the east coast and in the Midwest and even in areas such as Mississippi and Texas. Businesses were closed and airports shut down. Around Christmas 2010, southern California experienced flooding after heavy rains. The total damages are estimated to exceed $ 60 million. Several counties declared a state of emergency and were faced with massive clean-up efforts in the aftermath of the rains. Heavy Brazilian summer rains in January led to mud and torrents running down the mountains in the state of Rio de Janeiro. The rains have caused the worst natural disaster in more than 40 years in Brazil, wiping out entire neighborhoods, killing over 800 people and leaving more than 30,000 homeless. Rebuilding costs are expected to come to $ 1.2 billion. By far the most devastating floods occurred in Queensland, Australia in January with an estimated insured loss of $ 210 million but still rising (as of beginning of February). The area flooded, 850,000 square kilometers, was equivalent to that of Germany and France together, and the water did not recede for several weeks, affecting more than 200,000 inhabitants. Piracy attacks reached their highest rate ever in 2010. The International Maritime Bureau (IMB) reported 445 pirate attacks last year – a 10 percent rise. According to the IMB the number of piracy attacks has risen substantially this year as well. In January 2011, 47 attacks were reported, especially by Somali pirates, including seven “successful” hijackings. Upheavals in the Middle East and North Africa. 2011 began with extensive protests and the call for regime change in several Arab countries. Governments fell, but unrest continued. Millions of people marched on the streets, in some cases leading to violent clashes. The unrests caused substantial damage and business interruption issues in the region. A magnitude 9.0 earthquake hit Japan on Friday, March 11, probably the strongest earthquake in 1200 years. The quake, with its epicenter off the north-eastern coast, triggered large tsunamis which caused extensive further damage and loss of lives. The chain of events also led to failures of the cooling systems in several atomic power plants. Insured and additional business losses are expected to have a major impact on the global economy. Spring and Fall 2011: Allianz and AGCS news briefs STABLE GROWTH AND NEW CHALLENGES Allianz Global Corporate & Specialty launched a new corporate website in December featuring an extensive knowledge-sharing section. It features a completely new look in line with Allianz Group’s new corporate design and a new user experience, including encouraging visitors to sign up for updates and new content. www.agcs.allianz.com Standard & Poor’s confirmed the stand-alone “AA” rating for Allianz Global Corporate & Specialty on August 12th, 2010. That was followed on December 22nd by the confirmation of A.M. Best’s “A+” (superior) rating for AGCS. Allianz Risk Transfer AG received its first A.M. Best financial strength rating of “A” (excellent). The outlook for all ratings is stable. In the context of the discussions about the stability of the euro, in late December 2010, Allianz CEO Michael Diekmann emphasized the confidence Allianz has in the European currency. He announced that Allianz will continue to be investing in government bonds in 2011. Thomas Gonser took over the leadership of Allianz Global Corporate & Specialty Austria on January 1st, 2011. The Austrian office also got a new head of market management, Andreas Schmitt. These appointments are part of a strategic move to increase the presence and sharpen the profile of AGCS in this important market. www.agcs.allianz.com Chantal Schumacher, the AGCS Global Head of Planning and Performance Management, was honored with a Generation CEO award, as part of an initiative to promote female management talents in Germany. At a conference in India in January, Hartmut Mai, AGCS Global Head of Financial Lines, pointed to a rise in corruption charges at major corporations due to new regulations in many countries. “Simply expanding Directors & Officers liability cover would only treat symptoms”, Mai explained. “The key lies in prevention: working to - geth er to improve corporate governance.” In February, Allianz Group announced a new partnership with the Mercedes GP Petronas Formula One team. The new team partnership underlines Allianz’ commitment to the automotive industry and road safety, as indicated by the Allianz branding on the team’s seatbelts and head and neck supports. In September 2010, Allianz already announced it was renewing its relationship as a Global Partner for Formula One. On February 24th, Allianz Group announced its results. In 2020, revenues grew by 9,3 percent to € 106,5 billion with operat-ing profit increasing 17 percent to € 8,2 billion. Over the same period, AGCS wrote € 4.007 billion in gross written premiums, an increase of some € 200 million over the 2009 result of € 3.806 billion, and posted a combined ratio was 94 percent. In January, the Allianz share price passed the € 100 mark. News 05
Page 1: www.agcs.allianz.com Global Risk Di
Page 5 and 6: REGIONAL EYE An advocate for the cu
Page 7 and 8: Truck production takes place on thr
Page 9 and 10: “The insurance industry has to he
Page 11 and 12: SPECIAL TOPIC Australia steps on th
Page 13 and 14: SPECIAL TOPIC Wind energy Offshore
Page 15 and 16: “More and more major corporations
Page 17 and 18: Technology options for CO2 Removal

Energy - Allianz Global Corporate & Specialty

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?