Archive for April, 2012



April 30th, 2012

Continental European Legislative and Judicial Trends, April 2012

Posted at 1:00 AM ET

David Lewin, Managing Director
Contact

Recent Legislative and Judicial Developments in Continental Europe Affecting the Casualty Insurance Industry is the latest installment in Guy Carpenter & Company Ltd.’s (”Guy Carpenter’s”) legislative update series, designed to provide our international clients and markets with a concise overview of key trends in the Continental European legal environment. These issues have had an impact on insurers and reinsurers or are expected to have an effect in the near future.

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April 30th, 2012

Continental European Legislative and Judicial Trends: Admissibility of Third Party Liability Insurer Paying Indemnification to Insured in Austria

Posted at 1:00 AM ET

David Lewin, Managing Director
Contact

In exceptional cases under Austrian law, a third party liability insurer may be obligated to pay an indemnification to an insured party. Such cases exist where the insured settled damages with an injured third party or where the injured third party agreed to a payment to the insured. The latter situation must be stated in a civil proceeding and has to be proven in court (OGH 30.3.2011, 7 Ob 241/10g).

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April 27th, 2012

Week’s Top Stories: April 21 - 27, 2012

Posted at 11:00 AM ET

Spatial and Temporal Earthquake Clustering - Earthquake Aftershocks: EQECAT Perspective: EQECAT recently released a white paper examining earthquake clustering in the context of seismic hazard and loss assessment. The paper, Spatial and Temporal Earthquake Clustering: Part 2 - Earthquake Aftershocks, is EQECAT’s second in a three-part series about spatial and temporal earthquake clustering. This briefing presents a summary of the paper.

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Guy Carpenter Convenes Local Practitioners for Index-Based Catastrophe Micro(re)insurance Seminar in Mozambique: Guy Carpenter, in conjunction with Asia Risk Centre (ARC), a division of RMS, held a training seminar in Maputo, Mozambique on the development, design and application of index-based approaches to catastrophe micro(re)insurance in low-income countries. The event took place as part of the organizations’ joint project under International Finance Corporation’s Global Index-Insurance Facility (GIIF) initiative, of which Swiss Re is a strategic partner. The event occurred in March, 2012.

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European Countries Face Continued Challenges Adapting Local Legislation to EU Legal Requirements: Guy Carpenter published its semiannual report on key legislative developments in Europe affecting liability insurers and reinsurers. A number of these developments underscore the challenges in adapting local legislation and jurisprudence to European Union (EU) and international law.

Read the article >>

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.

Read the article >>

April 1, 2012, Reinsurance Renewals: U.S. Property Catastrophe: With regional renewals dominating Guy Carpenter’s renewal activity at April 1, 2012, there was a wide range of risk adjusted price change with the average in line with January 1 renewals. The renewal has been late and data is still being analyzed, however, similar to the January renewals, results depended significantly on individual company characteristics.

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Most Popular Keyword:  earthquake

 

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Insurers See Growth in Program Administrators and Managing General Agents Marketplace in 2012, According to Guy Carpenter Survey: Specialty program insurance providers predict that the Program Administrators and Managing General Agents (PA/MGA) market will grow in 2012 as a result of changes taking place in program business, according to a survey conducted by Guy Carpenter. In its annual study of the PA/MGA marketplace, Guy Carpenter surveyed both traditional insurance companies with specialty program operations and specialty insurance carriers about their program business and the direction of the PA/MGA marketplace.

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April 26th, 2012

Spatial and Temporal Earthquake Clustering – Earthquake Aftershocks, EQECAT Perspective: Forecast Models

Posted at 1:00 AM ET

Earthquake Forecast Models

Earthquake sequences appear to be globally continuous over time. This suggests that seismic sources or faults may be part of a critically-stressed, self-organized network where earthquakes occur as a chain reaction with respect to one another. Earthquakes trigger other earthquakes as stresses move around in the fault network.

