December 28th, 2012

Week’s Top Stories: December 22 - 28, 2012

Posted at 10:30 AM ET

Future of TRIPRA and Implications on the (Re)Insurance Market: There are now limited expectations of terrorism insurance being addressed in Congress before TRIPRA’s expiration in 2014. If TRIPRA is not extended or is substantially modified, there will be an impact on embedded terrorism insurance coverage, standalone terrorism pricing/demand for capacity and TRIPRA captive placements.

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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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Thailand Flood 2011: Executive Summary: In 2011, Thailand experienced its worst flooding in years, leaving more than 800 people dead and causing severe damage across northern and central regions of the country. The floods, lasting a few months, severely damaged and disrupted manufacturing operations in Thailand. Flooding also forced seven huge industrial estates in central regions to close, causing damage to the industrial sector in the billions of U.S. dollars. It is interesting to note that prior to 2011, none of the industrial parks in Thailand had been flooded over the past 40 years.

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Superstorm Sandy: Initial Impacts and Implications: As documented by the National Hurricane Center (NHC), Superstorm Sandy made landfall as a post-tropical cyclone at 8PM EDT, Monday Oct 29, 2012, with maximum sustained winds of 80 miles per hour.

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Guy Carpenter Publishes Second Annual Insurance Risk Benchmarks Report: Guy Carpenter has published its second annual Insurance Risk Benchmarks, a resource designed to help insurers assess risk parameters and improve economic capital modeling. The report provides benchmarks for underwriting and reserve risk by line of business and by industry segment for U.S. exposures, and can be used by insurers when benchmarking their economic capital models.

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And, you may have missed…..

Guy Carpenter Opens New Office in DIFC, Dubai: Guy Carpenter & Company has opened its first office in the Middle East and has received a license from the Dubai Financial Services Authority (DFSA) to operate as an insurance intermediary in the Dubai International Financial Centre (DIFC).

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