Archive for the ‘Week in Review’ Category



August 29th, 2014

Week’s Top Stories: August 23 — 29, 2014

Posted at 8:00 AM ET

6.0Mw Earthquake - American Canyon, California: A 6.0-magnitude earthquake was reported by the U.S. Geological Survey (USGS) about 4 miles northwest of American Canyon, California and five miles north-northwest of Napa, California. The quake occurred at 3:20 a.m. local time (10:20 UTC) near the north shore of San Pablo Bay, with a magnitude of 6.0. The quake depth was 7.0 miles (11.3 km).

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GC Videocast - MENA Insights Speaks To Guy Carpenter’s Chris Pleasant: In our fifth and final MENA Insights interview, Chris Pleasant, Managing Director of Guy Carpenter, offers an upbeat vision of the future. While the current soft market presents challenges, it belies the greater re/insurance opportunity ahead. As local insurance markets mature and the approach to reinsurance buying becomes more sophisticated, MENA will enter the next chapter of growth.

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Government Pools Remain Integral Risk Management Tools: Terrorism pools have been set up by governments in a number of countries to mitigate the withdrawal of (re)insurance capacity from the private market following significant terrorism events. The pools were established in reaction to specific threats faced within each country. Each pool generally requires a formal declaration that a terrorist event has occurred to trigger coverage.

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European Conference on Earthquake Engineering: The 15th European Conference on Earthquake Engineering will take place in Istanbul, Turkey, on August 24 - 29, 2014. This very important event is held every four years and brings together the most renowned experts on seismology, vulnerability, risk and structural and geotechnical engineering. The most recent advances in the field of hazard and risk assessment, loss estimation and seismic design will also be presented and discussed.

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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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And, You May Have Missed…

Atlantic Hurricane Season: What We Know Can Happen - Historical Impacts: Hurricane Charley: Hurricane Charley made U.S. landfall in 2004 with maximum sustained winds of 145 mph, a Category 4 hurricane on the Saffir-Simpson scale. Storm surge of six to seven feet was observed near Sanibel and Estero Islands, Florida.

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August 22nd, 2014

Week’s Top Stories: August 16 — 22, 2014

Posted at 8:00 AM ET

GC Videocast - MENA Insights: Mahomed Akoob, Managing Director, Hannover Re Takaful: In our fourth MENA Insights interview Mahomed Akoob, managing director of Hannover Re Takaful, considers the huge potential of the Takaful and Retakaful market in the region, which he thinks could grow at a faster pace than Asia. Islamic finance is driving much of the demand for Shariah compliant insurance coverage to be taken out for major infrastructure projects.

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The Terrorism Reinsurance Market: Despite the recent spike in terrorist-related activity, evolving capacity and the absence of a major terrorism loss for reinsurers have resulted in a softening terrorism reinsurance market in areas with less perceived risk. Although localized terrorism and political violence activity has impacted certain facultative programs and affected pricing and capacity at the local level, adequate terrorism capacity continues to be available in the reinsurance treaty marketplace for certain countries and territories.

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Guy Carpenter Launches MetaRisk® 7.3: Guy Carpenter announced the release of MetaRisk® 7.3, the latest version of the firm’s premier risk and capital management decision-making tool.

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July 1 Renewals Reveal Continued Double Digit Price Decreases Across Many Lines and Geographies: Guy Carpenter reports that market pressures at July 1 renewals continued to drive price decreases across virtually all geographies and lines of business, many in the double digit range. As loss activity remained minimal, reinsurers added to surplus capacity and additional capital continued to come into the market via alternative sources.

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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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And, You May Have Missed…

 

Enhancing Catastrophe Modeling In the Middle East and North Africa: The Middle East and North Africa (MENA) region is acknowledged to be a key growth area for (re)insurance. Insurance penetration is rapidly increasing but still has some way to go to reach comparable levels with Europe or the United States. In the period 2003-2012, most countries in the region achieved triple-digit percentage increases in premium volume, with some exceeding 600 percent growth (source: Swiss Re Sigma).

