| 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.
| |
 | |
| April 2010 |
| Recent Legislative and Judicial Developments in Continental Europe 2010 |
| 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 casualty insurers and reinsurers or are expected to have an effect in the near future.
| |
 | |
| 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.
| |
 | |
| September 2009 |
| Recent Legislative and Judicial Developments in Continental Europe 2009 |
| 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 casualty insurers and reinsurers or are expected to have an effect in the near future.
| |
 | |
| 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.
| |
 | |
| 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.
| |
 | |
| June 2009 |
| 2009 Global Terror Update |
| 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.
| |
 | |
| 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.
| |
 | |
| 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.
| |
 | |
| March 2009 |
| 2008 Tropical Cyclone Report |
| The 2008 Tropical Cyclone Review 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.
| |
 | |
| 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.
| |
 | |
| 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.
| |
 | |
| 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.
| |
 | |
| 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.
| |
 | |
| September 2008 |
|
| 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.
| |
 | |
| 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.
| |
 | |
| 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.
| |
 | |
| 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. | |
 | |
| 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. | |
 | |
| 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. | |
 | |
| December 2007 |
| Wrong Type of Rain: Impact and Implications of 2007 UK Floods |
| While a wet UK summer is unlikely to affect pricing, it will make insurers take another look at risk. With losses estimated to have exceeded £3bn (US$6.2bn), the effect of the June and July floods was not insignificant, especially since insurers carried most of the cost themselves. The result may be an increase in the purchase of sideways reinsurance cover and renewed interest in alternative risk transfer techniques. | |
 | |
| October 2007 |
| WSI Hurricane Forecasting Technique |
| This report, produced by the WSI Corporation, the world's leading provider of weather-driven business solutions, addresses WSI's collaboration with Guy Carpenter in the development of a forecasting technique to help assess the risk of losses due to hurricane strikes up to 10 days into the future through the use of state-of-the art meteorological models. | |
 | |
| October 2007 |
| The Review Cedant's Guide to Renewals 2007 |
| The Review magazine in association with Guy Carpenter has published a comprehensive guidebook that details the key issues companies will face as the upcoming renewals season approaches and provides insights into a wide range of topics, including property, U.S. and global casualty, capital markets, cat bonds, Solvency II and terrorism. | |
 | |
| October 2007 |
| Australian East Coast Storm 2007: Impact of East Coast Lows |
|
This report, produced by Guy Carpenter's Instrat® Unit, following the powerful storm that hit New South Wales in Australia between 7 June and 10 June, gives details of the damage extent in New South Wales after an East Coast Low (ECL) pressure system hit the state and caused insured losses of at least A$1.35bn.
| |
 | |
| September 2007 |
|
| September 2007 |
| Casualty Specialty Update |
|
This report covers the areas of liability catastrophe modelling, European environmental liability legislation and the impact of Basel II banking accords on insurers and reinsurers.
| |
 | |
| September 2007 |
| Cargo Accumulation Modelling – The Guy Carpenter Approach |
|
This report outlines the techniques and thought processes that Guy Carpenter has adopted to analyse accumulations of cargo exposure. The publication explains in detail both the exposure assessment and catastrophe modelling segments of the process and also includes a number of case studies in order to demonstrate how this methodology operates in practical terms. The case studies include an assessment of Japanese cargo exposures and their vulnerability together with an assessment of the total value of cargo onboard container vessels.
| |
 | |
| September 2007 |
| The Lloyd's Market in 2007
|
|
This report analyses Lloyd's 2006 results, recent trends in capacity and the market's current capital structure. The report also provides commentary on Lloyd's strengthened competitive position, covering the Equitas/Berkshire Hathaway transaction and recent rating upgrades. Appendix 1 provides an overview of all active syndicates, including the largest capital backers, 2006-2007 capacity development, annually accounted results for 2005-2006 and any individual ratings/rankings assigned.
| |
 | |
| September 2007 |
| The World Catastrophe Reinsurance Market: New Capital Stabilizes Market
|
| This annual, comprehensive report covers 23 countries and four regions, representing more than 90 percent of the worldwide market for catastrophe reinsurance. Findings show that the catastrophe reinsurance market is stabilizing following a tumultuous renewal cycle in 2006. Globally, rates dropped by six percent in 2007, versus an increase of 32 percent in 2006.
