April 19th, 2013

Week’s Top Stories: April 13 - 19, 2013

Posted at 8:00 AM ET

Chart: Five Most Expensive Earthquakes for Insurers: Over the last two years, several powerful earthquakes have caused widespread damage, leading to significant losses for (re)insurers. Four out of the five most costly earthquakes on record have occurred since the start of 2010, and all four of these events were located outside the United States.

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Chart: Ratio of Insured Loss to Economic Loss from Recent Earthquake Events:  Earthquake insurance coverage in developed and emerging economies varies widely, and earthquake coverage can be low, even in certain established markets. Of all the earthquakes that have caused economic losses over USD1 billion over the last three years, only events in New Zealand and Chile saw the (re)insurance sector contribute more than 25 percent of the overall cost.

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Chart: Countries Operating Compulsory or Optional Terrorism Pools: A summary of the compulsory and optional terrorism pools that operate around the globe.

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April 1 Renewals See Reinsurance Pricing Stabilize Amid Dynamic Capital Growth: Guy Carpenter reports that dynamic capital growth and ample reinsurance capacity resulted in a relatively stable renewal at April 1, 2013. In a briefing released today, Guy Carpenter comments that the convergence of traditional and alternative capital sources is changing the marketplace, with non-traditional capacity now making up an estimated 14 percent of global property catastrophe limit.

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Update: Explosions - Boston Back Bay Area: Two explosions in Boston, Massachusetts killed at least three people and injured more than 140 on Monday, April 15. Both explosions occurred in the Boston Back Bay area at about 2:50 PM EDT. The blasts occurred near the finishing line of the Boston Marathon, some four hours into the race. One blast occurred near a sports store and the other close to a viewing stand, near 673 Boylston Street at the intersection of Boylston and Exeter. Details around the explosions are still incomplete but the Federal Bureau of Investigation (FBI) has launched a “criminal investigation that is a potential terrorist investigation.”

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And, you may have missed…..

Legislation Surrounding Insurance Covering Terrorist Acts: Here we review past GC Capital Ideas stories that have focused on legislation surrounding insurance covering terrorist acts.

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