Guy Carpenter Receives Grant to Create Reinsurance Facility: Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist, has been awarded a grant by the Microinsurance Innovation Facility to develop a reinsurance facility for microinsurance and microfinance company operations (MFIs).

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Regional Changes in Shareholders’ Funds: Shareholders’ funds were depleted at double-digit rates around the world last year, with companies in the United States sustaining the greatest drops. The two primary drivers of this trend are changes in estimated losses related to Hurricanes Ike and Gustav and the ongoing financial catastrophe.

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A Short, Defining Year for Cat Bonds: The catastrophe bond year ended back in July, and two quarters of virtual silence have signaled an abrupt change in the market. After 2006 and 2007, we had become accustomed to record-setting issuance years.

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CAT-i Update: Bushfires in Australia Report 2: Residents in parts of Victoria are still on alert as more than 20 bushfires continue to burn in the Australian state. Firefighters are battling to contain the remaining blazes after more than 400 bushfires fanned by strong winds of up to 60 mph (100 kmph) hit the states of Victoria, New South Wales and South Australia over the weekend.

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RISK-i Update: Plane Crash, Amsterdam, Netherlands: A Turkish Airlines Boeing 737-800 carrying 127 passengers and seven crew members crashed at around 10:40 local time (09:40 UTC) on 25 February while attempting to land at Amsterdam’s Schiphol international airport. According to recent reports, there are nine confirmed fatalities and 86 casualties.

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Ike Update: Revised Shareholders’ Funds Impact: Flagstone Reinsurance Holdings Ltd. has announced increased loss estimates related to Hurricanes Ike and Gustav. Earlier estimates of USD115million have been increased by USD25.2 million (21.9 percent to USD140.2 million.

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Type of Event: Plane Accident
Date of Event: 25/02/2009
Location: Schiphol International Airport, Amsterdam
Number Killed: 9 confirmed dead
Damage Estimate: -
Insured Loss Estimate: Hull reportedly valued at USD47 million.
Insured: Turkish Airlines
Carriers: Reportedly include Allianz and Global Aerospace Underwriting Managers Ltd.

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Dr. Rebecca Cheetham, Instrat®
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Forecasts for the 2009 Northwest Pacific season will be issued by the Guy Carpenter Asia-Pacific Climate Impact Centre (GCACIC) in April and June. Forecasts from the GCACIC are statistical predictions, with predictors drawn from a large group of indices that represent atmospheric and oceanographic conditions in the previous year up to spring of the current year. Most prominent indicators include the proxies for the El Nino/Southern Oscillation (ENSO), the extent of the subtropical ridge and the intensity of the India-Burma trough.¹

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Hazard data illustrated in the CAT-i map was taken from i-aXs®, Guy Carpenter’s web-based risk management platform. i-aXs users can view impacted areas on any map as well as see how their portfolios were affected. Please contact your broker or Instrat® representative for assistance or go to www.i-axs.info for further information.

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Your vote counts. Click here to participate in the Reactions - London Market Awards 2009 survey. Innovation and client problem-solving are more important than ever before, particularly given the ongoing financial catastrophe. We encourage you to participate in this survey.

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Type of Event: Plane Accident
Date of Event: 25/02/2009
Location: Schiphol International Airport, Amsterdam
Number Killed: 9 confirmed dead
Damage Estimate: -
Insured Loss Estimate: -
Insured: Turkish Airlines
Carriers: -

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Dr. Rebecca Cheetham, Instrat®
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Twelve typhoons developed in the 2008 season, of which eight made landfall at typhoon status. Of these eight landfalling typhoons, five - Kalmaegi, Fung-Wong, Sinlaku, Hagupit and Jangmi - caused significant amounts of damage.

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Hazard data illustrated in the CAT-i map was taken from i-aXs®, Guy Carpenter’s web-based risk management platform. i-aXs users can view impacted areas on any map as well as see how their portfolios were affected. Please contact your broker or Instrat® representative for assistance or go to www.i-axs.info for further information. For these particular bushfires, Guy Carpenter has been providing its clients with impacted postcodes lists.

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Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist, has been awarded a grant by the Microinsurance Innovation Facility to develop a reinsurance facility for microinsurance and microfinance company operations (MFIs). The Facility, a partnership between the International Labour Organization and the Bill & Melinda Gates Foundation, promotes insurance coverage in developing countries for low-income people who otherwise would not have access to commercial coverage.

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David Flandro, Senior Vice President
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Shareholders’ funds were depleted at double-digit rates around the world last year, with companies in the United States sustaining the greatest drops. The two primary drivers of this trend are changes in estimated losses related to Hurricanes Ike and Gustav and the ongoing financial catastrophe.

Continue reading…