September 3rd, 2012

GC Capital Ideas Top Stories: August 2012

Posted at 1:00 AM ET

1. 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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2. Chart: U.S. Property Catastrophe Rate on Line Index: Based on early calculations at July 1, overall property catastrophe pricing for 2012 as compared to 2011 was up 6.5 percent.

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3. July 1 Reinsurance Renewals Reveal Plentiful Capacity amid Benign Catastrophe Activity, According to Guy Carpenter: Reinsurance renewals took place against a backdrop of plentiful capacity at July 1, 2012. Capital has continued to strengthen through the second quarter of 2012, moderating pricing pressures, according to a briefing released by Guy Carpenter & Company.

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4. Reinsurance Renewal Review: 2012: Here we review GC Capital Ideas’ stories covering the key reinsurance renewals in 2012.

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5. Chart: Non-Traditional Market Capacity in the Property Catastrophe Risk Transfer Market: It is worth noting that while the 144A catastrophe bond* market is the most visible component of direct capital markets capacity in the catastrophe risk market, it is not the largest. Other conduits, particularly collateralized reinsurance and sidecar participations are also meaningful as additional sources of risk transfer capacity.

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6. Chart: U.S. Property Catastrophe Capacity Utilization for Reinsurance Renewals: Now that reinsurers have had time to assess and implement their response to market conditions, there has been more willingness generally to deploy significant capacity where terms have met reinsurer requirements, particularly as renewals in May, June and July were impacted by pricing adjustments in 2011.

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7. Lower Storm Activity Expected Through Peak of 2012 Atlantic Hurricane Season: A new Guy Carpenter briefing suggests reduced hurricane activity for the peak of the 2012 Atlantic Hurricane Season. However, storms are more likely to develop in the West Atlantic and Gulf of Mexico with a higher threat to land. Since 1950, 100 percent of years saw the occurrence of a September tropical storm, a hurricane in 98 percent of years and a major hurricane in 74 percent of years. A major landfalling U.S. hurricane cannot be ruled out, despite the quiet period of recent weeks.

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8. Recent Posts from Alex Moczarski, CEO of Guy Carpenter and Chairman, Marsh & McLennan Companies International: Here we review recent GC Capital Ideas posts by Alex Moczarski, Chief Executive Officer of Guy Carpenter and Chairman, Marsh & McLennan Companies International.

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9. Update: Tropical Storm Isaac: Tropical Storm Isaac now carries maximum sustained winds of 40 mph. It continues its slow drift, now to the north-northwest. Storm surge, inland flooding, and inland tornadoes remain as ongoing hazards with Isaac.

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10. Top GC Capital Ideas Chart Room Entries: 2012: Here we review the most viewed charts from GC Capital Ideas’ Chart Room 2012 year-to-date.

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*Securities or investments, as applicable, are offered in the United States through GC Securities, a division of MMC Securities Corp., a US registered broker-dealer and member FINRA/SIPC. Main Office:  1166 Avenue of the Americas, New York, NY 10036. Phone: (212) 345-5000. Securities or investments, as applicable, are offered in the European Union by GC Securities, a division of MMC Securities (Europe) Ltd., which is authorized and regulated by the Financial Services Authority. Reinsurance products are placed through qualified affiliates of Guy Carpenter & Company, LLC.  MMC Securities Corp., MMC Securities (Europe) Ltd. and Guy Carpenter & Company, LLC are affiliates owned by Marsh & McLennan Companies.  This communication is not intended as an offer to sell or a solicitation of any offer to buy any security, financial instrument, reinsurance or insurance product.  **GC Analytics is a registered mark with the U.S. Patent and Trademark Office.

 

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