Why Property Underwriters should regularly pray & have strong belief in GOD
A large IAR policy is due for renewal on 1st July. Premium was around USD 3 million.
X insurance company had done all the groundwork with an intention to lead the IAR insurance for this risk with a 30% lead share. Retention plus Treaty capacity was 20% of the risk. For additional 10%, FAC support was lined up with Y Reinsurer and signed slip was in place. The FAC reinsurer, based in Europe, signed the slip with
“ Y reinsurer not on risk till the signed line is confirmed in writing by X insurer and accepted in writing by Y reinsurer”.
Today is Friday-30th June. 10 am in the morning. Commercial Insurance marketing head of X insurer was at insured office in front of the CFO cabin. He saw that 6 other top officials of competing insurers were already waiting at the same place. CFO was busy in the cabin. Suddenly at 12 noon, he comes out of his cabin. All the 7 officials of the insurers get up in anticipation. They try to wish him. He just passes by without noticing anyone. Today is his day. He is a giver of USD 3 million cheque. Most sought person.
Hours go by. Twice the CFO went out of his cabin and returned but did not raise his head and notice any of them. Very busy man.
It was 9 pm at night. Current policy lapses at 12 midnight. He calls all of them and gives the co-insurance sharing letter. X insurance company got 35% share. Around USD 1 million premium added to top line. Took a copy of the USD 3 million cheque and the placement letter and put in the WhatsApp group consisting of CEO and all CXO’s and also included the Property Underwriter. Congratulatory messages from everyone to the Commercial marketing head. The only one who did not congratulate was the Property Underwriter.
Everyone in the group was commenting “ We never understand whether the underwriter is happy when we win an account or is happy when we lose an account”. Jokes and sarcastic messages targeting the property underwriter were all flowing.
No reaction from the Property Underwriter. His mind was on two things:
I have support for 30% while our share is 35%. Also, even that FAC support is not confirmed till the Y reinsurer confirms in writing that they have accepted.
The property underwriter immediately shoots of an email confirming the signed line of 10% and requesting for an additional support of 5%. No reply received. It was already past 6 pm in Europe. No reinsurer in Europe ever gives his personal mobile number nor is reachable after office hours and holidays. Desperately trying to reach his broker friends. Can reach but they also express helplessness till Europe reopens on Monday-3rd July.
He starts praying GOD-let there be no earthquake, no cyclone, no flood, no fire, no explosion till July 3rd. He continuously prays. GOD listens. Reinsurance placed on 3rd July. This happens many times. Every time he prays, and every time GOD helps. His belief in GOD strengthens.
Blog by Atmaram Cheruvu
