| December 2012 |
| Tensions Building: The Changing Nature of Terrorism Risk and Coverage |
| The terrorism landscape has evolved in the 11 years since the attacks of September 11, 2001, in the United States. During this time, the core al-Qaeda group has been weakened by the death of its leader, Osama bin Laden, the effect of U.S. drone strikes in Pakistan and stringent counter-terrorism measures implemented in the Western world. Nevertheless, al-Qaeda's ideology and threat remain. Major terrorist attacks have occurred in Indonesia, Madrid, London and India since 2001, and the emergence of strong and independent al-Qaeda affiliate groups in unstable regions of the world now poses a significant threat to Western interests.
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| September 2012 |
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| September 2012 |
| Cold Spots Heating Up: The Impact of Insured Catastrophe Losses in New Growth Markets |
| Guy Carpenter's new report offers insight into catastrophe risks in developing economies and how they are likely to affect the (re)insurance sector as companies target growth opportunities in these new markets, including emerging Asia and Latin America. According to the report, growth opportunities in emerging economies pose a unique set of challenges to (re)insurers. The recent and remarkable clustering of global natural catastrophes revealed increasing risks in non-peak zones at a time of increased insurance demand in emerging markets. The result has been unexpectedly expensive "cold spot" losses in areas not previously considered as risky. The report further examines significant issues and developments relating to global natural catastrophes and rapid economic growth in emerging markets. | |
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| September 2012 |
| Overcoming Key Risks on the Road to Profitable Growth |
| Guy Carpenter's mid-year market report focuses on the top risks (re)insurers face as they seek profitable growth. The report provides a detailed analysis of three key risks to the sector: economic uncertainty and emerging interest rate sensitivity, the shifting nature of catastrophe losses and reserving risk. | |
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| August 2012 |
| Lloyd's: A Vision for Targeted Growth
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| Lloyd's is looking to improve its global competitiveness despite mounting challenges including low investment returns, record catastrophe losses, subdued economic growth in developed markets, and uncertainty over the future of the Eurozone. Lloyd's: A Vision for Targeted Growth provides an analysis of Lloyd's operational performance, growth within the sector and explores how changes to the Market's strategy will impact key players within the insurance industry. The report details how emerging market expansion, coupled with consolidation of its presence in established markets, will be the key driver in positioning Lloyd's to remain the industry's preeminent global hub for specialist insurance and reinsurance. | |
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| April 2012 |
| Recent Legislative and Judicial Developments in Continental Europe |
| Guy Carpenter & Company 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. Produced in conjunction with law firm Heuking Kühn Lüer Wojtek and its network of legal experts across Continental Europe, the report examines the main legal issues considered to have the greatest impact in 11 jurisdictions. | |
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| January 2012 |
| Catastrophes, Cold Spots and Capital - Navigating for Success in a Transitioning Market |
| The January 1, 2012, renewals saw a shift in industry behavior as both insurers and reinsurers implemented more sophisticated, customized approaches to risk assessment and mitigation. In this 2012 global reinsurance outlook, Catastrophes, Cold Spots and Capital: Navigating for Success in a Transitioning Market, Guy Carpenter reports that reinsurers were in a position to undertake a major review of pricing and underwriting going into the renewal season. This led to significant market fragmentation and increased market volatility at January 1.
