Risk, Re-/Insurance and Future Thinking
From the category archives:
Looking down from my hotel on the rooftops of Houston, I can still make out the debris that must have been left behind by Ike.
It reminds me of the time that I was in New York about 7-8 weeks after 9/11. We were staying in the Waldorf-Astoria and when I crawled under the table [...]
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Reinsurance assets will more easily be accessible to foreign liquidators in multinational insolvency proceedings following the House of Lords’ decision last week in the long-running HIH saga.
Their Lordships found that English courts should co-operate “as much as possible” to ensure that the assets of bankrupt companies based abroad are distributed among creditors under a single [...]
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In his 2008 letter to shareholders, Warren Buffett has a charming little story about the problems of IBNR and the known unknowns (ahem):
We also include a large reserve for losses that occurred before year-end but that we have yet to hear about. Sometimes, the insured itself does not know that a loss has occurred. [...]
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I am staggered by this. According to the British Lung Federation:
* Less than a third of tradespeople are aware asbestos exposure can cause cancer
* Only 12% of tradespeople know asbestos exposure can kill them
* Nearly a third (30%) wrongly believe most asbestos has been removed from UK buildings
* Three quarters (74%) have had no [...]
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Details are a little sketchy at present, and I have not read the report itself yet, but it seems that EU Competition Commissioner, Neelie Kroes, has it in for the EU insurance industry on two main grounds:
First, the report refers to long-standing and widespread industry practices in the reinsurance and coinsurance markets involving the alignment [...]
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In his ever-interesting blog Lars Toomre writes of big lay-offs in the Wall St structured finance departments.
>On the afternoon of Wednesday August 29th 2007, rumors of pending layoffs in the structured finance areas are being reported in the media. CNBC and The Wall Street Journal are reporting that major layoffs are going to be announced [...]
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Interesting article from the Long Now foundation (disclosure: I’m a charter member) about the the increase in range of things that can be bet on as risk measurement becomes more precise. They refer back to the Allianz-led cat bond on floods hitting London as a prime (and new) example of such risks and then [...]
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Interesting that Allianz have issued a flood bond, principally to bet against the chances of a huge flood washing away much of London’s financial and associated infrastructure along the Thames.
This one is for $150m and would protect Allianz from the wave [sorry] of claims that it expects would hit it in the event of such [...]
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Have you been following the story about North Korea and its attempts to recover on its reinsurance contracts? Well, my old lot have now issued proceedings in the Commercial Court on behalf of the Korean National Insurance Corporation (KNIC) for recovery of the cash, according to this report on Fox News (yes, I wouldn’t [...]
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