January 24th, 2014

Week’s Top Stories: January 18 - 24, 2014

Posted at 8:00 AM ET

Chart: Gap Between Economic and Insured Losses: Approximately 70 percent of global economic losses from natural catastrophes were uninsured between 1980 and 2013.

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January 2014 Renewal Report: Capacity: Evolution, Innovation and Opportunity: The January 1, 2014 renewal saw rates on line fall significantly in nearly all regions and business segments as relatively low loss experiences, strong balance sheets and an influx of capital spurred competition and innovation in the reinsurance market. This culminated in a marketplace focused on meeting individual client needs as reinsurers reacted to the challenge posed by alternative markets and alternative markets, in turn, sought to deliver unique solutions. Insurers also looked to capitalize by adapting their buying strategies and prioritizing their risk transfer goals.

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Chart: Economic and Insured Losses in Advanced and Emerging Economies: The chart shows how small a proportion of losses were insured in both advanced and emerging markets between 2002 and 2011.

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Chart: Increasing Gap Between GDP Growth and Reinsurance Limit in Asia Pacific: The chart shows that growth in reinsurance catastrophe limit in the Asia Pacific region has clearly not kept pace with economic growth since 2006. Stronger rates of economic growth in such emerging markets mean the gap between economic and insured losses has the potential to increase further.

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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 report by Guy Carpenter.

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And, you may have missed…

Guy Carpenter Insights on A.M. Best’s 2013 Updates: A.M. Best issued several insurance ratings updates in late 2013. Guy Carpenter reviewed those updates and had key insights to help companies better understand their potential impact.

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