September 1st, 2011

Week’s Top Stories: Aug. 27 - Sep. 2, 2011

Posted at 4:58 PM ET

New Oliver Wyman/Institute of International Finance Report:  The Implications of Financial Regulatory Reform for the Insurance Industry: International policy makers are developing new regulatory regimes aimed at ensuring enhanced financial stability in the post-financial crisis world. While the objectives of each of these regulatory initiatives may be clear, their interdependencies are not. Intricacies of new regulations or inconsistencies between regimes could adversely impact risk management practices at both insurers and banks and cause distortions in the market. Oliver Wyman’s new paper, The Implications of Financial Regulatory Reform for the Insurance Industry - produced by collaboration between Oliver Wyman and the Institute of International Finance with a working group of global insurance executives - explores these issues and highlights incentives that these differences appear to provide.

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Update: Hurricane Irene:  Hurricane Irene made three landfalls in the United States over the weekend, becoming the first hurricane to come ashore in the U.S. mainland since Ike in 2008. Irene made its initial landfall near Cape Lookout on the Outer Banks of North Carolina at around 12:00 UTC on August 27 with sustained winds of around 85 mph, equivalent to a category 1 hurricane, according to the National Hurricane Center (NHC).

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Guy Carpenter Publishes First Industry Risk Benchmarks Report:  Guy Carpenter & Company announced publication of its first Industry Risk Benchmarks report, which provides risk benchmarks for loss ratios and reserves, by line of business, for coefficient of variation (standard deviation/mean), correlation and cycles.

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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 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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Tropical Storm Katia:  Katia became the eleventh named storm of the 2011 Atlantic hurricane season after it developed on August 30 to the south of the Cape Verde Islands. The storm is currently located approximately 985 miles west of the Cape Verde Islands and packs sustained winds of around 65 mph, equivalent to a strong tropical storm, according to the National Hurricane Center (NHC).

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And, you may have missed…

Periodic Payment Orders - Issues and Implications for Reinsurance:  Following the passage of the Courts Act 2003, which gave courts in England and Wales the power to impose rest-of-life structured settlements, known as periodical payment orders (PPOs) to provide for the long-term care and loss of earnings of severely injured third parties, the actual incidence of such awards in the market has been relatively low. It is clear however that the trend towards PPOs has accelerated over the past year, partly driven by low interest rates. This trend presents real challenges to both insurers and reinsurers of casualty classes, particularly for motor.

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