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August 15th, 2014

Week’s Top Stories: August 9 — 15, 2014

Posted at 8:00 AM ET

GC Videocast - MENA Insights: Fadi AbuNahl, Chief Executive, Trust Re: In our third MENA Insights interview Fadi AbuNahl, chief executive of Trust Re, describes how the MENA re/insurance market has developed in recent years and what has prompted greater risk retention within the underlying market. He thinks there is plenty of reinsurance premium to go around but cautions against competing on price alone.

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Al-Qaeda And Islamist Terror Groups: Here we continue to assess the relative strengths and weaknesses of the Islamist terror groups, along with their overall threat to the Western world. Despite the gains made in counter-terrorism since September 11, 2001, it is clear that the threat from large Islamist terrorist groups has not been eradicated. Indeed, a number of Islamist terrorist organizations continue to aspire to conduct complex attacks against Western countries and interests around the world.

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Iselle And Julio: Update:  Tropical Storm Iselle made landfall at about 2:30 a.m. HST (1230 UTC) along the Kau Coast on the Big Island, according to the Central Pacific Hurricane Center (CPHC). Maximum sustained winds at landfall were 60 mph, with higher gusts especially at higher elevations. Iselle was moving slowly leading to excessive rainfall accumulations. Resulting flooding has been extensive, together with reports of downed trees and power lines for affected areas. Roads are blocked with debris and downed trees, and power outages have affected at least 33,000. Some roof damage has been reported. There are no reports of deaths or major injuries.

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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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July 1 Renewals Reveal Continued Double Digit Price Decreases Across Many Lines and Geographies: Guy Carpenter reports that market pressures at July 1 renewals continued to drive price decreases across virtually all geographies and lines of business, many in the double digit range. As loss activity remained minimal, reinsurers added to surplus capacity and additional capital continued to come into the market via alternative sources.

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And, You May Have Missed…

Industry Reserve Update - Which Way Is The Cycle Turning?: With the release of the 2013 annual statutory statements, we have updated the Guy Carpenter reserve cycle analysis as shown in the chart. Overall, the figures indicate a trend showing the industry continuing to release reserves through this year, as two lines of business appear to exert the greatest impact on the cycle.

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August 8th, 2014

Week’s Top Stories: August 2 — 8, 2014

Posted at 8:00 AM ET

GC Videocast - MENA Insights: Michael Watson, Chairman and CEO, Canopius: In our second MENA Insights interview, Michael Watson, chairman and chief executive of Canopius, talks about how the MENA region has all the right ingredients for a growth-minded reinsurer, reveals what he thinks of Lloyd’s decision to open an office in the DIFC and why Canopius is considering establishing its own presence in the region.

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The Evolving Terrorist Threat: Terrorist activity over the last 18 months has reflected the changing terrorism landscape. Several important developments have occurred since the beginning of 2013, starting with French military intervention in Mali in January 2013 to prevent the country from becoming a failed state and base for jihadist terrorists.

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July 1 Renewals Reveal Continued Double Digit Price Decreases Across Many Lines and Geographies: Guy Carpenter reports that market pressures at July 1 renewals continued to drive price decreases across virtually all geographies and lines of business, many in the double digit range. As loss activity remained minimal, reinsurers added to surplus capacity and additional capital continued to come into the market via alternative sources.

Read the article>> 

 

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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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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And, You May Have Missed…

GC Securities* Completes First Ever Catastrophe Bond Alamo Re Ltd. Series 2014-1 Notes For The State Of Texas’s Windpool: GC Securities announced the placement of the Series 2014-1 Notes, with notional principal at USD400,000,000, through a newly formed catastrophe bond shelf program, Alamo Re Ltd., to benefit the Texas Windstorm Insurance Association (TWIA). This is the first time that the TWIA has utilized the cat bond market to manage its tropical cyclone risks.

