As the insurance industry readies itself for January 1 renewals, expansion into new geographic markets and new product development will be the primary drivers of profitable growth, according to a new survey released today by Guy Carpenter.
Posts Tagged ‘Andrew Marcell’
Guy Carpenter announced the release of GC ProfitPoint+ (1), an integrated portfolio management solution designed to help insurance companies improve profitability, enhance underwriting performance and drive growth.
For those who missed Guy Carpenter’s Press Briefing in Monte Carlo, we provide a videocast of the presentations delivered by our specialists on the challenges and opportunities for insurers and reinsurers to optimize capital in the current environment.
Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist, hosted its third annual press briefing on September 11 at the Reinsurance Rendez-vous 2010 in Monte Carlo. During the briefing Henry Keeling, President and CEO of Guy Carpenter’s International Operations, led a panel discussion on key industry issues, including determining the best use of excess capital in today’s marketplace.
Capital management discipline has guided the (re)insurance industry through a turbulent year. Volatile financial markets, capital constraints and general uncertainty caused many carriers, a year ago, to fret over the coming renewal and the availability of capacity. Some were calling for sharp increases in reinsurance rates, and concerns of a capital shortfall were widespread. As we have seen, however, this did not occur. Despite the calamity visited upon the global financial services industry, (re)insurers have persevered, and the coming renewal is likely to be notable for its stability.
From the end of April to July, the (re)insurance industry steps through a rapid succession of renewals, leaving little time to turn lessons from one into an action plan for the next. April 1, 2009 is behind us, and the Florida renewal has nearly arrived — and it will shape worldwide market conditions for July 1, 2009. We’re halfway through this annual renewals gauntlet, but the continued push forward can obscure the considerable body of knowledge our industry has accumulated.
Guy Carpenter hosted (re)insurance industry executives from the western region of the United States on March 4 for a two-day event to discuss the challenges of managing risk and capital in a precarious economic climate. The event, “Shelter from the Storm: Managing Risk and Capital in Rough Seas,” included presentations by some of Guy Carpenter’s leading thinkers on issues from the cost and availability of capital to the effectiveness of models and the advantages of implementing an Enterprise Risk Management (ERM) framework. Ultimately, all discussions pointed back to the one crucial issue that cedents and markets will face in 2009: how to protect their balance sheets from the dual risks of financial and insured losses.
Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist, has been awarded a grant by the Microinsurance Innovation Facility to develop a reinsurance facility for microinsurance and microfinance company operations (MFIs). The Facility, a partnership between the International Labour Organization and the Bill & Melinda Gates Foundation, promotes insurance coverage in developing countries for low-income people who otherwise would not have access to commercial coverage.
We live in a world at risk, but sometimes, the threats take new forms. Even as we are coming out of an above-average U.S. storm season, carriers are focused on a new type of disaster. Throughout 2008, every major city in the world felt the reverberations of a “financial catastrophe,” triggered by the collapse of the subprime mortgage market. This event has put severe pressure on both sides of the balance sheet and proved that an economic event can have the power to move the market.
The financial catastrophe that has taken hold of global financial markets has caused much consternation for (re)insurers. Balance sheets have been hit, impairing investment assets and depressing surpluses across the industry. Yet, carriers are faring better than most financial services firms (particularly those in the banking sector), largely because the industry is quite well-capitalized. Even in this capital-constrained economic climate, operating cash flows are strong, and surpluses remain deep.