Posts Tagged ‘hurricane’



March 12th, 2014

GC Securities* Completes Catastrophe Bond Queen Street IX Re Limited for Munich Re

Posted at 5:00 AM ET

GC Securities, a division of MMC Securities Corp., a U.S. registered broker-dealer and member FINRA/NFA/SIPC, today announced the placement of the Principal At-Risk Notes, with notional principal of $100,000,000, through a newly formed catastrophe bond, Queen Street IX Re Limited, to benefit Munich Re. This is the ninth Queen Street cat bond to benefit Munich Re, the eighth overall cat bond issuance benefitting Munich Re since 2011 and the first cat bond issuance benefitting Munich Re provided via an Irish special purpose reinsurance vehicle.

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February 24th, 2014

Americas Catastrophe Review, 2013

Posted at 1:00 AM ET

As with Europe, 2013 was a year of flood in the Americas, with notable events in Alberta, Toronto and Colorado. The flood event in the Calgary, Alberta area of Canada resulted in estimated insured losses of around USD2 billion, with economic losses of USD4.8 billion (1).  This event, combined with flash-flooding in Toronto, Ontario in July, meant Canada experienced its most expensive insured catastrophe loss year on record.

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February 12th, 2014

Global Catastrophe Losses Fell Well Below Average in 2013

Posted at 11:45 PM ET

Guy Carpenter & Company released its 2013 Catastrophe Review, which shows that natural catastrophes and man-made disasters in 2013 resulted in insured losses of approximately $40 billion. Following above-average losses experienced in 2011 and 2012, 2013 provided a respite for the (re)insurance industry as insured losses were considerably less than the ten-year average of approximately $60 billion.

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November 8th, 2013

Super Typhoon Haiyan

Posted at 3:05 PM ET

haiyan-smallSuper Typhoon Haiyan meets or surpasses the record of the strongest landfalling tropical cyclone in recorded history, and is among the strongest ever recorded. Haiyan made landfall during the early morning hours of November 8 near Guiuan, with estimated 1-minute wind speeds of 185-195 mph (300-315 km/hr). While it is still too early to fully assess impacts to the area, severe to complete wind damage is a near certainty adjacent to the storm track, with wave battering and water velocity damage most severe within 20 miles (32 km) of the storm track.

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October 23rd, 2013

Guy Carpenter Insights on A.M. Best’s 2013 Updates

Posted at 1:00 AM ET

snyder_jack_bioJack Snyder, Managing Director

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A.M. Best has recently issued several insurance ratings updates. Guy Carpenter has reviewed those updates and has key insights to help companies better understand their potential impact.

 

 

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October 21st, 2013

When Contract Certainty Isn’t So Certain

Posted at 1:00 AM ET

Richard Banyard, Senior Vice President, Lance Finley, Managing Director, Jane Furnas, Senior Vice President and Scott VanKoughnett, Senior Vice President

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Insurance policies are carefully drafted to outline coverage that is needed by policyholders while also specifying those areas where coverage is not expected to apply - the goal is to provide contract certainty, not in the usual sense of timeliness of contract signing, but from the perspective of specific policy language.  Sometimes, however, contract certainty is not so certain.  Recent examples have shown that insurers are increasingly facing reinterpretations of their policies by the judicial system, regulators, politicians and even the public via social media, all exerting pressure on insurers to provide coverage not previously anticipated by the drafters and underwriters of those policies.  As these claims are presented to the reinsurance market, pressure is also put on reinsurers to provide coverage that they may not have originally contemplated.  Insurers need to know that their reinsurers partner with them in such situations, and that reinsurance contracts provide appropriate flexibility to help ensure the reinsurers’ promise to pay.  The comments made in this article are intended solely to foster discussion on this topic.

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October 20th, 2013

Guy Carpenter Reveals Findings of Damage Survey in Sandy-Impacted Northeast

Posted at 5:00 AM ET

Guy Carpenter & Company released a comprehensive assessment of the damage resulting from Superstorm Sandy, highlighting meteorological aspects of the storm and detailed observations of some of the most severely impacted areas across the Northeast.

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October 2nd, 2013

Convergence Capital’s Impact on the Reinsurance Market

Posted at 1:00 AM ET

The growth in convergence capital has resulted in ILS catastrophe risk pricing decoupling from price expectations in the traditional reinsurance market, with some ILS products now offering the most competitive terms for reinsurance buyers. Strong appetite for U.S. hurricane catastrophe bonds, for example, has tightened spreads in the secondary market by an average of approximately 45 percent on a weighted notional basis since issuance in 2012. Despite the significant decrease in ILS pricing over the last 12 months, investor demand continues to be robust. Indeed, projections by GC Securities indicate that the catastrophe bond market alone could reach USD23 billion by the end of 2016.

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September 24th, 2013

Changing Hazard Landscape: Tropical Cyclones

Posted at 1:00 AM ET

One of the more controversial discussions of the climate change question has been the subject of tropical cyclones, historical trends and expected shifts under global warming. The questions cannot be easily answered with either observations or climate models, and the subject has been one of heated debate in both scientific and political arenas.

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June 5th, 2013

Severe Weather Outbreak in U.S. May 28 to June 2

Posted at 1:00 AM ET

mayoutbreaksmallA multi-day severe weather outbreak occurred during the period of May 28 to June 2 affecting a large area of the United States and Southern Ontario, Canada.  The outbreak occurred along a complex and evolving frontal boundary as it pushed through the mainland into and during the weekend.  Affected areas include the foothills of the Rocky Mountains, the South and Central Plains, the Mississippi Valley, the Midwest, the Great Lakes and New England.

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