December 23rd, 2011

Week’s Top Stories: December 17 - 23, 2011

Posted at 10:00 AM ET

Industry Good Practice for Catastrophe Modeling & Solvency II - A Perfect Opportunity for Review: Part I, Background and General Principles: The UK insurance industry, supported by the Association of British Insurers (ABI), has developed a report “Industry Good Practice for Catastrophe Modeling & Solvency II” to guide companies’ use of catastrophe modeling under Solvency II.

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Marsh: Key Risk Management Issues in 2011: Marsh’s Risk Spotlight series are monthly briefs from some of Marsh’s top risk and insurance experts. We present here a compilation of all the 2011 stories. They covered a range of topics, starting with the role of data and analytics in our industry and ending with a focus on the ever-changing world of employee benefits. In between, Marsh sought to highlight innovations in such areas as catastrophe modeling trends, managing workers’ compensation costs, the implications of new government regulations and more.

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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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And, you may have missed…

The Adverse Development Super-Catastrophe: Property catastrophes make the news. Tangible and visual, the carnage can be conveyed with ease, and all can grasp the direct implications immediately. Yet for (re)insurers, there’s another type of catastrophe that could be far more destructive to balance sheets. This threat, which can remain hidden in a portfolio for decades, can arise with little warning and have profound consequences.

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