Reinsurance

The Right Direction: 2013 Life Reinsurance Survey

The U.S. life reinsurance market posts a positive cession rate from direct writers for the first time in 11 years.

The Evolution of Reinsurance (Munich RE)

Disasters like the disappearance of Malaysia Flight 370 and natural catastrophes such as Hurricane Katrina emphasize the value of reinsurance. These events resulted in large exposures, with direct writers resorting to reinsurance to spread the risk. That is how reinsurance started, as a risk management tool. Over the years, it has evolved, offering numerous benefits for insurance companies, including access to information, relationships, and expertise that can yield greater benefits in the claim adjudication process.

Revitalizing Reinsurance Capacity

Life insurers can't continue to wait for the markets to resolve the impact the financial crisis has had on their capacity. New ideas are needed.

Interview with Michael DeKoning CEO of Munich American Reassurance Company

This interview appears on page 10 of the latest issue of Reinsurance News, a publication of the Society of Actuaries' Reinsurance Section.

Risk Insights March 2014 Edition (Gen Re)

Articles in the latest issue of Gen Re's Risk Insights include:

- No Easy Way Out: An Overview of International Trends in Suicide
- Suicide: Right to Die, Wrong to Claim?
- South African Group Mortality Experience
- Paying Assisted Death Claims - A UK Perspective

Insurability after Severe Traumatic Brain Injury

The tragic skiing accident of Formula 1 racing champion Michael Schumacher increased the awareness of severe traumatic brain injury, which is a leading cause of death and disability worldwide.

RGA ReFlections Underwriting Newsletter Volume 31

Articles include:

Magnetic Resonance Spectroscopy
Cancer Development - Developmental Roles of the Genome and Immunity, Part II
The Structure of the ICD-10 Codes
The Longer Life Foundation - 15 Years of Independent Research

Examining Changing Relationships Between Direct Writers and Reinsurers

How has the relationship between direct writers and reinsurance companies changed? For the past two decades, Rick Flaspholer has surveyed direct writers about North American life reinsurance and related issues. Rick will present the just completed 2013 survey and will share his insight on the changes in direct writer/reinsurance relationships.

Big Data: What It Is And Why We Need It (Slides)

The slides from this presentation by Bill Moore have been posted at the Actuaries Club of the Southwest website.

Middle Market and Reinsurance (slides)

It seems that every company is looking for an efficient way to enter, or continue to compete in, the middle market. Questions to be asked include:

- How can I minimize my underwriting expenses?
- How do I keep my mortality levels acceptable?
- How will my reinsurers view my decisions?
- Can I do this better/faster/cheaper?

This session will address many of these questions and help you compete more efficiently in the middle market.

Aiming for the Center: The Middle Market

The middle market represents $10 trillion worth of potential sales for life insurers, and the reinsurance market is paying attention.

Reinsurance News: October 2013 Issue (SOA)

Articles featured in the latest issue include:

- What Causes Direct Writers to Strongly Recommend a Reinsurer to a Colleague?
- Chairperson's Corner
- Modern Models for Longevity Risk
- Interview with Sebastien Blondeau, President and COO of Optimum Re
- How to Price Longevity Swaps
- Accident & Health Reinsurance - "Deja Vu All Over Again?"
- Life Reinsurance in the Mexican Market

Five Minutes with Andrew Linfoot, Managing Director of Munich Re

An interview with Andrew Linfoot, Managing Director of Munich Re, appears in the latest issue of ALUCA's RiskeBusiness.

Gen Re Research – New Zealand Mortality Investigation

Gen Re’s Life/Health Research and Development has recently completed a mortality investigation of New Zealand assured lives in conjunction with the New Zealand Society of Actuaries and our Life colleagues in Australia.

Reinsurance News July 2013 Issue (SOA)

The latest issue is available at the SOA website. Articles include:

- Interview with Peter Schaefer CEO of Hannover Life Reinsurance Company of America
- Pandemic Risk
- Life Insurance Acceleration Riders
- Longevity Risk and Reinsurance
- Results of the 2012 SOA Life Reinsurance Survey
- Summary of Mortality Comparisons and Risk Exposures in the Older Age US Market
- Life Reinsurance Treaty Construction: A Preview

Completing the "Claim Story" Using Social Media

The lead article in the June issue of Munich RE's Connections.

