December 13th, 2013

Week’s Top Stories: December 7 - 13, 2013

Posted at 8:00 AM ET

Windstorm Xaver: A powerful storm named Xaver battered Northern Europe with hurricane-force wind gusts and massive storm surges on December 6, causing widespread property damage and severely disrupting transport networks. The most severe damage was reported in the United Kingdom, Germany and the Netherlands.

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Chart: Catastrophe Bond Issuance and Capital Outstanding - 1997 to July 31, 2013: Issuance reached USD4.8 billion in the first seven months of 2013. Risk capital outstanding also reached an all-time high of around USD16.6 billion during the same period.

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Emerging Risks: Managing the Unknown: Having examined the three emerging risks of cyber, climate change and space in detail, it is clear they present serious threats to businesses and (re)insurers. Not only will the fallout from these risks result in losses we can currently anticipate and predict (such as increased property damage and liability vulnerability), but they also have the potential to trigger costly secondary impacts such as a breakdown in supply chains, reputational damage, disrupted power supplies and possibly others that are more difficult to foresee.

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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 (ERM) 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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Indexation Clauses in Liability Reinsurance Treaties: A Comparison Across Europe: The Indexation Clause - otherwise referred to as the Stability Clause, Inflation Clause, or Severe Inflation Clause (SIC) - is designed to maintain the real monetary value of the retention and (where applicable) the limit under a long-tail excess of loss reinsurance treaty over the duration of the claims payout pattern.

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And, you may have missed…..

Demand for Asia Pacific Catastrophe Reinsurance at a Record High in 2013: Total Asia Pacific catastrophe limit purchased in 2013 increased for the tenth year in a row, but once again failed to keep pace with strong gross domestic product growth in the region, according to a new report released today by Guy Carpenter.

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