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*Securities or investments, as applicable, are offered in the United States through GC Securities, a division of MMC Securities Corp., a US registered broker-dealer and member FINRA/NFA/SIPC. Main Office:  1166 Avenue of the Americas, New York, NY 10036. Phone: (212) 345-5000. Securities or investments, as applicable, are offered in the European Union by GC Securities, a division of MMC Securities (Europe) Ltd. (MMCSEL), which is authorized and regulated by the Financial Conduct Authority, main office 25 The North Colonnade, Canary Wharf, London E14 5HS.  Reinsurance products are placed through qualified affiliates of Guy Carpenter & Company, LLC.  MMC Securities Corp., MMC Securities (Europe) Ltd. and Guy Carpenter & Company, LLC are affiliates owned by Marsh & McLennan Companies.  This communication is not intended as an offer to sell or a solicitation of any offer to buy any security, financial instrument, reinsurance or insurance product.  **GC Analytics is a registered mark with the U.S. Patent and Trademark Office.

 

August 1st, 2014

Week’s Top Stories: July 26 — August 1, 2014

Posted at 8:00 AM ET

GC Videocast - MENA Insights: Nick Frankland, CEO, Guy Carpenter’s EMEA Operations: Welcome to the beginning of a new series of video interviews with an esteemed panel of experts from the Middle East and North Africa (MENA) region. The MENA Insights interviews, conducted by Guy Carpenter, offer a snapshot of how (re)insurance in MENA is developing and the many opportunities for re/insurers. The series is intended to help set the agenda ahead of the September meeting of the General Arab Insurance Federation (GAIF) in Egypt.

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Uncertain Future: Evolving Terrorism Risk, Executive Summary: The threat from terrorism has undergone significant change since the attacks of September 11, 2001. Heightened and more effective counter-terrorism activities in the following years have prevented repeat attacks on the scale of those carried out in New York and Washington D.C. Nevertheless, al-Qaeda and its affiliates, along with individuals inspired by the movement, still pose a significant threat to Western interests around the world as events over the last 18 months have shown.

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The Drivers of Agriculture Insurance in Asia, Part III: What Influences Agriculture Insurance?: Having recognized what is driving agriculture and the importance of risk transfer, the next step is to look at what is influencing the insurance of agriculture and the impact of certain agents, ranging from governments to the (re)insurance industry.

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July 1 Renewals Reveal Continued Double Digit Price Decreases Across Many Lines and Geographies: Guy Carpenter reports that market pressures at July 1 renewals continued to drive price decreases across virtually all geographies and lines of business, many in the double digit range. As loss activity remained minimal, reinsurers added to surplus capacity and additional capital continued to come into the market via alternative sources.

Read the article>> 

 

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.

Read the article>> 

 

And, You May Have Missed…

Atlantic Hurricane Season: What We Know Can Happen - Historical Impacts: Hurricane Andrew: Hurricane Andrew made U.S. landfall in 1992. The storm originated from a tropical wave and experienced disruptive wind shear until arriving in the West Atlantic. Once in the West Atlantic, Andrew first reached hurricane status on the morning of August 22 and then developed explosively into a Category 5 hurricane on the Saffir-Simpson scale with maximum sustained winds of 165 mph when it made landfall on Florida’s coast.

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July 25th, 2014

Week’s Top Stories: July 19 — 25, 2014

Posted at 8:00 AM ET

The Drivers of Agriculture Insurance in Asia, Part I: Introduction: Greater demands are being placed on Asia’s agricultural sector as the region’s rapidly changing economies and their increasingly affluent populations seek to boost living standards. This, in turn, will fuel the development of insurance products necessary to underpin the growth in agriculture.

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Atlantic Hurricane Season: What We Know Can Happen - Historical Impacts: Hurricane Betsy: Hurricane Betsy made landfall on Key Largo, Florida, in 1965 with estimated winds of 125 mph - a Category 3 hurricane on the Saffir-Simpson scale - before entering the Gulf of Mexico.

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2014 Tropical Cyclone Landfall Predictions: A recent study shows it is possible to use a regional climate model to more accurately predict the number of tropical cyclone formations compared to predictions based solely on a global climate model.

