Posts Tagged ‘Switzerland’



September 2nd, 2015

Guy Carpenter Completes Development of Probabilistic European Hail Model

Posted at 3:45 AM ET

Guy Carpenter today announced the completion of the final phase in the development of its pioneering probabilistic European hail model. The enhancements to the G-CAT® Hail Model expand the number of countries covered by the model to include Belgium, Czech Republic, France, Luxembourg, the Netherlands, Spain and Switzerland.

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February 24th, 2015

Growth of Private Cat Bond Placements in 2014

Posted at 1:00 AM ET

In addition to 144A transactions, the fourth quarter was an active one for the private cat bond market (Regulation D, Regulation S and Rule (4(2)) securities offerings). The terms and conditions of such securities are typically confidential due to the private nature of the issuance, unless the sponsors or the placement agents publicize information about the transactions. As of December 31, 2014 approximately USD561.5 million of limit was transferred to the capital markets via 17 transactions. These figures represent a 210 percent increase in the notional amount of limit placed year-over-year, and a 183 percent increase in the number of transactions year-over-year.

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January 5th, 2015

GC Securities* Completes First Ever Swiss Franc-Denominated Private Catastrophe Bond (“Gurten”) Benefitting Gebäudeversicherung Bern

Posted at 10:30 PM ET

GC Securities, a division of MMC Securities Corp., a U.S. registered broker-dealer and member FINRA/NFA/SIPC, today announced the Regulation S placement of Principal At-Risk Variable Rate Notes (”Notes”) due January 15, 2016, with notional principal at CHF70,000,000 through Kaith Re Ltd., to benefit Gebäudeversicherung Bern (”GVB”). This is the first ever Swiss franc-denominated catastrophe bond and the first time that GVB has utilized the cat bond market to manage its risks.

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February 27th, 2013

Casualty Lines

Posted at 1:00 AM ET

Here we highlight recent GC Capital Ideas stories that have focused on casualty lines of business. 

Contingent Business Interruption: Life Support for Industry: Traditional insurance products are insufficient to address these increasingly complex challenges. The standard business interruption policy only indemnifies an insured for a reduction in revenue following damage at its own premises. Contingent business interruption is a generic term for extensions to the standard cover that provide for reduction in revenue as a result of damage at locations other than the insured’s own premises, whether it be suppliers or customers. In some cases insurers are providing cover on a “non-damage” basis, which protects against insolvency or political risk among an array of contingencies that might disturb the supply chain.

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Criminal Liability of Companies Under Spanish Law: What is the Real Impact on Directors & Officers Coverage? The financial crisis has triggered a number of criminal investigations against companies and their directors. In light of these developments, this section provides an overview of the recently introduced Spanish regulation concerning criminal liability of companies and the real impact this reform will have on directors and officers policies.

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Swiss Supreme Court: Scope of Ban on Retroactive Insurance: The current Swiss Insurance Contract Act (Versicherungsvertragsgesetz, VVG) prohibits retroactive insurance. Therefore, an insurance contract is usually void if the risk no longer exists or the feared event has already occurred before the contract is concluded (Article 9 VVG).

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January 29th, 2013

Swiss Supreme Court: Scope of Ban on Retroactive Insurance

Posted at 1:00 AM ET

Introduction

The current Swiss Insurance Contract Act (Versicherungsvertragsgesetz, VVG) prohibits retroactive insurance. Therefore, an insurance contract is usually void if the risk no longer exists or the feared event has already occurred before the contract is concluded (Article 9 VVG).

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September 11th, 2012

Guy Carpenter Report Details European Legislative Developments for Casualty Insurance Market

Posted at 11:30 PM ET

Guy Carpenter issued its semiannual analysis of key European legislative developments affecting the casualty insurance industry. Produced in collaboration with law firm Heuking Kühn Lüer Wojtek and its network of legal experts across Continental Europe, the report, Recent Legislative and Judicial Developments in Continental Europe Affecting the Casualty Insurance Industry, analyzes the most impactful and significant legislative changes and judicial developments across 11 jurisdictions, which include:

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May 8th, 2012

Continental European Legislative and Judicial Trends: Revision of Swiss Insurance Contract Act - Recent Developments

Posted at 1:00 AM ET

David Lewin, Managing Director
Contact

Introduction

The Swiss Insurance Contract Act (Versicherungsvertragsgesetz, VVG) has been the subject of growing criticism for a number of years. In particular, the VVG does not provide for equivalence between the obligations of the insured and those of the insurer. Also, there has been deficient coordination between the VVG and the Swiss Code of Obligations (OR). As a consequence, the 100-year-old VVG is being modernized and oriented more towards the future.

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April 24th, 2012

European Countries Face Continued Challenges Adapting Local Legislation to EU Legal Requirements

Posted at 1:00 AM ET

Guy Carpenter published its semiannual report on key legislative developments in Europe affecting liability insurers and reinsurers. A number of these developments underscore the challenges in adapting local legislation and jurisprudence to European Union (EU) and international law.

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January 23rd, 2012

January 2012 Reinsurance Renewal: Switzerland

Posted at 1:00 AM ET

With no major catastrophes in Switzerland in 2011 and only a handful of small regional events, reinsurance rates for loss-free programs at January 1, 2012, remained flat to down 8 percent. In the Swiss primary market, overall growth was flat despite commercial and industrial business experiencing rate decreases of up to 10 percent year on year. In 2012, competition on the industrial side is expected to remain fierce.

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November 17th, 2011

Conclusion: Recent Legislative and Judicial Developments in Continental Europe Affecting the Casualty Insurance Industry, Fall 2011

Posted at 1:00 AM ET

A broad diversity of topics is investigated in our latest update:

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