Life Reinsurance Survey Results (Slides)

Munich Re has been conducting the Life Reinsurance Survey on behalf of the Reinsurance Section of the Society of Actuaries since 1987. This presentation of the results from the 2012 survey was posted last month at the Marclife.com website.

Report  of  an  NT-­proBNP  Survey  of  Reinsurers

We surveyed U.S. reinsurers regarding their practices and viewpoints
about use of the NT-proBNP cardiac test by their clients. The report of this survey will be of keen interest to insurers using (or contemplating the use of) NT-proBNP.

Life Insurance Treaty Construction (SOA)

The Reinsurance Section and the Committee on Life Insurance Research are pleased to announce the release of a new report designed to increase awareness of the importance of many reinsurance treaty terms/provisions, identify common treaty structures, practices, and/or solutions in reinsurance treaty construction and negotiation and illustrate how treaty terms have evolved over time. Authored by Steve Stockman and Tim Cardinal of Actuarial Compass, this report is based on questionnaire responses, telephone interviews, participant research assignments, follow-up email correspondence and an in-person roundtable discussion. This report documents participant’s points, counterpoints, counter-counterpoints and insights.

2012 SCOR Pandemic Risk Conference Highlights

Pandemic risk is one of the most important tail risks for life (re)insurers and to a lesser degree, for non-life (re)insurers. Estimated losses from a 1-in-200 year pandemic event could be equal to or even greater than major property and casualty events such as a major earthquake or major tropical storm.

RGA ReFlections: Winter 2012 Issue

Articles include:

- An Actuarial Viewpoint on Predictive Modeling
- Electronic Health Records - The Direct Project
- The Risk of Resurgence of Infectious Diseases Such as Tuberculosis
- Functional Impairments in South Africa

A Checklist for Optimizing Reinsurance Negotiation

This article is written with the idea that both the reinsurer and the direct writer could benefit from fully exploring all appropriate assumptions and considerations directly and indirectly impacting reinsurance pricing.

Gen Re Risk Matters: August 2012

Articles include:

- Some Days Must Be Dark and Dreary - Medicalizing Normality
- Overweight Children and Adolescents - The Risks
- Consumer Attitudes Toward Insurance
- Financial Strength - Just How Strong is Strong?
- Inside Gen Re

SOA Reinsurance News: August 2012

Articles include:

- Life Reinsurance data from the 2011 Munich Re Survey
- New Medical Markers in Life Underwriting
- The Future of Underwriting - Catching Waves
- Interview with Paul Rutledge, president and CEO SCOR Global Life Americas
- Variable Annuity Mortality Reinsurance
- ReFocus ReCap 2012 - An Evolving Success Story
- Chairperson's Corner

2011 Life Reinsurance Survey Results

Munich Re prepared the 2011 Life Reinsurance Survey on behalf of the Society of Actuaries Reinsurance Section as a service to section members.

An Analysis of Motor Vehicle Records and All-cause Mortality

Mortality analysis of applicants based on MVR records conducted by RGA and Lexis-Nexis:

A Snapshot of Large-Retention Companies Reinsurance Needs

Life reinsurers have done a relatively good job in competing with banks for market share of structured solutions, yet one might conclude that life reinsurers have not done a good job competing with an even bigger and more powerful competitor—the client company’s own retention limit. Is there anything a life reinsurer can do to change its business model to serve the needs of a large-retention life insurance company?

Point/Counterpoint: Screening With Treadmill Exercise ECGs

A Point/Counterpoint article debating the value of screening with treadmill exercise ECGs was published in the December issue of OTR and it is posted here with the permission of On the Risk, Journal o

Gen Re Risk Insights: Dec 2011 Issue

The December 2011 issue of Gen Re's Risk Insights includes the following articles:

- Hitting the Customer Sweet Spot for Life
- Projecting Mortality Trends: Separating the Past from the Future
- Rate Increase Strategy and Anti-Selective Lapses in the U.S. Medicare Supplement Market: A Case Study
- Commission-Based Versus Fee-for-Advice Systems
- Inside Gen Re

Trends in Underwriting Point To A Changing Future

Life insurers are cautious about integrating medical and technological advances into their underwriting procedures in order to avoid unintended consequences to decision accuracy. Still, some recent advances are intriguing, and companies are starting to incorporate these innovations into their processes.

