Monte Carlo reinsurance Rendez-Vous a go-go

Posted on September 22, 2011 by Mairi

Last week the reinsurance world descended on the glamorous Monte Carlo for the annual reinsurance Rendez-Vous.

Among the diamonds, champagne and glitz of the setting, real work was being done, brokers standing their ground on reinsurance pricing for the January 1, 2012 renewals, reinsurers saying prices will rise by up to 10%.

This dance will continue in Baden Baden in October, when the real negotiations are finalised, and may well result in a 5 to 7% rise, according to those in the know.

This year, there was a newcomer to the event, however. World Risk and Insurance News – a new dedicated insurance news channel launched there and has produced several reports on the back of it – and they are very good, well edited and well presented with good content. Continue reading →

Stirred but not shaken? The true cost of the Japan disaster on reinsurance and insurance

Posted on March 25, 2011 by Mairi

In the past week, the speculation about the terrible events in Japan – and what they will mean for the reinsurance and insurance market – have begun to calm down. Already badly hit by the New Zealand earthquakes and Australian floods, the first quarter of 2011 has already proved costly – and we have yet to see how the wind blows in the Atlantic this hurricane season.

Opinion on the insured cost of the earthquake and tsunami vary from $10 billion to $35 billion. But with each estimate looking at different perameters, it is difficult to compare like with like. Some say the cost will be much higher once international business interruption (BI) cover is taken into account, while others believe that the way the Japanese market works, the cost will, in fact, be surprisingly low. Some in the know say that total cost of reinsured losses will be as little as $6 billion ($2.5 billion Zenkyoren, $1 billion unknown and $2.5 billion non-life). Others say it has been grossly underestimated with losses from international BI to roll in for years and years to come. Continue reading →

Watch out – here comes Hurricane season

Posted on May 28, 2010 by Mairi

Hurricane Ike 2008

The start of the Atlantic hurricane season on June 1 never really meant that much to me until I went to live in Bermuda and within the first month became glued to the weather reports as swirls of clouds spun slowly towards this unprotected dot in the middle of the Atlantic.

As it came nearer, I was surprised by the ferocity of the winds bending and stripping the trees, the swell that turned the turquoise ocean to dark muddy water, the rip currents that pulled the sand from under your feet and made you retreat from the water’s edge quickly. Continue reading →

March Madness – reinsurance and insurance conferences a go-go

Posted on February 22, 2010 by Mairi

I’m dusting off my conference gear this week as March is going to be packed globe full of reinsurance-relevant conferences – so if you need to work up your air miles, here is a guide to the best on this month.

This list takes you from Qatar, to Bermuda, to Arizona, to Dublin – a nice round of geographies and subjects being covered. Continue reading →

The CCRIF – in light of the catastrophe in Haiti is the pot for the insurance and reinsurance of the Caribbean nations enough?

Posted on January 15, 2010 by Mairi

I was going to write today about XL Capital moving its domicile from the Cayman Islands to Dublin (and by the way, DIMA, well done on bagging this one). I was going to write about what it might mean for the company going forward, for its listings, for its long-suffering shareholders and for its global HQ in Bermuda.

But I’ve been watching the events in Haiti, and, to be honest, the news of XL getting its EU passport seems to pale into insignificance. Continue reading →