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Case Study: You are the Chief Risk Officer for TNL DAC, a composite Irish insurer based in Dublin. TNL's business performance over the last five years has shown a decline in market share and profitability. TNL's market share has reduced by 7% in the last 5 years and its Combined Operating Ratio has increased to 101%. This decline has arisen from a reduction in TNL's competitive positions in the markets in which it operates.As a result of this decline in business performance, the Board of TNL has devised a new strategy to increase its market share and improve profitability. This new strategy includes underwriting new classes of business; both in existing and new territories. This strategy is based on greater risk tolerance and an increased risk appetite.The Board has asked you to engage with TNL's business functions to ensure that its business planning adequately reflects the benefits and risks arising from the new strategy.
Question
• Identify, with justification, the business/operational function of TNL, most impacted by the new strategy.
• Analyse, for this business function, the most significant benefits and risks arising from the new strategy.
• Make recommendations, based on your analysis, to maximise the benefits and minimise the risks of the new strategy.
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