| |
 | |
| September 2007 |
| Internal Models – A Winning Solution for Solvency II |
|
This report provides background on the current proposals for evaluating capital adequacy under Solvency II, with an extensive discussion of the considerations and benefits of selecting the internal model approach. While the standard (formulaic) model approach will likely be sufficient for many small insurers, we believe larger insurers and reinsurers will benefit extensively from the implementation of internal models.
| |
 | |
| June 2007 |
|
| June 2007 |
|
| May 2007 |
|
| February 2007 |
|
| January 2007 |
|
| January 2007 |
|
| November 2006 |
| Typhoon Saomai: Impact and Historical Comparison |
| Provides a meteorological background to the typhoon, and how the storm affected the coastal provinces of China, provides economic and insured loss estimates and explores the typhoon hazard in general in China and the threat it poses to the country�s coastal provinces.
| |
 | |
| November 2006 |
|
| November 2006 |
|
| October 2006 |
| The Review Cedant's Guide to Renewals 2006 |
| The Review magazine in association with Guy Carpenter has published a comprehensive guidebook that details the key issues companies will face in the upcoming renewals season. | |
 | |
| September 2006 |
| Casualty Specialty Update |
| This report contains articles on third party liability exposures arising from European acts of terrorism, workers compensation and employers liability insurance in Europe and D&O class actions in Europe.
| |
 | |
| September 2006 |
|
| September 2006 |
| The World Catastrophe Reinsurance Market: Steep Peaks Overshadow Plateaus |
| This annual report, which covers 22 countries and four regions, is a comprehensive study of the property catastrophe reinsurance market. In addition to reviewing catastrophe exposures and the availability of catastrophe insurance from private and government sources, the study summarizes respective market conditions in catastrophe reinsurance.
| |
 | |
| September 2006 |
| Solvency II: Preparing for the Dawning of a New Day |
| This paper, produced jointly with Mercer Oliver Wyman, examines implications of the Solvency II regulation and the likely strategic impact that the new legislation will have for primary insurers and reinsurers.
| |
 | |
| July 2006 |
| Nanotechnology – The Plastics of the 21st Century? |
| Nanotechnology refers to the manipulation of molecules and atoms at a tiny scale to produce products that exhibit different and/or new properties. This report includes information on the relationship between insurance and innovation, an overview of nanotechnology, its benefits to the global economy, associated risks, regulation and the likely evolution of insurance coverage.
| |
 | |
| July 2006 |
| The Lloyd's Market in 2006 |
| This report covers Lloyd's 2005 results, recent trends in capacity and the market's capital structure, and provides commentary on the role of the Franchise Board, Lloyd's competitive position and the current ratings in effect.
| |
 | |
| June 2006 |
|
| May 2006 |
| Tropical Cyclone Larry Review |
| This report provides meteorological information on the cyclone that hit north Queensland in March and gives an in-depth analysis of the economic and insured losses that were sustained in the region.
| |
 | |
| May 2006 |
|
| March 2006 |
|
| February 2006 |
|
| January 2006 |
| Property Specialty Update: 1 January 2006 Renewal Season Overview |
| This report presents an overview of the January 1, 2006 property renewal season regarding renewals in Europe, Asia Pacific and the United States. It covers property catastrophe, property risk excess of loss, proportional treaty, retrocession, rating agencies and modeling, catastrophe bonds and new market capital. | |
 | |
| January 2006 |
| Recent Legislative and Judicial Trends Affecting the U.S. Casualty Industry – Update #1 |
| This update to the Recent Legislative and Judicial Trends Affecting the U.S. Casualty Industry report, published in November 2005, highlights a recurring and significant issue in insurance coverage litigation: whether and to what extent policyholders may, through written discovery and/or depositions, explore information concerning an insurer's reserves. | |
 | |
| January 2006 |
| U.S. Reinsurance Renewals at January 1, 2006 |
| This report highlights pricing, retentions and limits, capacity and terms and conditions in the property, casualty, U.S. marine and offshore energy, accident and health and life and annuity lines of business. | |
 | |
