December 30th, 2011

Week’s Top Stories: December 24 - 30, 2011

Posted at 9:37 AM ET

2011 Catastrophe Update: Historical Global Losses, Cluster of Costly International Losses: 2011 has been an unusually eventful year for the (re)insurance sector. In addition to the challenging economic environment and major catastrophe model updates, (re)insurers were hit by an exceptional accumulation of global natural catastrophes. Two of the most damaging earthquakes in recent times struck Japan and New Zealand early in the year, causing huge losses. Several other significant events, including devastating floods in Thailand and Australia, a record breaking tornado season in the United States and Hurricane Irene making landfall along the U.S. east coast, combined to cause insured losses of around USD108 billion in 2011.

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Spatial and Temporal Earthquake Clustering: An Overview of EQECAT’s Perspective - Part I: Summary, Mega-thrust Earthquakes: The recent major earthquakes that have occurred in Chile (February 2010), New Zealand - Canterbury (September 2010), New Zealand - Christchurch (June 2011) and Tohoku (March 2011) have raised questions such as: Do earthquakes of major intensity cluster around the world? Have there been other, previous series of major earthquakes around the world? Are other major earthquakes more likely to occur in the very near future, if so where? These are all very challenging questions. This briefing begins to answer some of them.

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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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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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Top GC Capital Ideas Podcasts: Here we review our most popular GC Capital Ideas Podcasts entries of the last year.

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Most Popular Keyword: risk profile

 

And, you may have missed…

Defining the Value of Risk Management: How do you put a price on risk management? In the early days of finance theory (1950’s), the value of risk management was questioned-unless, of course, it was costless. The nuances of a more complex business environment have rendered this position untenable, but we still struggle to quantify the benefits of risk management, especially in the (re)insurance industry. Thus, the fundamental activity of risk-bearers has not been measurable, leaving a cloud of ambiguity in the middle of every carrier’s operation.

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