January 13th, 2012

Week’s Top Stories: January 7 - January 13, 2012

Posted at 12:00 PM ET

Guy Carpenter: January 1, 2012, Renewals Reveal Shift in Industry Behavior: The January 1, 2012, renewals saw a shift in industry behavior as both insurers and reinsurers implemented more sophisticated, customized approaches to risk assessment and mitigation, according to Guy Carpenter. In its 2012 global reinsurance outlook, Catastrophes, Cold Spots and Capital: Navigating for Success in a Transitioning Market, Guy Carpenter reported that reinsurers were in a position to undertake a major review of pricing and underwriting going into the renewal season. This led to significant market fragmentation and increased market volatility at January 1.

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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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Guy Carpenter’s January 2012, Reinsurance Renewal Report: Introduction from Alex Moczarski: During this time of market transition, Guy Carpenter believes now is the moment in which the sector needs the best possible information regarding market trends. In publishing this detailed and definitive view, it is our ambition to arm clients with best-in-class market intelligence on our sector’s rapidly evolving dynamics. More than ever, our clients must be confident that their decisions are truly best suited to their circumstances. Knowledge is power. More insight means increased differentiation for our clients in the marketplace and stronger positioning for their success.

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2011 in Review: The Top GC Capital Ideas Stories: Here we present the top GC Capital Ideas Stories of 2011.

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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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And, you may have missed…

Tohoku Quake and Tsunami…An Industry Meets the Challenge - Reinsurance Market Short-Term Implications: The recent catastrophe in Japan has implications beyond reinsurance rates and balance sheets. Carriers have already begun to watch for rate changes and anticipate changes to catastrophe models. Both issues, along with the capital implications, will set the tone for the industry in the near term.

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