Cats and Credit Push Prices Up: Reinsurance rate increases were moderate on average at the January 1, 2009 renewal. The Guy Carpenter World Rate on Line (ROL) Index rose 8 percent, in response to the dual pressures of a financial catastrophe and the second most expensive property catastrophe year on record.
2008 Catastrophe Update: A record-setting Atlantic hurricane season and above-average manmade catastrophe losses put 2008 among the costliest years on record. While the economic downturn dominated the headlines throughout the year, lurking in the shadows was one of the most active hurricane seasons on record.
Reinsurer Financial and Cat Losses High, Bermuda Hist Most: A tough year for reinsurers is coming to a close. The worldwide financial catastrophe has impaired investment assets and put downward pressure on profits.
Reinsurance Pricing and the Changing Cost of Capital: Despite the ambiguity pervading financial and reinsurance markets, it is clear that systemic risk has increased. Unprecedented chaos in financial markets left investors more risk-averse than they were at the end of the summer.
Europe: A Change of Focus: European reinsurers are focused on two critical issues: residual exposure to risky assets and effective capital deployment. This is a stark change from the past two years, in which the return of capital to shareholders was the dominant priority for many.
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Accountants and Accountability: Fair Value and Convergence: Fair value accounting - also known as “mark-to-market” - has appeared in the headlines quite frequently, largely because of the ongoing financial catastrophe.