There were wide-ranging rate movements at national, regional and even local levels, depending on loss experience and exposure perceptions. The broader reinsurance market experienced mixed renewals. Despite the prospect of sustained low interest rates, rate movements for casualty lines continued to be subdued. Most other lines also saw moderate price changes, with increases and decreases in the low single digits. | |
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| December 2011 |
| Managing Catastrophe Model Uncertainty |
| In this report, Guy Carpenter examines effective modeling management as it relates to property catastrophe models used by primary writers of property insurance. We advocate adopting a multiple catastrophe-model approach to better estimate risk and control uncertainty. A broader discussion follows, suggesting how the industry should incorporate model uncertainty in its consideration of catastrophe risk. | |
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| September 2011 |
| Recent Legislative And Judicial Developments In Continental Europe |
| Recent Legislative and Judicial Developments in Continental Europe Affecting the Casualty Insurance Industry is the latest
installment in Guy Carpenter & Company Ltd.'s ("Guy Carpenter's") legislative update series, designed to provide our
international clients and markets with a concise overview of key trends in the Continental European legal environment. These
issues have had an impact on insurers and reinsurers or are expected to have an effect in the near future. | |
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| September 2011 |
| Succeeding Under Solvency II |
| 2011 has been another challenging year for the (re)insurance sector. The sector is in a period of heightened market
uncertainty as it begins to focus on the 2012 renewals. The devastating earthquakes in New Zealand and Japan, along with
damaging tornadoes and floods in the United States and Australia, have resulted in insured losses of around USD70 billion
so far this year. | |
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| September 2011 |
| World Catastrophe Reinsurance Market Review |
| 2011 has been another challenging year for the (re)insurance sector. The sector is in a period of heightened market
uncertainty as it begins to focus on the 2012 renewals. The devastating earthquakes in New Zealand and Japan, along with
damaging tornadoes and floods in the United States and Australia, have resulted in insured losses of around USD70 billion
so far this year. | |
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| August 2011 |
| Terror Market Continues To Provide Abundant Cover |
| A new report on global terrorism and the terror reinsurance market, released by Guy Carpenter & Company, finds that while recorded incidents of terror around the world remain at historically high levels and terrorism remains a serious risk to the (re)insurance industry, the industry continues to meet the current demands for terrorism risk transfer. | |
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| May 2011 |
| Recent Legislative and Judicial Developments in Continental Europe Affecting the Casualty Insurance Industry |
| The May 2011 issue of Recent Legislative and Judicial Developments in Continental Europe Affecting the Casualty
Insurance Industry is the latest installment in Guy Carpenter's legislative
update series, designed to provide our international clients and markets with a concise overview of
key trends in the Continental European legal environment. These issues have had an impact on insurers
and reinsurers or are expected to have an effect in the near future.
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| January 2011 |
| Points of Inflection: Positioning for Change in a Challenging Market |
| This annual assessment of global reinsurance market conditions features a comprehensive reinsurance industry outlook and identifies emerging drivers of change that have the potential to turn around current soft market conditions in 2011. According to the report, the Guy Carpenter Global Property Catastrophe Rate on Line Index dropped 7.5 percent in 2010, as moderate loss activity, high levels of industry surplus and other factors contributed to the decrease. Structures did not change significantly, with cedents buying amounts of cover comparable to last year. | |
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| September 2010 |
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| September 2010 |
| 2010 World Catastrophe Report |
| This annual report provides details about catastrophic events in 2010, including the Chile earthquake and Deepwater Horizon oil spill, as well as trends in (and the outlook for) the global reinsurance marketplace. The report also discusses updates in the catastrophe bond market, the impact of changing regulations (including Solvency II) and developments in catastrophe modeling.
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| June 2010 |
| Terrorism - Reinsurers Standing By |
| As we approach the ninth anniversary of the September 11, 2001 attacks, the threat from terrorism continues to pose a risk to the (re)insurance industry. The nature of the threat has changed since 2001, but terrorism remains a constant and serious risk with global recorded terror incidents at historic highs. Terrorist organizations operating in unstable countries present a danger to the world, and the recent flurry of terrorist activity serves as a reminder that individuals and groups remain a serious threat.
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| April 2010 |
| Recent Legislative and Judicial Developments in Continental Europe 2010 |
| This latest installment in Guy Carpenter's legislative update series, is designed to provide our international clients and markets with a concise overview of key trends in the Continental European legal environment. These issues have had an impact on casualty insurers and reinsurers or are expected to have an effect in the near future.
