Archive for September, 2009



September 30th, 2009

Top 10 Stories: September 2009

Posted at 4:00 PM ET

1. Guy Carpenter Addresses the Return of Capital to the Reinsurance Industry at Monte Carlo Rendez-Vous: Guy Carpenter & Company, LLC hosted a press briefing at Rendez-Vous in Monte-Carlo on September 5, 2009, focusing on the return of capital to the reinsurance market. Brian Duperreault, President and Chief Executive Officer of Marsh & McLennan Companies, Inc., opened the briefing. Peter Zaffino, President and CEO of Guy Carpenter, then led a panel of Guy Carpenter executives that included Vice Chairman Richard Booth, Henry Keeling, President and CEO of International Operations, Chris Klein, Global Head of Business Intelligence and David Priebe, Chairman of Global Client Development.

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2. Typhoon Ketsana: A powerful earthquake that struck in the South Pacific Ocean at 17:48:11 UTC (06:48:11 local time) on September 29, 2009 generated a series of tsunamis that caused devastation in Samoa (population of 180,000 people), American Samoa (population of 65,000 people) and Tonga (population of 120,000 people). The earthquake, measuring 8.0 Mw, was located around 115 miles (185 kilometers) east-northeast of Hihifo in Tonga and 125 miles (195 kilometers) south of Apia in Samoa, according to the U.S. Geological Survey (USGS).

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3. Guy Carpenter’s 2009 World Catastrophe Report Finds Rates Rising as Industry Rides out Financial Crisis: Guy Carpenter & Company, LLC’s annual survey of the global property catastrophe reinsurance market, World Catastrophe Reinsurance Market 2009, finds reinsurance rates increasing by an average eight percent through the 2009 reinsurance renewals. The report states that the increase was largely a result of the financial crisis and its negative impact on reinsurers’ balance sheets, and exacerbated by Hurricanes Ike and Gustav. The study also concludes that little movement in reinsurance rates should be expected at the January 1, 2010 reinsurance renewal, barring a major property catastrophe or financial set back.

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September 30th, 2009

Impact and Implications of Swiss Hailstorms in July 2009: Event Summary

Posted at 11:59 AM ET

Significant damage was reported across northern and central Switzerland following the hailstorms on July 23. Wind gusts of more than 100 kmph and heavy rainfall were mixed with hailstones the size of golf balls. Although reports said the storms only lasted for 30 minutes in some parts, they still caused extensive damage in six cantons (Aargau, Bern, Fribourg, Lucerne, St. Gallen and Vaud). Severe disruption to road and rail traffic was also reported and insurance officials said the hailstorms were the most costly to hit Switzerland in 50 years.

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September 30th, 2009

Earthquake in Samoa Islands Region

Posted at 9:19 AM ET

small-samoa-tsunamiA powerful earthquake that struck in the South Pacific Ocean at 17:48:11 UTC (06:48:11 local time) on September 29, 2009 generated a series of tsunamis that caused devastation in Samoa (population of 180,000 people), American Samoa (population of 65,000 people) and Tonga (population of 120,000 people). The earthquake, measuring 8.0 Mw, was located around 115 miles (185 kilometers) east-northeast of Hihifo in Tonga and 125 miles (195 kilometers) south of Apia in Samoa, according to the U.S. Geological Survey (USGS). The USGS added that the quake was centred about 11 miles (18 kilometers) underground. At least 15 aftershocks with a magnitude exceeding 5.0 followed the initial earthquake in the region, the USGS said.

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September 30th, 2009

Continental European Legal Update: Compensation of Victims of Cross-Border Accidents in the EU

Posted at 1:00 AM ET

recentlegislationDavid Lewin, Managing Director
Contact

Legislation consisting of five directives on motor insurance that was adopted by the European Community (EC) is widely perceived as a major contribution to the free movement of vehicles (and thus individuals and goods) within the European Union. The first three directives, adopted between 1972 and 1990, established a single market in the field of motor insurance and required all motor vehicles to be covered by third-party liability insurance. Moreover, the directives abolished the inspections previously conducted at EU internal border points to verify civil liability insurance for motor vehicles. The fourth of the five Motor Insurance Directives adopted by the European Parliament (Parliament) and Council of the European Union (Council) in 2000 focused on “visiting victims,” i.e., people who have had accidents outside their EU Member States of residence. The directive streamlined claim and compensation procedures and provided for the quicker settlement of claims. The latest Motor Insurance Directive in 2005 modernized the provisions contained in the previous directives on motor insurance and took steps to further protect victims.