Gen Re Risk Matters Oceania Nov 2011 Issue

The November 2011 issue of Gen Re Risk Matters Oceania includes the two articles "When Is a Heart Attack a Heart Attack?" and "Financially Verifying Occupational Duties."

Reinsurance News (Nov 2011 issue)

The latest edition of the SOA Reinsurance Section newsletter has articles on:

- Life Insurance data from the 2010 Munich Re Survey
- Social Media Goes Corporate
- Penetrating the Elusive Middle Market for Life Insurance
- An Actuary, an Underwriter and a Marketer in a Boat
- Interview with Emma McWilliam, Editor of Longevity Risk
- Reinsurance Data Management - the Good, the Bad, and the Ugly

Access to Reinsurance by Smaller Insurers: Perils, Pitfalls and Solutions

The Reinsurance Section, Smaller Insurance Company Section and the Committee on Life Insurance Research are pleased to make the following report available. Authored by W. Michael Reese of Hause Actuarial Solutions, this report examines challenges encountered by smaller insurers in obtaining life reinsurance, the challenges and opportunities life reinsurers face in servicing these companies, and considers some possible solutions that might help to resolve the challenges encountered.

Gen Re: Risk Matters Oceania - Sept 2011

Includes feature stories: "Income Protection 10-Hour Policy Rule Unmasked," "Bonuses and Employee Share Schemes," "CLUE - Continuing Updates and Improvements in Line with E

Finding The Bottom

Steady decline continues for life reinsurance cession rates, according to the latest industry survey by Munich Re.

Despite shrinking market volume in the US life reinsurance segment, RGA's Anna Manning watched her company stay relatively level on 2010 revenue and actually increase its market share.

Guy Carpenter Update: Downgrade Implications

Standard & Poor's has downgraded the U.S. sovereign debt rating to AA+ from AAA. Implications for (re)insurers worldwide are mixed. Although there are broad economic implications, markets appear to have anticipated at least some of these, which could forestall rash or catastrophic outcomes. The long-term effects, however, could be profound.

Interview With The President, Director And CEO: Reinsurance Group of America, Incorporated (RGA) - A. Greig Woodring

The Wall Street Transcript has just published Insurance Report offering a timely review of the sector. This Special Report contains expert industry commentary through in-depth interviews with public company CEOs, Equity Analysts and Money Managers. The interview covers RGA product lines, opportunities for growth, the impact of the catastrophic events in recent months, and more.

ReFocus 2011

Overview of the ReFocus conference from Ronald (Ronnie) Klein, Head of Life Reinsurance Planning and Control at Zurich Insurance Company, Ltd in Zurich, Switzerland in the SOA's "Reinsurance News" newsletter.

Brazilian Reinsurance Market Update

In 1939, the Brazilian Reinsurance market was closed to direct access by international reinsurers. It was reopened in January 2010 and is now home to 84 multinational reinsurers and the State Reinsurer, Instituto Resseguradora do Brasil (IRB Re). Even after two and a half years, the IRB still has the dominant market share. This article will discuss the
major issues.

ReFocus 2011 Presentations

Presentations from various sessions at ReFocus 2011, held on February 27-March 2, 2011, in Las Vegas, NV.

The Essential Guide to Reinsurance: Solutions to 21st Century Challenges

In this in-depth guide, Swiss Re introduces the concepts of reinsurance and highlights the essential function reinsurance has in enabling progress and contributing to the stability of the economy and society.

Willis Re to Broker Life Reinsurance Business

In response to the growing capital needs of the Life insurance and Annuity industry, Willis Re, one of the world's leading reinsurance advisors, has established a Life Solutions Group to provide the market with advice on risk mitigation and financial leverage. Willis Re, part of Willis Group (NYSE:WSH), the global insurance broker, has appointed Rick Hodgdon, Mike Kaster and Brian Holland three highly respected reinsurance and risk management experts in New York to lead the new team.

SAVE THE DATE: MAY 12, 2011: 2010 Life Reinsurance Survey Results – Live Webcast

Munich Re invites you to a live, interactive webcast previewing the results of the 2010 Life Reinsurance Survey.

Participants will be the first to see the results of the 2010 Life Reinsurance Survey. Munich Re has conducted the annual Life Reinsurance Survey on behalf of the Statistical Research Committee of the SOA Reinsurance Section for over 20 years. The life reinsurance market continues to evolve in sometimes surprising directions. They will show you what happened in the U.S. and Canadian life reinsurance markets in 2010 and provide insight as to why. Individual company results will be disclosed. Emerging reinsurance trends based on past survey results will be reviewed and discussed.

