October 2nd, 2009

Week’s Top Stories: Sep 26 - Oct 2, 2009

Posted at 1:00 AM ET

Typhoon Ketsana: Typhoon 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).

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GC Podcast 10 — Financial Catastrophe (David Lewin): David 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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Continental European Legal Update: Introduction: 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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Flooding in Southeast United States: Heavy rainfall across south eastern parts of the United States over the first half of this week resulted in several fatalities and extensive damage to property and infrastructure. Georgia has been the worst affected state. According to the State Insurance Commissioner, the flooding in Georgia has claimed nine lives and caused around USD250 million in damage to property and tens of millions of dollars in further damage to infrastructure.

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World Catastrophe Reinsurance Market 2009: A Changing Property-Catastrophe Reinsurance Industry: This year’s 8 percent Guy Carpenter World ROL Index increase differs profoundly from the 65 percent surge that followed Hurricane Andrew and the 24 percent hike following the terror attacks of September 11, 2001 in the United States. Even after losing 18 percent of its aggregate capital following the 2008 financial catastrophe, reinsurers were unable to push for the high rates that some expected. The evolution of the reinsurance industry over the past two decades suggests that carriers have become much more adept at managing risk and capital, making it easier to absorb shock losses and manage the cost to transfer risk.

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Most Popular Keyword: Guy Carpenter World Rate on Line Index

And, you may have missed …

Earthquake in Samoa Islands Region: 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). 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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