Posts Tagged ‘Catastrophe’
Guy Carpenter today released its annual Global Catastrophe Review, which reports that insured losses in 2014 were at the lowest level seen since 2009. According to the report, significant insured losses in 2014 totaled approximately USD33 billion, a dramatic drop when compared to the historic insured losses seen in 2011, which totaled approximately USD126 billion.
Guy Carpenter today announced the appointment of Matthew Eagle as Managing Director and Head of International Analytics for Guy Carpenter.
Capital markets capacity continues to innovate as highlighted by the recent issuance of a catastrophe bond by the MTA . This issue, MetroCat, which came to market in July 2013, demonstrated the willingness of capital markets investors to assume storm surge and flood risk from named storms in a cost effective manner.
The intense coastal storm is now clearing Atlantic Canada and steadily weakening. Blizzard and winter storm warnings have been discontinued, although winter weather advisories remain for select areas of New England. This storm lived up to expectations as an intense, impactful, and historic coastal storm, despite challenges on the forecast track and the especially sharp edge of the snow shield. Blizzard conditions with snowfall amounts of two to three feet affected a widespread area of New England and wind gusts exceeded hurricane force in some areas. The strong winds also produced a storm surge with greatest severity to coastal Massachusetts.
A deep coastal storm formed off the Outer Banks on January 26, 2015 and moved northward to impact many areas of the U.S. Northeast and Atlantic Canada. Blizzard warnings remain active from Rhode Island to Atlantic Canada, according to The National Weather Service (NWS) and Meteorological Service of Canada (MSC). Snowfall rates as high as two to three inches per hour, together with strong winds continue to restrict visibility and impose dangerous travel conditions. Conditions should improve for Boston this afternoon into the evening, and gradually clear from south to north over the next 24 hours or so.
This two part table compares the expired Terrorism Risk Insurance Program Reauthorization Act of 2007 with the 2015 TRIPRA legislation that was signed into law on Monday, January 12, 2015.
The previous sections suggested how “dark matter” can be lurking on an insurer’s balance sheets in the form of a casualty catastrophe or an emerging and not as yet fully understood risk such as cyber. While there have been significant advances in quantifying the uncertainty pertaining to these risks, it is worth considering how they may manifest themselves in the future and what can be done about them now to protect from the “dark matter” downside.