Scottish Re Unwinds Securitization

Scottish Re Group Ltd. says it is unwinding a securitization deal and implementing a merger that should provide liquidity for ordinary shareholders.

Insurance Businesses on the Block

SCOR agrees to acquire Transamerica Re from AEGON, and AIG awaits regulatory approval on the divestiture of its Taiwan unit.

ACLI Joins Fight Against Brazilian Reinsurance Regs

The American Council of Life Insurers (ACLI) is part of a coalition that is asking the government of Brazil to change new reinsurance regulations.

Insurance groups from Europe, Asia and the Americas are joining to object to the new rules, according to the ACLI, Washington.

Guy Carpenter: April 1 Reinsurance Renewals

The April 1, 2011 renewal once again demonstrated the reinsurance industry’s ability to operate during trying times. The renewal, which is dominated by business in the Asia-Pacific region, followed just a few weeks after the devastating 9.0Mw Tohoku earthquake struck off Japan on March 11. The earthquake and subsequent tsunami caused a humanitarian disaster, and the widespread damage to property and infrastructure is likely to make the event the most expensive insured loss outside of the United States, in history. Current modeled estimates predict an insured loss of between USD12 billion and USD30 billion for the event. This, along with other catastrophic events in Australia and New Zealand, resulted in a very challenging first quarter for the industry.

The Value of An “Expert” Life Reinsurance Intermediary

This article in the Society of Actuaries' Reinsurance News describes how a life reinsurance intermediary, possessing a combination of creativity, accounting, actuarial, reinsurance market and capital markets knowledge and experience, can bring unique mission-critical value to clients seeking reinsurance focused on special risks and/or focused on financial and tax planning objectives.

Other articles in this edition:

  • State of the Variable Annuity Reinsurance Market in 2010
  • Jumbo Limits: Compensating for Terrible Administration
  • How To Lose a Million Bucks Without Really Trying: Oversights in Negotiating Reinsurance Treaties
  • Catastrophic Claim Trends and Medical Excess Costs

...and more.

Dead Certain

Imagine an individual life policy you could purchase with no medical, no underwriting, in short: no questions asked! Of course, as most readers will be well aware, this type of policy already exists in the form of guaranteed acceptance products. This Hannover Re article takes a closer look at such policies and their distinctive features.

Life Reinsurance: IAIS Sees Mixed 2009 Results

World life reinsurance gross premium revenue may have fallen in 2009, but world life reinsurance net premium revenue may have increased.

The International Association of Insurance Supervisors (IAIS), Basel, Switzerland, has published world life reinsurance market statistics in a year-end review of the reinsurance market.

The Essential Guide to Reinsurance

In this in-depth guide, Swiss Re introduces the concepts of reinsurance and highlights the essential function reinsurance has in enabling progress and contributing to the stability of the economy and society.

Berkshire Hathaway Makes Life Reinsurance Deal

A life insurance unit at Warren Buffett’s company has agreed to acquire a life reinsurance business from Sun Life Assurance Company of Canada.

Presentations from the ReFocus 2010 Conference

Presentations from various sessions at ReFocus 2010, held on February 28-March 3, 2010, in Lake Las Vegas, NV.

SOA Reinsurance News - Summer, 2010

Topics covered include:

  • life settlement underwriting
  • financial underwriting
  • ReFocus
  • Individual Life Experience Committee 2005-2007 Mortality Study

...and more.

Initial Reactions to Health Care Reform: An Insurer and Reinsurer Perspective

With the passing of the Patient Protection and Affordable Care Act, the environment for health insurers has drastically changed. Undoubtedly, the wheels of progress move slowly and we have only begun to understand the full impact that the reforms will have on our industry. What we do know is that these changes will have a significant and immediate impact on every organization conducting business in the health care arena.

In order to assess the current situation, brokers throughout Guy Carpenter & Company, LLC reached out to our business partners in all segments of the health care industry.

Rating Agencies: Doom & Gloom for Global Reinsurers?

Uncertain markets, slow economic improvements and changing regulations cloud recovery efforts, making underwriting discipline, pricing a key strategy.

