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Job Design

In: Business and Management

Submitted By naruto1
Words 4036
Pages 17
Taisei Fire and Marine Insurance Company
Time Frame: 2001 to 2002
The case happened on between 2001 to 2002.
Taisei Marine and Fire InsuranceIn November 2001, following the September, 11th 2001 (“9/11”) terrorist attack on the World Trade Center, Taisei Fire and Marine Insurance Co (TFMI) collapsed, due to catastrophic insurance claims of $2.5 billion.
TFMI, together with two other Japanese companies, had a management agreement with Fortress Re, which pooled the funds of the companies to share the risks of reinsuring aviation portfolios. All four planes that crashed on the World Trade Center and other sites during the 9/11 attack were reinsured in the Fortress Re pool.
During this period, Taisei ascribed its failure - only the second bankruptcy in Japanese non-life insurance since World War II - to the freak events of 11 September.
The expected loss from reinsurance was caused purely by the terrorist attacks and we could not foresee that such a huge loss would be generated because the four airplanes simultaneously crashed.
The participated companies’ lack of skills in management of Fortress Re and their limited understanding of liabilities in the pool were revealed after the event. Apparently, TFMI had completely relied on Fortress Re’s management decisions. Even though it was true that the unforeseen nature of terrorist attack was a trigger for TFMI’s bankruptcy, this event showed that delegating the entire authority of managing the pool to the Fortress Re management added considerable risks to the company’s portfolio, and did not reduce any risks. TFMI’s collapse was an example of how a company overlooked the potential risk of “reinsurance”, and transferred risk only on the accounting book, not in the real world.
As of December 2002, Taisei Fire and Marine Insurance Co., Ltd. was acquired by Sompo Japan Insurance Inc. Taisei Fire & Marine…...

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