October 1st, 2010

Week’s Top Stories: September 25 - October 1

Posted at 1:00 AM ET

Continental European Legislative and Judicial Trends: Developments in France: Old News and Recent News: Newsworthy events observed in the first half of 2010 fell into two categories. “Old news” includes recent decisions that give confirmation to a now stabilized jurisprudence but do not constitute new case law. “Recent news” refers to discussions of revolutionary instruments which are not currently being used in insurance law, but may acquire major importance in litigation before French courts.

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Continental European Legislative and Judicial Trends: Recent Developments in European Union Motor Insurance Law: The Rome II Study on Compensation of Cross-Border Victims in the European Union, published by the European Commission (Commission) in January of 2009, focused on terms of compensation and limitation periods. It was issued after the entry into force of Regulation 864/2007 of the Law Applicable to Non-Contractual Obligations (also referred to as “Rome II”) and was subsequently made subject to public consultation. As has been previously noted, the Rome II Study was intended to form an integral part of a “Green Paper,” setting out future policy options as regards motor insurance and cross-border accidents in Europe. The subsequent consultation was essentially a means of obtaining the views of all interested parties on the effects of the application of foreign law to claims arising from cross-border road traffic accidents.

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Videocast: Keeling, Kennedy and Klein Discuss Excess Capital Strategies at Monte Carlo Rendez-Vous: For those who missed Guy Carpenter’s Press Briefing in Monte Carlo, we provide a videocast of the presentations delivered by our specialists on the challenges and opportunities for insurers and reinsurers to optimize capital in the current environment.

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Capital Markets Trends in 2010: Eight catastrophe bond transactions were completed in the second quarter of 2010, with USD2.05 billion in risk capital coming into the market — making it the second-most active second quarter on record. Of this total, USD1.7 billion (and all but one transaction) included exposure to U.S. wind, as sponsors and investors focused on this peril.

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Guy Carpenter’s Reinforced International Operations: Over the past year we have an increasingly competitive marketplace with downward pressure on pricing aligned with increasing capacity and capital levels. As at January 1, 2010 we estimated there was around US$20 billion of excess capital within the industry though this has reduced to around US$13 billion at mid-year.

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And, you may have missed …

MicroInsurance: A Market with Untapped Potential: In 2008 Guy Carpenter was awarded an Innovation Grant by the Microinsurance Innovation Facility to develop risk transfer capacity for microinsurance risks throughout the developing world. Since then, Guy Carpenter has worked tirelessly with microfinance institutions (MFIs), insurers and reinsurers worldwide to narrow the gap between microreinsurance market supply and demand.

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