According to a report issued by Standard & Poor’s Rating Services, life reinsurers in particular will face numerous challenges that may erode the health they’ve enjoyed. The report, "The Sluggish Economic Recovery and Emerging Regulatory Changes Are Reshaping The Life Reinsurance Landscape," maintains that a slow economy is forcing life reinsurers to deploy limited capital resources cautiously.

Are (Re)Insurance Operations Source of Systemic Risk?

Report from The Geneva Association.

Group & Individual Life Accidental Death Carve-Out Program

While traditional risk management coverages on group and individual life portfolios can be structured to make them affordable, in many instances to do so will mean the coverage will have conditions and limitations
which will make it an ineffective risk management tool. Because of this, today more and more companies are turning to AD Carve-Out reinsurance as a viable risk management solution.

Issues and Trends for Health Insurance Companies and Reinsurers

Presentation from the SOA '10 Health Meeting, held on June 28–30, in Orlando, FL.

PartnerReviews: Systemic Risk – What Risk?

Why legislate for systemic risk in an industry that apparently has none? Patrick Thiele calls for intelligent regulation informed by the unique economics of the reinsurance industry.

Evolving Life Reinsurance Market Keeps Focus on Stability

Even as financial markets rumble and cession rates fall, life reinsurers remain focused on stability.

The market has evolved dramatically in the past decade. While almost 10 companies used to write 85% of the business, today the top five players write 85% of the business. In addition to consolidation, life reinsurers have seen their piece of the pie shrink. Cession rates were at their lowest point of the decade in 2009, at 33.9%, down from 61.8% in 2000, according to an annual life reinsurance survey conducted by Munich Re on behalf of the Society of Actuaries.

Advanced Reinsurance Topics

Presentation from the SOA 2010 Life & Annuity Symposium, May 17-18, 2010.

Issues in Structuring The Reinsurance Relationship

Presentation from the SOA 2010 Life & Annuity Symposium, May 17-18, 2010.

Optimum Re Insurance Underwriting Presentations

Presentations made in the period from 2007 through 2009 are available for viewing. Among the topics in 2009:

  • Betsy Sears - Hepatitis B & C
  • Dr. Robert Baird - Sleepless in Dallas
  • Radford Diastolic Dysfunction
  • Underwriting Crohn' Disease

Munich Re Underwriting Guide to Debut

Munich Re is bringing out a Web-based life insurance underwriting manual that relies on a new approach to measuring mortality risk.

Guy Carpenter Reinsurance Market Review 2010

Reinsurance rates for most lines of business decreased on the January 1, 2010 renewal. The Guy Carpenter World Catastrophe Rate on Line (ROL) Index decreased by 6 percent in reaction to a swift and substantial recovery in the capitalization of the reinsurance sector. The combination of the rally in investment markets, much reduced catastrophe loss activity in 2009 and recessionary effects on demand for
direct and reinsurance programs resulted in an excess of supply and increased competition. Movements in pricing occurred against a background of exposure adjustments, model revisions, program changes and other developments.

Reinsurance News (Feb. 2010 Issue)

The latest edition of the SOA Reinsurance Section newsletter has articles on:

  • China Reinsurance Market Overview
  • ReFocus 2010
  • Life Settlements—A Window of Opportunity For
  • The Life Insurance Industry?
  • 2010 Canadian Reinsurance Conference
  • “The Reinsurer Made Me Do It” by Ross Morton

Gen Re Risk Insights (March 2010)

Topics in this edition include:

  • Obesity - Treatment and Subsequent Risk Assessment
  • Critical Illness Reinstatement Products
  • Anti-Discrimination Law - The Portuguese Experience
  • What Does Risk Feel Like? Insights From Behavioural Economics - Part I

Gen Re Risk Matters Oceania

Topics in this edition include:

  • Guaranteed Acceptance Insurance - We've got it covered
  • New Zealand Trauma Investigation: A key finding
  • COMET Program 2010 - Protect Your Future
  • Gen Re's Upcoming Events

 

(Re)insurance And Financial Stability

Insurers’core activities do not pose a systemic risk. This is the conclusion of a study launched by the Geneva Association, the international think tank and global CEO platform. It recommends that regulators and policymakers focus on risk activities and not on institutions when introducing new regulatory regimes.

The Day After Tomorrow: Challenging Prospects for Reinsurers

PricewaterhouseCoopers recently published 'Emerging from the storm: The day after tomorrow for insurance' the latest in its 'day after tomorrow' perspective series. It examines how the lasting impact of the financial crisis is set to reshape the insurance and reinsurance industry over the next three to five years.

