July 15th, 2011

Week’s Top Stories: July 9 - 15, 2011

Posted at 10:00 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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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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RMS Hurricane Model Update: RMS issued a significant update to its U.S. hurricane model, RiskLink, bringing material increases in risk estimates to many insurers with exposure to hurricane states. Early indications are that the average hurricane probable maximum losses for the industry will increase dramatically - by 20 to 25 percent. Regionally, the increases could be significantly higher.

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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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And, you may have missed…

Solvency II Update: QIS5 Windstorm Scenarios Are Within Range of Industry Models: European insurers and reinsurers will face requirements for full compliance with the new Solvency II capital regime requirements in just over two years. Even if this introduction is phased in - as the European Commission has reportedly indicated it could be - these requirements will have a wide-ranging and profound impact on the insurance industry throughout Europe.

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