Guy Carpenter reports that dynamic capital growth and ample reinsurance capacity resulted in a relatively stable renewal at April 1, 2013. In a briefing released today, Guy Carpenter comments that the convergence of traditional and alternative capital sources is changing the marketplace, with non-traditional capacity now making up an estimated 14 percent of global property catastrophe limit.
Posts Tagged ‘korea’
Reinsurance rates in Korea were generally up 5 percent to 25 percent year over year on a risk-adjusted basis at the April 1, 2012, reinsurance renewal. Even though Korean catastrophe treaties were generally clean over the past 12 months, rates increased because of a general market hardening following the large number of insured losses across Asia. Heightened scrutiny of interests abroad also contributed to an upward movement in catastrophe pricing for Korean treaties.
Verification of Forecasts of Tropical Cyclone Activity Over the Western North Pacific and Number of Tropical Cyclones in South China and the Korea and Japan Region in 2011
Since 2000, City University of Hong Kong has been issuing real-time predictions of the annual number of tropical cyclones (TCs) affecting the western North Pacific. Verifications of the predictions have shown that the predictions are mostly correct within the error bars. The organization also began to predict the number of TCs making landfall in South China and the Korea and Japan region in 2009 and 2010 respectively. These are all statistical predictions with predictors drawn from a large group of indices that represent the atmospheric and oceanographic conditions in the previous year up to the spring of the current year. This report reviews the success of the predictions.
In 2010 Korean property programs were impacted by Typhoon Kompasu, which hit the northern regions of South Korea in early September 2010. Most insurers suffered losses to the first layers of their property catastrophe excess of loss treaties and in some cases the claims ran into subsequent layers.