April 26th, 2013

Week’s Top Stories: April 20 - 26, 2013

Posted at 9:00 AM ET

Reinsurance Pricing Trends:  Here we review recent GC Capital Ideas posts that have focused on 2013 reinsurance pricing trends.

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Chart: Global Flood Risks and Flood Model Coverage by Three Main Modeling Vendors: Flood risk is poorly modeled at a global level, particularly in developing countries where flooding is a regular occurrence.

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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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Chart: Natural Catastrophe Insured Losses by Region: Thirty-five percent of insured natural catastrophe losses between 2009 and 2011 were located in Asia while only 33 percent were in the United States. Australia and New Zealand also saw a marked increase in natural catastrophe insured losses during this period, with 19 percent of the total. This is in stark contrast to the long-term trend of more than three-quarters of all insured natural catastrophe losses occurring in the United States.

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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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