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September 29th, 2009

Impact and Implications of Swiss Hailstorms in July 2009: Overview

Posted at 11:59 AM ET

Executive Summary

Severe hailstorms caused widespread property, motor and crop damage in Switzerland on July, 23 2009. Although hail losses only make up an average of 9 percent of all claims in Switzerland every year, the peril has the potential to cause severe localised damage in the country. Hailstorms can trigger insurance claims totaling hundreds of millions of euros if they hit Swiss urban areas, and this scenario was realized on July 23 when hail measuring up to 50 mm in diameter badly battered central and northern cantons and caused the biggest Swiss hail loss in recent memory.

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September 29th, 2009

Update: Typhoon Ketsana

Posted at 11:00 AM ET

small-typhoon-ketsana-2Typhoon Ketsana made landfall in central Vietnam at around 06:00 UTC (14:00 local time) earlier today as a Category 2 typhoon with sustained winds of around 105 mph (170 kmph). The typhoon came ashore around 37 miles (60 kilometers) south of Da Nang (population of around 750,000 people) and early reports indicate at least 22 people have been killed in the country. Widespread flooding and power outages have also been reported in Vietnam. Earlier, Ketsana made landfall in the Philippines as a tropical storm over the weekend, bringing devastation to parts of Luzon as heavy rain triggered severe flooding in the capital of Manila (population of around 15 million) and surrounding areas.

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September 29th, 2009

Continental European Legal Update: New Developments in Austrian Legislation Affecting the Insurance Act

Posted at 1:00 AM ET

recentlegislationDavid Lewin, Managing Director
Contact

The global economic situation has resulted in challenging conditions for the D&O liability insurance market. Particularly in the United States, carriers worry that a torrent of claims for damages is coming, which could run into the billions of dollars. Statistical models forecast compensation payments of approximately EUR3 to EUR10 billion.

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September 28th, 2009

Typhoon Ketsana

Posted at 12:47 PM ET

small-typhoon-ketsanaTyphoon Ketsana is located approximately 290 miles (465 kilometers) east of Hue in Vietnam and is tracking west, according to the Joint Typhoon Warning Center (JTWC). Ketsana has intensified into a Category 1 typhoon over the last 24 hours and is moving at 10 mph (16 kmph) with sustained winds of around 92 mph (150 kmph). According to the JTWC, Ketsana is forecast to strengthen into a Category 2 typhoon before making landfall in Vietnam tomorrow. Earlier, Ketsana made landfall in the Philippines as a tropical storm, bringing heavy rainfall to parts of Luzon and causing severe flooding in the capital of Manila and surrounding areas.

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September 28th, 2009

GC Podcast 10 - Financial Catastrophe (David Lewin)

Posted at 9:00 AM ET

podcast_lewinDavid Lewin, Head of the European Casualty Specialty, discusses the impact of monetary and non-monetary inflation in this new GC Capital Ideas podcast. Click the audio player below to listen to the interview, or download the interview in a file that will work with your iPod.

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September 28th, 2009

Continental European Legal Update: Introduction

Posted at 1:00 AM ET

recentlegislationDavid Lewin, Managing Director
Contact

Recent Legislative and Judicial Developments in Continental Europe Affecting the Casualty Insurance Industry is the latest installment in Guy Carpenter & Company, Ltd’s (”Guy Carpenter’s”) legislative update series, designed to provide our international clients and markets with a concise overview of key trends in the Continental European legal environment. These issues have had an impact on casualty insurers and reinsurers or are expected to have an effect in the near future.

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