October 14th, 2011

Week’s Top Stories: October 8 - 14, 2011

Posted at 10:30 AM ET

Update: Hurricane Jova: Hurricane Jova made landfall as a category 2 storm near Chamela in the Mexican state of Jalisco on the country’s southwest Pacific coast at around 06:00 UTC on October 12, according to the National Hurricane Center (NHC). Winds of around 100 mph (160 kmph) were recorded when the storm came ashore and high waves and heavy rain were also reported. Jova reached a peak intensity of category 3 status as it approached Mexico but it weakened into a category 2 hurricane as it neared the coastline.

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Impact of Solvency II on Primary Insurance Companies: Cost Considerations: Implementation costs are a major additional expense in an environment where insurers are already struggling to maintain profitability during an inopportune time in the underwriting cycle. The ultimate goal of the Solvency II initiative is to create a more secure and safe environment for policyholders. However, the substantial costs to the industry as a whole are such that the more immediate impact may be the exact opposite of what was intended.

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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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Property-Casualty: Subdued Merger and Acquisition Activity: The recent volatility in the financial markets and the difficult operating environment in general, continue to stifle merger and acquisition (M&A) activity. Property-casualty M&A activity for risk-bearing entities in the first half of 2011 was at a level similar to that seen in the past two years. There were 22 announced and closed transactions with an aggregate deal value of almost USD3.4 billion during the first half of 2011. In terms of transaction value, this pace is on track to match the level seen during 2009 and 2010. In addition, industry reports indicated there were an additional 15 transactions that had been announced during the first half of the year, but not closed. If these deals were to close at their announced transaction values, this would add an additional USD1.8 billion in transaction value to 2011’s total.

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Uncertain Market Ahead for Reinsurance Industry, Finds Guy Carpenter’s 2011 World Catastrophe Report: A number of developments in 2011 have created an uncertain market for the reinsurance industry as it begins to focus on next year’s renewals, according to 2011 World Catastrophe Reinsurance Market Report, released by Guy Carpenter & Company. These developments range from elevated global catastrophe activity to catastrophe model changes that have altered risk perceptions and changed expected loss amounts.

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And, you may have missed…

Guy Carpenter Expands Asia Flood Modeling Capabilities: Guy Carpenter & Company announced that it has extended the coverage of its Asia flood model to include the main flood risk areas in Jakarta, Indonesia.

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