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July 1 Renewals Reveal Continued Double Digit Price Decreases Across Many Lines and Geographies: Guy Carpenter reports that market pressures at July 1 renewals continued to drive price decreases across virtually all geographies and lines of business, many in the double digit range. As loss activity remained minimal, reinsurers added to surplus capacity and additional capital continued to come into the market via alternative sources.

Read the article>> 

 

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.

Read the article>> 

 

And, You May Have Missed…

Catastrophe Bond Outlook for 2014: The growing influence of alternative markets capacity is pressuring traditional reinsurers’ business model and challenging them to compete against a model with lower-cost of capital that continues to enter the reinsurance market. Most reinsurance companies have responded to the challenge by leveraging their incumbent status on reinsurance programs, offering similar or better terms and similar or reduced pricing. Particularly, traditional players are emphasizing their ability to efficiently provide reinstatements, which are seen by many as a critical part of core reinsurance programs, particularly for working reinsurance layers. Traditional players are also hedging their bets and creating their own capital markets divisions to attract, manage and utilize capital from third-party sources whether in the form of fund management, managed accounts or sidecars.

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Securities or investments, as applicable, are offered in the United States through GC Securities, a division of MMC Securities Corp., a US registered broker-dealer and member FINRA/NFA/SIPC. Main Office: 1166 Avenue of the Americas, New York, NY 10036. Phone: (212) 345-5000. Securities or investments, as applicable, are offered in the European Union by GC Securities, a division of MMC Securities (Europe) Ltd. (MMCSEL), which is authorized and regulated by the Financial Conduct Authority, main office 25 The North Colonnade, Canary Wharf, London E14 5HS. Reinsurance products are placed through qualified affiliates of Guy Carpenter & Company, LLC. MMC Securities Corp., MMC Securities (Europe) Ltd. and Guy Carpenter & Company, LLC are affiliates owned by Marsh & McLennan Companies. This communication is not intended as an offer to sell or a solicitation of any offer to buy any security, financial instrument, reinsurance or insurance product.

July 18th, 2014

Week’s Top Stories: July 12 — 18, 2014

Posted at 8:00 AM ET

Chart: U.S. Landfall To Basin Ratio - Detected Hurricanes (1900-2013): The chart indicates that the proportion of hurricanes counted in the Atlantic Basin and those that made landfall has been very volatile through the years. While there is indeed a weak correlation between hurricane counts in the Atlantic Basin and the number of U.S. landfalls, statistical significance is a subject of some debate in the scientific community (Coughlin et al., 2009; Dailey et al., 2009).

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July 1 Renewals Reveal Continued Double Digit Price Decreases Across Many Lines and Geographies: Guy Carpenter reports that market pressures at July 1 renewals continued to drive price decreases across virtually all geographies and lines of business, many in the double digit range. As loss activity remained minimal, reinsurers added to surplus capacity and additional capital continued to come into the market via alternative sources.

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2014 Atlantic Hurricane Season Part III: What Are We Preparing For Anyway?: Any hurricane can produce wind, surge and inland flood impacts. The severity and scope of impacts is not always consistent with ratings on the Saffir-Simpson scale, particularly for surge as we have seen with Katrina (2005) and Sandy (2012).

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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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Chart: Combined Ratio for Guy Carpenter Composite, Q1 2014: Chart presents combined ratio for the Guy Carpenter Global Reinsurance Composite, 2004 through first quarter, 2014.

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And, You May Have Missed…

The Total Value of Reinsurance for Long-Tail Business: Can we learn from Solvency II to unlock the hidden value of reinsurance for long-tail business?

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July 11th, 2014

Week’s Top Stories: July 5 — 11, 2014

Posted at 8:00 AM ET

July 1 Renewals Reveal Continued Double Digit Price Decreases Across Many Lines and Geographies: Guy Carpenter reports that market pressures at July 1 renewals continued to drive price decreases across virtually all geographies and lines of business, many in the double digit range. As loss activity remained minimal, reinsurers added to surplus capacity and additional capital continued to come into the market via alternative sources.

