November 11th, 2011

Week’s Top Stories: November 5 - 11, 2011

Posted at 10:30 AM ET

Floods in Italy and France: Torrential rainfall across northern and central Italy and southeastern France has triggered widespread flooding, killing at least 11 people and causing damage to property and infrastructure. Reports said the heavy rainfall caused rivers to burst their banks and forced thousands of people to evacuate their homes. The Italian city of Genoa was badly hit on November 4 after more than 350 millimeters of rain fell in six hours. Authorities in Italy have issued fresh flood alerts and are warning thousands more people will be at risk if the flooding continues.

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Update: Floods in Thailand: Thailand has experienced its worst flooding in years over the last few months, leaving more than 420 people dead and causing severe damage across northern and central regions of the country. The floods have severely damaged and disrupted manufacturing operations in Thailand. Flooding has forced at least seven huge industrial estates in central regions to close, prompting the Federation of Thai Industries (FTI) to warn that damage to the industrial sector will be in the billions of dollars.

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Guy Carpenter Asia Pacific Catastrophe Report 2011; Executive Summary: In our 2010 Asia Pacific Catastrophe report, we described how the Asia Pacific region has significant exposure to a wide variety of catastrophe perils. The events of the past 18 months have demonstrated how real these exposures are: a series of significant catastrophe losses in our region during 2010 and 2011 has turned the world’s focus on the Asia Pacific area.

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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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Video: Chris Klein, of Guy Carpenter, Reviews Baden Baden: interviews Chris Klein, Head of Guy Carpenter’s Sales Operations for the United Kingdom and EMEA regions and Market Relationships, in London, regarding the 2011 Baden Baden meetings, and panel discussions at the Reinsurance Symposium hosted by Guy Carpenter.

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And, you may have missed…

GC Videocast - Risk Tolerance Influences Economic Capital (Joan Lamm-Tennant) Guy Carpenter’s Global Chief Economist Joan Lamm-Tennant describes how economic capital is a function of the risk profile that comes from simulation based models, but it also requires knowing the company’s risk tolerance. She reviews how hedging frees up the need for economic capital and reduces volatility.

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