Risk, Re-/Insurance and Future Thinking
Posts tagged as:
Water—or the scarcity of it—is not something people give a lot of thought to. But consider these facts:
Demand for clean water will rise by 100% between 2007 and 2040.
Irrigation for farming uses 60% of all water taken from rivers and aquifers globally.
While the world produces twice as much food as it did 25 years [...]
{ 0 comments }
Alistair Schaff QC gave an illuminating talk on Wasa –v– Lexington at an impromptu BILA session in Lloyd’s Old Library today.
While Schaff represented the winning reinsurers he managed to convey an objective sense that the right decision had been reached. I was in tune with that since I had always found the CA decision [...]
{ 3 comments }
At least from Barlows.
Word is that “Barlow Lyde & Gilbert (BLG) insurance heavyweight Colin Croly has left the firm following the merger of its insurance and reinsurance practices. Croly was tipped to take the senior partner position last year, but was beaten to the post by professional liability head Simon Konsta. It is not yet [...]
{ 0 comments }
Willis offer an assessment of how the reinsurance industry is surviving the credit crunch. Key points:
1. Reinsurers’ balance sheets have stood up pretty well, especially compared to the parlous situation in the capital markets.
2. Access to capital is going to remain tight, so reinsurers are being cautious about risk exposure.
3. So prices are going [...]
{ 0 comments }
London Market reinsurers have ended their long-running Commercial Court litigation with Korea National Insurance Corporation (KNIC) by agreeing to pay approximately 95% of KNIC’s reinsurance claim and to retract and withdraw all allegations of fraud and impropriety made against the North Korean insurer.
The litigation, which began in January 2007, involved a claim by KNIC to [...]
{ 0 comments }
The excellently immodestly-named “Reinsurance Guru” (aka “1212″ ??) has rejigged and redesigned his website.
Go see, as it’s a good source of fast-moving news from the industry.
{ 0 comments }
Citi analyst Joshua Shanker said reinsurers might get rate increases of as much as 10 percent for 1/1 renewals.
Shankar cited the following factors:
* investment losses,
* large storms,
* accumulated casualty loss trends and
* financial difficulties faced by several of the industry’s largest commercial insurers and reinsurers
as explaining the position, to which I would also add [...]
{ 0 comments }
In the recent (24.10.08) case of Markel –v- Gothaer Allgemeine & Kontinentale the Commercial Court considered the nature and role of an agent in a dispute over a Claims Co-operation Clause. It’s an oddly fact-specific case, but there are some wider issues in play.
This was a summary judgment application by reinsurers (Markel) to dismiss [...]
{ 0 comments }
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 [...]
{ 0 comments }
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. [...]
{ Comments on this entry are closed }
Get smart with the Thesis WordPress Theme from DIYthemes.