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Chart: Combined Ratio for Guy Carpenter Composite, Q1 2014: Chart presents combined ratio for the Guy Carpenter Global Reinsurance Composite, 2004 through first quarter, 2014.

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2014 Atlantic Hurricane Season Part I: One Never Truly Knows: The risk of a landfalling hurricane is a serious threat for any tropical season, regardless of seasonal outlooks for the Atlantic Basin at large. In fact, sea-surface temperatures (SSTs) along the U.S. coast and northern Caribbean are trending above average, and tropical cyclone development in these areas close to the mainland is cause for concern. Such development depends on short-term weather patterns at the time of occurrence, not on how many hurricanes are expected in the Atlantic basin at large.

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Update: Hurricane Arthur: Hurricane Arthur is the first hurricane to make U.S. landfall since 2012, and the earliest to make North Carolina landfall for any hurricane season since 1908. According to the National Hurricane Center (NHC), Arthur made landfall in North Carolina on July 3 at about 11:15 p.m. EDT (0315 UTC), with maximum sustained winds of 100 mph (161 km/hr).

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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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And, You May Have Missed… 

Chart: Return On Equity For Guy Carpenter Reinsurance Composite, Q1 2014: Chart presents return on equity for the Guy Carpenter Global Reinsurance Composite, 2004 through first quarter, 2014.

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July 4th, 2014

Week’s Top Stories: June 28 — July 4, 2014

Posted at 8:00 AM ET

Chart: Source Of Earnings For Guy Carpenter Reinsurance Composite, Q1 2014: Chart presents source of earnings for the Guy Carpenter Global Reinsurance Composite for the first quarter, 2014.

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Reinsurance Pricing Falls Again at June 1, 2014 as Competition Heightens: Guy Carpenter reports that downward pressure on reinsurance pricing has increased since the June 1, 2013 renewal due to continued competitive pressure from alternative markets, strong reinsurer balance sheets and low loss experiences. In its June 2014 renewal briefing, Guy Carpenter reports that competition increased as markets offered abundant capacity at reduced pricing.  Terms and conditions also came under pressure and multi-year transactions continued to be an area of investigation. Traditional reinsurers sought to protect their market share and alternative providers looked to utilize growing funds.

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Uncertainty in Catastrophe Models: How Much of it is Reasonable?: It seems reasonable to expect a degree of uncertainty in catastrophe model results. It is not uncommon, however, for models to produce results that differ by several factors. In order to assess how much of this uncertainty is epistemic, due to our incomplete knowledge of the physical phenomena involved, this existing uncertainty needs to be quantified

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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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Chart: Evolution of Shareholders’ Funds For Guy Carpenter Reinsurance Composite, Q1 2014: Chart presents the evolution of shareholders’ funds for the Guy Carpenter Global Reinsurance Composite, 2012 through first quarter, 2014.

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And, You May Have Missed…

GC Securities* Completes First Catastrophe Bond Issued By The World Bank On Behalf Of The Caribbean Catastrophe Risk Insurance Facility: GC Securities announced the placement of Floating Rate CCRIF Catastrophe-Linked Capital at Risk Notes, with notional principal of USD30 million issued by the International Bank for Reconstruction and Development, a member institution of the World Bank Group, to facilitate risk transfer on behalf of the Caribbean Catastrophe Risk Insurance Facility (the CCRIF).  This is the first time that the CCRIF has utilized the cat bond market and the first catastrophe bond directly issued by the World Bank.

