April 4th, 2014

Week’s Top Stories: March 29 – April 4, 2014

Posted at 8:00 AM ET

ERM Benchmark Review, 2013 Update: In April and October 2009, Guy Carpenter published two briefings titled “Risk Profile, Appetite and Tolerance: Fundamental Concepts in Risk Management and Reinsurance Effectiveness.” This briefing is an update of those studies that summarizes the information publicly disclosed on enterprise risk management (ERM) measures.

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8.2Mw Earthquake Near Chile Coast: An 8.2-magnitude earthquake was reported by the U.S. Geological Survey (USGS) about 40 miles off the northern coast of Chile yesterday evening. More than 60 aftershocks were reported following the initial event, one of which was measured of magnitude 6.2. Shaking was felt as far away as La Paz Bolivia, over 290 miles (470 km) away.

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Chart: Global Property Catastrophe ROL Index: The Guy Carpenter Global Property Catastrophe Rate on Line index is presented for 1990 through 2014.  The index fell by 11 percent at January 1, 2014.

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January 2014 Renewal Report: Capacity: Evolution, Innovation and Opportunity: The January 1, 2014 renewal saw rates on line (ROLs) 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: Regional Property Catastrophe ROL Index: The chart shows the indexes for United States, United Kingdom, Asia Pacific and Europe.

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And, You May Have Missed

Recent Sun Flare Event Is a Reminder of Solar Weather Hazards: On Monday, February 24, 2014, the sun once again provided a reminder of the potential hazards of solar weather events. A large solar flare was reported by the National Aeronautics and Space Administration (NASA) measuring at X4.9 (or according to the National Weather Service’s Space Prediction Center, an R3 (strong) Solar Flare Radio Blackout) that could cause severe disruption to satellites and technology on Earth.

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