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April 25th, 2012

Spatial and Temporal Earthquake Clustering – Earthquake Aftershocks, EQECAT Perspective: Probabilistic Hazard Analysis

Posted at 1:00 AM ET

Probabilistic Earthquake Hazard Analysis and Aftershocks

The purpose of probabilistic seismic hazard analysis (PSHA) is to quantify the rate (or probability) of exceeding various ground-motion levels at a site or sites, given all possible earthquakes. PSHA involves the following three steps:

  • Characterization of the seismic-hazard source model(s)
  • Specification of the ground motion model(s) or attenuation relationship(s)
  • Probabilistic calculation

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April 24th, 2012

Spatial and Temporal Earthquake Clustering - Earthquake Aftershocks: EQECAT Perspective: Introduction

Posted at 1:00 AM ET

EQECAT recently released a white paper examining earthquake clustering in the context of seismic hazard and loss assessment (1). The paper, Spatial and Temporal Earthquake Clustering: Part 2 - Earthquake Aftershocks, is EQECAT’s second in a three-part series about spatial and temporal earthquake clustering. This briefing presents a summary of the paper for general interest and should not be viewed as an endorsement of EQECAT’s views.

Continue reading…

April 24th, 2012

European Countries Face Continued Challenges Adapting Local Legislation to EU Legal Requirements

Posted at 1:00 AM ET

Guy Carpenter published its semiannual report on key legislative developments in Europe affecting liability insurers and reinsurers. A number of these developments underscore the challenges in adapting local legislation and jurisprudence to European Union (EU) and international law.

Continue reading…

April 23rd, 2012

Guy Carpenter Convenes Local Practitioners for Index-Based Catastrophe Micro(re)insurance Seminar in Mozambique

Posted at 1:00 AM ET

Alex Bernhardt, Vice President
Contact

Guy Carpenter, in conjunction with Asia Risk Centre (ARC), a division of RMS, held a training seminar in Maputo, Mozambique on the development, design and application of index-based approaches to catastrophe micro(re)insurance in low-income countries. The event took place as part of the organizations’ joint project under International Finance Corporation’s Global Index-Insurance Facility (GIIF) initiative, of which Swiss Re is a strategic partner. The event occurred in March, 2012.

Continue reading…

April 20th, 2012

Week’s Top Stories: April 14 - 20, 2012

Posted at 10:30 AM ET

April 1, 2012, Reinsurance Renewals: Australia, New Zealand: Following the significant natural catastrophe losses that impacted the Australian and New Zealand markets during the 12-month period prior to April 1, 2011, the corresponding period to April 1, 2012, did not witness the same frequency or severity of (re)insured losses.

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April 1, 2012, Reinsurance Renewals: U.S. Property Catastrophe: With regional renewals dominating Guy Carpenter’s renewal activity at April 1, 2012, there was a wide range of risk adjusted price change with the average in line with January 1 renewals. The renewal has been late and data is still being analyzed, however, similar to the January renewals, results depended significantly on individual company characteristics.

Read the article >>

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.

Read the article >>

Severe Weather in United States: More severe weather hit the United States on April 14 and 15, spawning dozens of tornadoes that killed at least five people and caused widespread property damage, according to reports. The National Weather Service (NWS) reported a preliminary estimate of 111 tornadoes in the six states of Oklahoma, Kansas, Iowa, Nebraska, South Dakota and Minnesota, the majority of them in Kansas.

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What to Watch in 2012, Part I: 2012 will undoubtedly be a challenging year, but Guy Carpenter believes that growth opportunities exist - or can be created - for companies that have the fortitude to see and develop them. Below we examine 10 major themes that the (re)insurance sector will face in 2012.

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Most Popular Keyword:  periodic payment orders

 

And, you may have missed…

Guy Carpenter Expands Asia Flood Modeling Capabilities: Guy Carpenter & Company announced that it has extended the coverage of its Asia flood model to include the main flood risk areas in Jakarta, Indonesia.

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April 19th, 2012

April 1, 2012, Reinsurance Renewals: U.S. Property Catastrophe

Posted at 1:00 AM ET

With regional renewals dominating Guy Carpenter’s renewal activity at April 1, 2012, there was a wide range of risk adjusted price change with the average in line with January 1 renewals. The renewal has been late and data is still being analyzed, however, similar to the January renewals, results depended significantly on individual company characteristics.

Continue reading…