March 11th, 2011

Week’s Top Stories: March 5 - 11, 2011

Posted at 10:00 AM ET

Guy Carpenter Publishes New Insurers’ Guide to Succeeding Under Solvency II: Guy Carpenter & Company has released a special report, Succeeding under Solvency II - Pillar One: Capital Requirements. The paper is the first in a series of Guy Carpenter reports analyzing Solvency II and its attendant issues as they are finalized over the next several months.

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Update: Earthquake in New Zealand: The official death toll from the earthquake that hit New Zealand’s South Island at 23:51 UTC on February 21 has now reached 161, according to the latest reports. The epicenter of the earthquake, of magnitude 6.3, was located only 3 miles from the city of Christchurch on New Zealand’s South Island, at a shallow depth of 2.5 miles, according to the U.S. Geological Survey.

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Marsh Business Analytics: How Variability of Results Can Be Key to Risk Management Decisions: Ben Fidlow, National Practice Leader, Marsh Business Analytics, discusses the paramount importance of governance responsibilities and greater transparency to a company’s success. Casualty hazard risk provides a large and variable expenditure for most large corporations. Given the substantial costs, there exist large amounts of data that can be used to quantify the risk. For this reason, it is essential that any casualty risk transfer decisions be based on an accurate representation of the range of possible loss outcomes. Due to the substantial heterogeneity and uncertain nature of casualty risks, analyses - which evaluate the corresponding variability - create immediate value as large costs and major areas of uncertainty can be reduced or mitigated.

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Risk Profile, Appetite, and Tolerance: Fundamental Concepts in Risk Management and Reinsurance Effectiveness: Prior to the recent turbulence in the financial markets, insurers and reinsurers were increasing their use of Enterprise Risk Management (ERM) to make risk and capital management decisions. While this was driven in part by rating agencies and regulators, many carriers began to recognize the value of metric-based frameworks and capital models in evaluating their portfolios.

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Global Reinsurance Outlook: Points of Inflection, Positioning for Change in a Challenging Market: Executive Summary: Early predictions that January 1, 2011 reinsurance renewal rates were likely to fall have been proven correct. The Guy Carpenter Global Property Catastrophe Rate on Line (ROL) Index lost 7.5 percent - the second consecutive annual decline. Contributing to this move has been a combination of factors, including moderate loss activity and abundant levels of industry surplus.

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And, you may have missed…

Flooding: The Possible Changes Under Global Warming: Flood events often occur rather suddenly so there may not be enough time to implement disaster mitigation measures. A good understanding of the causes of individual floods is therefore crucial in increasing the lead time for issuing warnings. From the insurance perspective, such an understanding could provide a better estimate of the possible losses. With global warming being a reality, it would also be of importance to estimate how the frequency of occurrence of flood events may change.

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