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*Securities or investments, as applicable, are offered in the United States through GC Securities, a division of MMC Securities Corp., a US registered broker-dealer and member FINRA/NFA/SIPC. Main Office:  1166 Avenue of the Americas, New York, NY 10036. Phone: (212) 345-5000. Securities or investments, as applicable, are offered in the European Union by GC Securities, a division of MMC Securities (Europe) Ltd. (MMCSEL), which is authorized and regulated by the Financial Conduct Authority, main office 25 The North Colonnade, Canary Wharf, London E14 5HS.  Reinsurance products are placed through qualified affiliates of Guy Carpenter & Company, LLC.  MMC Securities Corp., MMC Securities (Europe) Ltd. and Guy Carpenter & Company, LLC are affiliates owned by Marsh & McLennan Companies.  This communication is not intended as an offer to sell or a solicitation of any offer to buy any security, financial instrument, reinsurance or insurance product.  **GC Analytics is a registered mark with the U.S. Patent and Trademark Office.

June 27th, 2014

Week’s Top Stories: June 21 — 27, 2014

Posted at 8:00 AM ET

Uncertainty In Catastrophe Models: How Much Of It Is Reasonable?: It seems reasonable to expect a degree of uncertainty in catastrophe model results. It is not uncommon, however, for models to produce results that differ by several factors. In order to assess how much of this uncertainty is epistemic, due to our incomplete knowledge of the physical phenomena involved, this existing uncertainty needs to be quantified.

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Uncertainty Surrounding the 2014 Atlantic Hurricane Season: Guy Carpenter released its briefing on the 2014 Atlantic hurricane season. The report examines the factors that influence the severity of any given hurricane season and emphasizes that while predictive and historical models can provide guidance, landfalls are always a real possibility and preparation is key for property owners and the (re)insurance industry alike.

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Review Of Climate Change: Here we review recent GC Capital Ideas stories focused on climate change.

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The Total Value of Reinsurance for Long-Tail Business: Can we learn from Solvency II to unlock the hidden value of reinsurance for long-tail business?

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Chart: Reliance On TRIPRA: The chart shows that in 2012 there were over 850 insurers participating in the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA), writing over USD183 billion in premiums. Using the current 20 percent deductible requirement of TRIPRA and policyholder surplus as a filter, Guy Carpenter found that the smaller to mid-sized insurance carriers would be most affected should there be an increase in the deductible of any program that replaces TRIPRA. Without TRIPRA, insurers with less than USD300 million in surplus would likely need to incorporate additional private reinsurance market capacity to protect their capital and to satisfy rating agencies and regulators.

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And, You May Have Missed…

Catastrophe Bond Outlook for 2014: The growing influence of alternative markets capacity is pressuring traditional reinsurers’ business model and challenging them to compete against a model with lower-cost of capital that continues to enter the reinsurance market. Most reinsurance companies have responded to the challenge by leveraging their incumbent status on reinsurance programs, offering similar or better terms and similar or reduced pricing. Particularly, traditional players are emphasizing their ability to efficiently provide reinstatements, which are seen by many as a critical part of core reinsurance programs, particularly for working reinsurance layers. Traditional players are also hedging their bets and creating their own capital markets divisions to attract, manage and utilize capital from third-party sources whether in the form of fund management, managed accounts or sidecars.

Read the article>> 

 

Click here to register to receive e-mail updates>>

 

Securities or investments, as applicable, are offered in the United States through GC Securities, a division of MMC Securities Corp., a US registered broker-dealer and member FINRA/NFA/SIPC. Main Office: 1166 Avenue of the Americas, New York, NY 10036. Phone: (212) 345-5000. Securities or investments, as applicable, are offered in the European Union by GC Securities, a division of MMC Securities (Europe) Ltd. (MMCSEL), which is authorized and regulated by the Financial Conduct Authority, main office 25 The North Colonnade, Canary Wharf, London E14 5HS. Reinsurance products are placed through qualified affiliates of Guy Carpenter & Company, LLC. MMC Securities Corp., MMC Securities (Europe) Ltd. and Guy Carpenter & Company, LLC are affiliates owned by Marsh & McLennan Companies. This communication is not intended as an offer to sell or a solicitation of any offer to buy any security, financial instrument, reinsurance or insurance product. **GC Analytics is a registered mark with the U.S. Patent and Trademark Office.