Posts Tagged ‘Property’



September 30th, 2014

Review of MENA Insights GC Videocast

Posted at 6:30 AM ET

Here we review a recent series of GC Capital Ideas Videocast interviews with a panel of experts from the Middle East and North Africa (MENA) region.

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 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.

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GC Videocast - MENA Insights: Dr. Cherif Chentir, Chief Underwriting Officer from SCOR SE: In our first MENA Insights interview, Dr. Cherif Chentir, Chief Underwriting Officer, Middle East, South Eastern Europe, Greece, Cyprus, Malta, SCOR SE, talks about the mega-projects taking place in the region and his belief that insurance penetration can only move in one direction. He looks back over his long career and charts the development of a market that has changed beyond all recognition.

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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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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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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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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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September 29th, 2014

TRIPRA Renewal Proposals

Posted at 1:00 AM ET

The Republican-led Financial Services Committee in the House of Representatives put forward a draft proposal outline to reauthorize the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) on May 1, 2014. After further negotiations, the House Republican leadership presented the TRIA Reform Act of 2014 on June 11 that proposes a five-year reauthorization of the federal program (to the end of 2019) with a similar copay structure to that of the Senate bill. The full senate passed their committee’s recommended version 93-4 on July 17, 2014. However, a number of changes have also been proposed that have the potential to impact the market if fully implemented, including higher program triggers for non-nuclear, biological, chemical and radiological (NBCR) events, an increase to the recoupment rate and an enhancement to the program’s taxpayer repayment requirements. The table below outlines the different terms and durations that have been put forward by the Senate and the House.

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September 25th, 2014

RMS Global Probabilistic Terrorism Model

Posted at 1:00 AM ET

RMS released an updated Probabilistic Terrorism Model (PTM) in July 2012, version 3.1.2. The new model revised the annual frequency of a terrorist attack on US soil. No updates were made to geographies outside the United States.

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September 24th, 2014

AIR US Terrorism Model

Posted at 1:00 AM ET

AIR implemented significant model updates in version 13 of CLASIC/2TM, released in 2011. The updates impacted hazard components such as the target and landmark database, event frequency estimates and exposure and policy conditions.

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September 23rd, 2014

Commercial Terrorism Models

Posted at 1:00 AM ET

The catastrophe modeling companies have regularly updated their terrorism models over the years to reflect the changing threat landscape and help (re)insurers and other market participants perform robust terrorism risk assessments. Such updated products from RMS and AIR include:

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September 22nd, 2014

Terrorism Solutions: Modeling

Posted at 1:00 AM ET

To support the process of managing and underwriting the terrorism peril, (re)insurers utilize data management and modeling tools to analyze the risk. The dynamic nature of terrorism and the uncertainty in identifying targets and the frequency of attacks requires a specialized approach to manage the risk.

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September 18th, 2014

Terrorism Reinsurance Strategies

Posted at 1:00 AM ET

Even if the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) is renewed without wholesale changes, the recent organic growth in US nationwide workers compensation premiums as a result of rate rises and payroll growth is likely to cause insurance companies’ deductibles to increase. This in turn is likely to increase demand for terrorism reinsurance.

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September 16th, 2014

Hurricane Odile

Posted at 3:38 PM ET

odile-9-16-sm-200Hurricane Odile made a direct hit to the Southern end of the Baja Peninsula, Mexico, Sunday night, with impacts of great severity. Maximum sustained winds at landfall were 125 mph, a Category 3 hurricane on the Saffir-Simpson scale, according to the National Hurricane Center (NHC). Odile is now a tropical storm and poses an ongoing threat of wind, surge and especially heavy rain. The wind impacts of Odile include severe to complete damage to hundreds of homes, with severe damage to hotels and the Los Cabos airport. Downed trees and power lines are widespread, and power outages have affected at least 200,000. According to the NHC, Odile is tied with Olivia, which struck in 1967, as the strongest hurricane to make landfall in the state of Baja California Sur.

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September 15th, 2014

GC Strategic Advisory Update: Reinsurers Ratings Challenged with Negative Sector Outlook

Posted at 1:00 AM ET

mark-murry-small-200 Mark Murray, Senior Vice President

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The major rating agencies covering the reinsurance sector (A.M. Best, S&P, Moody’s, Fitch) have all voiced concerns with the industry’s ability to adjust to the seemingly overwhelming headwinds currently facing the sector. With A.M. Best recently changing its outlook, the view of the reinsurance sector across the rating agencies is now unanimously negative.

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September 13th, 2014

GC Videocast - Rendez-Vous Press Briefing 2014, Concluding Remarks (Alex Moczarski)

Posted at 2:19 PM ET

2014-sep-mc-moczarski-photo1Alex Moczarski, President and CEO, Guy Carpenter and Chairman, Marsh & McLennan Companies International, provides concluding remarks at the Guy Carpenter press briefing at the Monte Carlo Rendez-Vous in this GC Capital Ideas videocast.  He said  “The focus for many in the industry continues to be on the deflationary effect of excess capital. This can lead to negative introspection or just waiting for the ‘big one’ to strike. Such passivity won’t do. We must take the initiative. For a broker, this means constant innovation, anticipation of clients’ needs and delivering the best solutions.

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