Market in Transition at July 1, 2011 Reinsurance Renewals, According to Guy Carpenter: The July 1, 2011 reinsurance renewals revealed a market that continues to be in transition, according to Guy Carpenter & Company.
Tropical Storm Arlene: Tropical Storm Arlene made landfall near Cabo Rojo in Mexico’s Veracruz State at around 09:00 UTC earlier today with sustained winds of around 65 mph (100 kmph), equivalent to a strong tropical storm, according to the National Hurricane Center (NHC). Arlene has since moved inland and is currently located around 45 miles (70 kilometers) north-northwest of Tuxpan, Mexico and 45 miles (70 kilometers) south-southeast of Tampico, Mexico. The center of the storm is expected to continue moving inland over mainland Mexico today. Arlene is expected to weaken within the next 24 to 36 hours, and to dissipate by Friday as it moves over the mountains of Central Mexico. The NHC said tropical storm-force winds extend 140 miles (220 kilometers) from the center of the storm.
Wide Range of Outcomes Seen in June 1, 2011, Florida Reinsurance Renewals: The June 1, 2011 renewals took place against the backdrop of record first-half catastrophe losses and uncertainty surrounding the release of version 11 of Risk Management Solutions’ (RMS) U.S. hurricane model. The heavy international natural catastrophe-related losses that occurred during the first quarter of 2011 - combined with the multi-billion dollar losses from tornadoes in the United States in April and May - have added to significant loss activity over the past 16 months, culminating in insured losses of close to USD100 billion.
Succeeding Under Solvency II: Pillar One, Capital Requirements; Part I: Despite its nominally European focus, Solvency II presents a wide range of considerations - and opportunities - to insurance entities worldwide. This new regulatory framework will enact a fundamental change in the way the European insurance industry looks at risk and risk management practices, as it will force the convergence of all aspects of risk quantification with those of business decision making.
Guy Carpenter Asia-Pacific Climate Impact Centre Publishes Second Annual Report on Region’s Climate: Guy Carpenter Asia-Pacific Climate Impact Centre (GCACIC), a joint initiative of Guy Carpenter & Company, LLC and City University of Hong Kong, released its second annual report, which presents findings from 19 research projects that were conducted by GCACIC members on climate issues in the Asia-Pacific region in 2010.
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Guy Carpenter Examines Annuities in Europe, Periodical Payment Orders, Intellectual Property Trends in Asia: A new briefing released today by Guy Carpenter examines emerging issues in the global casualty reinsurance marketplace. Key issues highlighted in the report include the changing role of annuities used in third-party bodily injury claims settlements in Europe, the growing trend of UK courts to award rest-of-life structured settlements and the emerging market for intellectual property (re)insurance in Asia.