July 8th, 2011

Week’s Top Stories: July 2 - 8, 2011

Posted at 11:00 AM ET

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.

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Guy Carpenter Releases the First Hail Model For the Slovenian Insurance Market: Guy Carpenter & Company announced that it has developed the first hail model for Slovenia, following the 2010 creation of a flood model for the country.

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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.

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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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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.

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And, you may have missed…

Catastrophe Risk Management Options for the Smaller Insurance Company: Every life insurer is exposed to catastrophe risk. The largest carriers, of course, tend to have the capital on hand to absorb substantial losses and can rely on economies of scale to make reinsurance more affordable. Smaller life insurers, on the other hand, do not always have the same risk management tools available at a proportionate cost. Thus, they may feel forced to retain risks which, if realized, could imperil solvency. Fortunately, there are products on the market that make cover attainable for smaller life insurers.

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