January 13th, 2017

Week’s Top Stories: January 7 - 13, 2017

Posted at 7:30 AM ET

Guy Carpenter Reports Moderating Reinsurance Pricing Decline at January 1, 2017 Renewals: Guy Carpenter & Company reports the decline in reinsurance pricing moderated at the January 1, 2017 renewal across most classes of business and geographies, as compared to the past three renewal seasons.  Several sectors experienced increased loss activity, which had only a localized impact on pricing while capacity remained plentiful. After remaining fairly stable in 2015, dedicated reinsurance capital increased by 5 percent from January 1, 2016 to January 1, 2017 as calculated by Guy Carpenter and A.M. Best. The convergence capital segment increased by 10 percent.

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Managing Catastrophe Model Uncertainty, Issues and Challenges: Here we repeat our series authored by John Major, which focuses on the issues and challenges in managing catastrophe model uncertainty.

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Chart: Combined Ratio For Guy Carpenter Reinsurance Composite, Q3, 2016: Chart presents combined ratio for the Guy Carpenter Global Reinsurance Composite, 2005 through third quarter, 2016.

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China Risk Oriented Solvency System (C-ROSS): The China Insurance Regulatory Commission (CIRC) is instituting sweeping changes through its three-tiered China Risk Oriented Solvency System (C-ROSS) framework that will dramatically impact how (re)insurers conduct business. It will strengthen capital requirements, risk management and transparency disclosures - bringing China in line with, and in some cases overtaking, global standards. The C-ROSS framework is similar to Solvency II: three tiers focusing on quantitative, qualitative and disclosure requirements.

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Chart: Where Do (Re)insurers See Biggest Growth Opportunities?: Chart highlights the result of a survey taken of 107 insurance and reinsurance professionals conducted by Guy Carpenter at the 2016 annual meeting of the Property Casualty Insurers Association of America when asked where they see the biggest growth opportunities.

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And, You May Have Missed…

Public Sector Risk Financing Perspectives in the United States: The Market for Mortgage Credit Risk (Re)Insurance: The global financial crisis of 2008 exposed the US mortgage industry, taxpayers and the global capital markets to the full loss potential of residential mortgage credit risk. A total shakeup of the US housing sector was the result: a return to prudent underwriting criteria; market standardization in product; Private Mortgage Insurer Eligibility Requirements (PMIERs); and a Federal Housing Finance Agency (FHFA) directive that mandates government sponsored entities (GSEs) Fannie Mae and Freddie Mac to begin transferring credit risk on the hundreds of billions of dollars of US mortgages issued each year.

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