Views on the future of reinsurance fell into two polarised camps. One school of thought believes that reinsurance demand will revert to pre-crisis levels and may even increase as primary insurers in the markets most affected by the crisis seek to transfer more risk. The other view predicts a far rockier ride.

Reinsurers Put Risk Under the Microscope

Reinsurers are facing added complexities and challenges never encountered before, such as pleasing stricter rating agencies and keeping track of layered business transactions. However, companies such as Transamerica Reinsurance and Guy Carpenter use a number of sophisticated technologies and processes to better assess and manage the range of risks now facing them. Find out how.

The Global Risks Report 2010

Fundamentally, there is no new story to tell about the bewildering array of inter-related risks facing our world. What is new – and troubling – is that the linkages between them have reached unprecedented levels of intensity.

Financial Crisis Reduces Life Reinsurance Premium Volume; But Demand For Cover May Rise As Insurers Seek More Protection

Demand for life and health reinsurance is expected to rise as direct writers look to relieve pressure on their capital after the financial crisis, observers say.

Foreign Travel Reinsurer Survey Report

The Foreign Travel Survey Subcommittee of the Society's Committee on Life Insurance Mortality & Underwriting Surveys has completed their report on the results of a survey on foreign travel underwriting practices of reinsurance companies.

Comprehensive reinsurance regulatory reform: An imperative for sustained industry performance | Swiss Re

An important contribution from a strong and viable insurance industry is to help foster a sound economy. Insurers and their reinsurers have a shared responsibility to sustained, solid financial performance in order to be able to protect critical assets for years to come.

SCOR: The Challenges of Tele-Underwriting

Tele-underwriting, a concept launched initially in the United States, is now getting momentum in various markets in Europe and in the rest of the world. Teleunderwriting can revolutionise the business process in the field of underwriting. (SCOR Global Life overview of this process and its advantages.)

SOA Reinsurance Section Newsletter - September 2009

The September 2009 issue looks at:

  • Life Reinsurance Data from The Munich American Survey By David M. Bruggeman
  • What Reinsurers and Cedants Can Learn from Uncle Rex and the Bulls By Rick Flaspöhler
  • Reinsurance Modernization – A New World ViewBy Daniel W. Krane and Elizabeth A. Diffley
  • Life Reinsurance: Capacity and Concentration of Risk Survey Analysis By William J. Briggs, Gaetano Geretto and Robert B. Lau
  • Enhancing the Benefit: How quality successful limited-benefit health plans answered the demand for a more robust product By Curt A. Wieden
  • American Academy of Actuaries Stop Loss Risk-Based Capital Work Group is Reviewing the Potential Need for Changes in the RBC FactorsBy Michael L. Frank

SOA - Reinsurance Treaty Discussion Documents for Medical Business

Insurance policy or reinsurance treaty discussion documents for various catastrophic medical excess lines of business made available by the SOA Reinsurance Section Council.

SOA - Longevity Risk Quantification and Management: A Review of Relevant literature

The Committee on Life Insurance Research, Product Development Section, and Reinsurance Section are pleased to make this report available. Performed by the Ernst & Young team of Thomas Crawford, Richard de Haan and Chad Runchey, this research reviewed literature on longevity risk. The paper summarizes results and addresses topics including the emergence and quantification of longevity risk; current and future risk management techniques; and products currently in the market that are exposed to longevity risk. The appendices include a summary of each paper reviewed for the study.

Life Reinsurance Capacity and Concentration of Risk Survey Analysis

The SOA Reinsurance Section report, authored by Bill Briggs, Gaetano Geretto and Bob Lau, presents results of a company survey examining the extent to which the buyers of individual life reinsurance are concerned about reinsurance capacity and the concentration of risk on their own books and on the books of reinsurers.

2006 Individual Life and Annuity Expense Study

This report presents the results of a survey conducted by the Society of Actuaries Mortality and Underwriting Survey Committee in July of 2008.

Gen Re Risk Matters: Swine Flu

The latest issue of Risk Matters takes a timely look at the possible impact of the current flu outbreak.

