December 16th, 2011

Week’s Top Stories: December 10 - 16, 2011

Posted at 11:00 AM ET

Guy Carpenter Examines Multi-Model Approach in New Report on Managing Catastrophe Model Uncertainty: Guy Carpenter & Company published a new report on the effective use of property catastrophe models by property insurers. The report addresses the merits of adopting a multi-model approach to estimate risk and control uncertainty.

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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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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 to warn that damage to the industrial sector will be in the billions of dollars.

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Chart: Catastrophe Bond Issuance: 1Q-3Q, 1997-2011YTD: Risk capital issued in the third quarter more than doubled from the third quarter 2010. Last year, two transactions resulted in USD232 million in risk capital issued, while this year, USD512 million of risk capital was issued through three transactions.

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Terrorism: Global Terror Attacks and Hotspots: The increasingly diverse and dispersed threat has seen worldwide terrorist activity rise in recent years. The number of global terrorist attacks peaked at more than 14,400 in 2006. Although there has been a slight dip in the number of attacks over the last five years, they remain at historically high levels. Attacks increased dramatically in Afghanistan and Iraq following the deployment of coalition combat troops. Several other countries have also witnessed a big jump in terrorist activity recently, including Pakistan, Yemen and Somalia.

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And, you may have missed…

Guy Carpenter to Develop Agriculture Microinsurance Market: Guy Carpenter & Company, LLC announced that it will receive a USD1.0 million grant from the International Finance Corporation (IFC), a member of the World Bank Group, to help develop a market for weather, index-based microinsurance in order to benefit farmers in Mozambique, where the majority of the population depends directly on agriculture for economic subsistence.

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