March 25th, 2011

Week’s Top Stories: March 19 - 25, 2011

Posted at 10:00 AM ET

Marsh Advisor: Earthquake Impact on Japan’s Nuclear Plants:   Marsh’s Advisor publication provides a detailed overview of nuclear power plant events following the magnitude 9.0 earthquake off Japan. Eleven reactors at four sites in closest proximity were automatically or manually shut down per seismic emergency procedures.

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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: 9.0Mw Earthquake Strikes off Northeastern Japan:  A powerful earthquake struck off the coast of northeastern Japan on March 11, causing severe shaking near the epicenter region and triggering a massive tsunami that devastated coastal communities. There are fears the death toll could exceed 10,000 people, according to reports. Widespread property damage has been reported across northern Japan despite the country boasting the strictest building standards in the world and damage at a nuclear facility in Fukushima has prompted fears of serious radioactive leaks. Early estimates issued by AIR Worldwide and EQECAT suggest insured losses could be between USD12 billion and USD35 billion. Both the U.S. Geological Survey (USGS) and the Japanese Meteorological Agency (JMA) have recently upwardly revised their measurements of the earthquake’s magnitude to 9.0, making it the fourth most powerful earthquake in the world since 1900 and the largest in Japan since modern instrumental recordings began 130 years ago.

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Chart Room: Solvency II Timeline:  While the official implementation date for the Solvency II regime isn’t until January 2013, the process for defining and adopting these sweeping regulations is already well underway.

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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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And, you may have missed…

Creating Value by Integrating Risk Management with Capital Management and Overall Business Strategy:  Enterprise Risk Management (ERM) enables an organization to integrate its risk management strategy with its capital and business strategies, ultimately improving the linkage between operational and financial decision making. ERM consists of four elements: identifying and managing critical risks; quantifying the impact of these risks on capital adequacy and earnings, setting risk appetite and tolerance, and embedding risk management into the strategic decision-making process. Several studies have shown that firms with stable results consistently create more value for stakeholders than those with volatile results.

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