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| March 2010 |
| Reinsurance Market Review 2010 |
| The reinsurance market in 2010 is under pressure. Revenue is being squeezed by supply-driven short-term price reductions, increased retentions and continueing recessionary effects. Profits are being squeezed by weak investment yields, diminishing support from reserve releases, higher regulatory capital demands and fewars of inflations and reserve deficienceies. All of these factors act to push valuations downwards leding to consolidations and share buy-backs in order to reduce capacity and increase leverage. However, the market may transform as the losses associated with the recent spate of catastrophic events in the first quarter of 2010 develop and serve as a precursor to a more active year for catastrophes. Decisions regarding capital management and the use of share buy-backs may require reconsideration.
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| September 2009 |
| Recent Legislative and Judicial Developments in Continental Europe 2009 |
| This latest installment in Guy Carpenter & Company, Ltd's ("Guy Carpenter's") legislative update series, designed to provide our international clients and markets with a concise overview of key trends in the Continental European legal environment. These issues have had an impact on casualty insurers and reinsurers or are expected to have an effect in the near future.
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| September 2009 |
| Casualty Specialty Update 2009 |
| Monetary inflation may not be a concern now, but many worry about the medium-term prospects. In the short run, a worldwide recession and depressed growth levels have kept the risk of inflation contained. But, "quantitative easing" – the pumping of money by governments into the financial system – could set the stage for a spike in inflation a few years from now. These developments could be exacerbated by non-monetary "superimposed" inflationary factors, which could make it more challenging for long-tail (re)insurers to write profitable business.
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| September 2009 |
| World Catastrophe Reinsurance Market 2009 |
| Reinsurance rates increased by 8 percent through the 2009 reinsurance renewals, as measured by the Guy Carpenter World Catastrophe Rate on Line (ROL) Index. Upward pressure came largely from the impact of the 2008 financial catastrophe on reinsurers' balance sheets, which was exacerbated by the effects of Hurricanes Gustav and Ike. At the January 1, 2010 renewal, reinsurance rates are likely to show little movement, unless a major property catastrophe or financial shock occurs.
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| June 2009 |
| 2009 Global Terror Update |
| This summarizes terror insurance market developments in 34 countries across six continents. According to the report, developments on a country-by-country basis are being shaped largely by events, including new or evolving threats and local developments in the insurance and reinsurance markets. The update also addresses the impact of terror insurance on the aviation market and looks at recent developments in terror modeling.
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| June 2009 |
| Recent Legislative and Judicial Developments in Continental Europe 2009 |
| Recent Legislative and Judicial Trends in Continental Europe Affecting the Casualty Insurance Industry is the latest installment in Guy Carpenter & Company Ltd's ("Guy Carpenter's") legislative update series, designed to provide our international clients and markets with a concise overview of key trends in the Continental European legal environment. These issues have had an impact on insurers and reinsurers or are expected to have an effect in the near future.
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| March 2009 |
| Reinsurance Market Review 2009 |
| Reinsurance rate increases were moderate on average at the January 1, 2009 renewal. The Guy Carpenter World Rate on Line (ROL) Index rose 8 percent, in response to the dual pressures of a financial catastrophe and the second most expensive property catastrophe year on record.
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| March 2009 |
| 2008 Tropical Cyclone Report |
| This summarizes last year's global tropical cyclone activity and the impact of the more significant cyclones after landfall. Tropical cyclone activity is reviewed by oceanic basin, covering those that developed in the North Atlantic, Northwest Pacific, Northeast Pacific, North Indian Ocean and Australia. This report includes estimates of the economic and insured losses sustained from each cyclone (where possible). Predictions of tropical cyclone activity for the 2009 season are given per oceanic basin when permitted by available data.
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| March 2009 |
| Man-Made Cats Hit USD7 Billion in 2008 |
| Man-made and technological catastrophes caused approximately USD7 billion in insured losses in 2008. Nineteen events led to losses of more than USD50 million each. This report provides a quarter-by-quarter review of the major events that contributed to these losses.
