May 11th, 2012

Week’s Top Stories: May 5 - 11, 2012

Posted at 10:30 AM ET

Lessons Learned From the Catastrophes of 2011: The Marsh Point of View: Guy Carpenter sister company, Marsh, has just published “Lessons Learned from the Catastrophes of 2011.” According to the report, the scale of the catastrophes experienced in 2011 exceeded previous loss-modeling predictions and has challenged established thinking on the nature of risk. Companies now need to re-examine their risk management strategies and introduce new methodologies to strengthen their operational and financial resilience.

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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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Reinsurance Rates Rise at April 1, 2012 Renewals: Reinsurance rates rose as the market continues to work through the impact of the events of 2011, according to Guy Carpenter. In a briefing released today, Guy Carpenter reports that this year’s April 1 renewals are continuing the general trends observed at January 1, 2012.

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What to Watch in 2012: 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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Continental European Legislative and Judicial Trends: Revision of Swiss Insurance Contract Act - Recent Developments: The Swiss Insurance Contract Act (Versicherungsvertragsgesetz, VVG) has been the subject of growing criticism for a number of years. In particular, the VVG does not provide for equivalence between the obligations of the insured and those of the insurer. Also, there has been deficient coordination between the VVG and the Swiss Code of Obligations (OR). As a consequence, the 100-year-old VVG is being modernized and oriented more towards the future.

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And, you may have missed…

Eurozone - Reinsurance Contract Issues: The implications of the many possible outcomes of the current “Eurozone Crisis” are profound and unpredictable and in some cases, unprecedented. The implications are also wide-ranging, embracing political, economic and legal dimensions. Such complexity gives rise to different, not to say contradictory, interpretations and predictions. However, we can only be certain that actual events, when they happen, will follow their own unique trajectory.

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