Global Terror Update: The 2009 Global Terror Update summarizes terror insurance market developments in 34 countries across six continents. According to the briefing, developments on a country-by-country basis are being shaped largely by events, including new or evolving threats and local developments in the insurance and reinsurance markets. The update also addresses the impact of terror insurance on the aviation market and looks at recent developments in terror modeling.
Global Reinsurance Composite Net Income, Combined Ratio Improve: The Guy Carpenter Global Reinsurance Composite’s net loss narrowed from the first quarter of 2008 to that of 2009. This year, the group showed an aggregate net loss of USD127 million — an improvement of 86 percent. Declines in unrealized losses and better non-life underwriting results are the primary drivers.
Florida Renewal up 15%, Follows the Global Trend: Property-catastrophe reinsurance rates increased by 15 percent at the Florida-centric June 1, 2009 renewal — compared to a 15 percent decline a year ago. Capacity was more limited than in recent years — however, still adequate to complete renewals. Though the ultimate result was higher than the 10 percent to 14 percent change for U.S. national reinsurers at April 1, 2009, the intricacies of the Florida market render it directionally consistent with the overall rate trend for this year.
Tropical Storm Linfa: Tropical Storm Linfa is located approximately 860 miles (1,345 kilometers) southwest of Okinawa in Japan and has just started to track northeast, according to the Joint Typhoon Warning Center (JTWC). Linfa is currently a tropical storm and is moving at 6 mph (10 kmph) with sustained winds of around 58 mph (93 kmph).
U.S. Perseveres through Renewals Gauntlet: From the end of April to July, the (re)insurance industry steps through a rapid succession of renewals, leaving little time to turn lessons from one into an action plan for the next. April 1, 2009 is behind us, and the Florida renewal has nearly arrived — and it will shape worldwide market conditions for July 1, 2009. We’re halfway through this annual renewals gauntlet, but the continued push forward can obscure the considerable body of knowledge our industry has accumulated.
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Continental European Legislative and Judicial Trends: Conclusion: In this latest edition of our legal update, the focus is on the continuing pressure of the European and national parliaments to institute new laws to grant power of remedy to public interest groups. These laws — whether related to the extended accountability of ship-owners for compensation of affected members of the public, the requirements of restoring environmental habitats, or the assertion by associations and non-profit organizations of the rights of certain interest groups — expand casualty insurers’ fields of exposure and call for new insurance products, such as the German environmental damage liability insurance policy.
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