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| September 2008 |
| Recent Legal Developments in Continental Europe Affecting the Casualty Industry |
| The latest installment in Guy Carpenter's legislative update series, designed to provide our international clients and markets with a concise
overview of key trends in the Continental European legal environment. These issues have had an impact on insurers and reinsurers or are expected to have an impact in
the near future.
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| September 2008 |
| Casualty Specialty Update |
| This report focuses on major developments across the international casualty insurance landscape. It examines the latest developments in three areas of interest to casualty insurers: the rise of American-style class-action litigation in Europe, inflationary pressures on indexation clauses in liability reinsurance treaties, and the effect of the subprime crisis on European casualty portfolios.
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| September 2008 |
| World Catastrophe Reinsurance Market 2008 |
| Guy Carpenter's annual study of the global property catastrophe reinsurance market. The report finds catastrophe reinsurance rates declining for a second consecutive year, with price competition intensifying as a result of abundant capital, relatively low catastrophe losses, and strong profitability. Globally, rates dropped by ten percent on average in 2008, compared with six percent in 2007.
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| September 2008 |
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| May 2008 |
| Recent Legislative and Judicial Trends in Continental Europe Affecting the Casualty Insurance Industry |
| The latest installment in Guy Carpenter's legislative update series, this report is designed to provide our international clients and markets with a concise overview of key trends in the Continental European legal environment. It consists of a series of short reports highlighting the most notable legislative and judicial issues to impact the casualty insurance and reinsurance industry in Continental Europe during the period September 2007 to May 2008.
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| May 2008 |
| Managing Prosperity: 2008 Bermuda Update Report |
| This report examines the premium income, earnings, balance sheets and corporate activity of the 25 Bermuda-domiciled insurance companies that make up Guy Carpenter's Bermuda Composite. According to the report, Bermuda faces the challenges of prosperity in 2008. The good fortune of low catastrophe losses in 2006 and 2007 have caused balance sheets to swell, but the opportunities to earn the outsized returns desired by investors have nearly vanished. For the coming year, it is almost inevitable that the profit rate of Bermudian companies will decline.
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| February 2008 |
| The Catastrophe Bond Market at Year-End 2007 |
| This new report assesses catastrophe bond market activity for 2007. After a decade of use and refinement, cat bonds have matured substantially. They have become integrated into modern catastrophe risk management practices. Issuance activity rates accelerated dramatically even in the wake of two consecutive annual new issuance records. With rates softening for traditional reinsurance capacity, a third consecutive record-setting year characterized the cat bond market in 2007.
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| February 2008 |
| Tropical Cyclone Review 2007 |
| This report, produced by Guy Carpenter's Instrat® Unit, summarizes the season's tropical cyclones and the impact of the more significant cyclones after landfall. Tropical cyclone activity is reviewed by oceanic basin. This report includes an estimation of the economic and insured losses sustained from each cyclone (where possible). Predictions of tropical cyclone activity for the 2008 season are given per oceanic basin when permitted by available data. | |
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| January 2008 |
| 2008 Reinsurance Market Review - Near Misses Call for Caution |
| This report, a global study of January 1, 2008 renewals, studies the trends and events that have shaped the reinsurance market in 2007 and the implications they have had for all risk bearers. Each chapter reviews the different segments of the market, including renewal trends and challenges that have arisen. This report explores both sides of the supply and demand equation, measuring property-casualty risk against a well-capitalized market. The Sector Segment Reviews chapter takes a closer look at specific geographical and segmental aspects of the January 1, 2008 renewal around the world. | |
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| January 2008 |
| Global Claims Consulting |
| Legal expense incurred in defending or prosecuting a declaratory judgment action is often
submitted to reinsurers for reimbursement. Although more recent and current reinsurance
contracts specifically address whether or not declaratory judgment expenses are recoverable,
disputes still arise under contracts that are silent and/or ambiguous on the issue and occur
most frequently when dealing with a run-off market or in a direct placement scenario. | |
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