April Renewals Follow January Precedent, Despite Industry Capital Conditions

Life and personal accident (PA) reinsurance renewals sustained significant rate reductions at the April 1, 2009 renewal — in some cases as low as 10 percent. Average rate on line (ROL) was down 3.8 percent, excluding programs with large rate changes for reasons not directly related to market conditions. For example, companies with reduced subject risk due to the impact of the global financial crisis had ROL reductions that were even greater. Even layers with light losses were treated gingerly, with level pricing or slight increases year-over-year. The markets remains tipped to the advantage of cedents, despite broader market conditions that might be expected to push prices higher.

Insurance-Linked Securities Reaching Critical Mass

Despite the financial crisis, the ILS market has more than held its own and appears poised for further growth. This Towers-Perrin article appears in the 2009/1 issue of Emphasis.

A Look at Reinsurance Collateral Requirements

From the October '08 edition of The ReSource, Canada Life's newsletter.

2008: The Value of Reinsurance Revisited

The life insurance industry enters 2009 facing an economic environment and a business outlook that are profoundly different from one short year ago. While every year presents catalysts for change, 2008 will go down as one of extreme, involuntary change as companies dealt with the suddenness and severity of the financial crisis. What is more, the traditional playbook does not appear to offer many options on how to manage through the challenges.

ReFocus: The Future of Reinsurance Regulation

Presentation at ReFocus 2009.

ReFocus: Enterprise Risk Management for Life Insurers and Reinsurers

Presentation at ReFocus 2009.

ReFocus: Preparing Executives for a Reinsurance Dispute

Presentation at ReFocus 2009.

A Brief History of Reinsurance

Article by David M. Holland, FSA, MAAA in the Society of Actuaries' Reinsurance News newsletter (February 2009).

ReFocus: Reinsurance of "Taboo" Products - Has Your Reinsurer Gone Crazy?

Presentation at ReFocus 2009.

Reinsurance Industry Largely Unscathed by Financial Crisis: Willis Re

The global reinsurance industry has remained substantially unscathed by the unprecedented turmoil in the global capital markets, with a capital base still largely intact and liquid, although access to new capital in 2009 will become more difficult and expensive in the current economic climate, according to a new report from Willis Re, the reinsurance broking arm of Willis Group Holdings (NYSE: WSH), the global insurance broker.Willis Re’s “1st View,” its quarterly reinsurance market report, examines rate movements across numerous territories and product classes and includes detailed analysis from Willis Re’s product line experts. Bearing the title “Capital Rules,” the report finds evidence that, with January 1 renewals, reinsurers are taking meaningful price increases in capital-intensive lines of business, such as the U.S. Nationwide Catastrophe business.

UPDATED: World insurance in 2007: emerging markets leading the way

According to the latest Swiss Re sigma study, world insurance premium income grew 3.3% in real terms in 2007, reaching USD 4 061bn. This growth was primarily driven by the life business in industrialised and emerging markets and to a lesser extent by the non-life business in the emerging markets.

UPDATE: The statistical appendix updates premium volumes from the world insurance sigma published earlier this year.

Securitizations and Reinsurance–How They Apply to LTC

Presentation from SOA Annual Meeting in Orlando, October 2008.

Underwriting Statistics: They fib but they don’t lie

Underwriters are commonly thought of as pseudo-doctors, unraveling complex medical histories and risk factors and translating these into life expectancies. Or as pseudo-accountants, reviewing pages of financial statements and tax returns in order to determine (to the penny!) how much insurance is warranted on an individual. Yes, underwriting involves both of those skill sets but what is often overlooked is perhaps the most important facet of underwriting. (Canada Life Reinsurance)

Reinsurance in the New Capital World

2006 saw a significant relaxation in the statutory valuation requirements for life insurers and reinsurers writing non-profit protection business in the UK. This coincided with the enactment here of the EU Reinsurance Directive. Many commentators expected these developments would significantly alter insurers’ appetite for reinsurance and also the structure of the reinsurance arrangements used. In the following article we examine why things haven’t quite turned out that way and offer our own interpretation of how insurer–reinsurer relationships may pan out in future.

Withstanding Shock Losses

PartnerRe's Patrick Thiele explains how the capital markets and reinsurance markets respond to shock losses.

A Brief History of Reinsurance

Presentation by Munich American Reassurance Company at the ACLI Reinsurance Executive Roundtablemeeting in January 2008.

Business Decisions — Reinsurer Versus Direct Company Perspectives

In May of 2006 the Life Insurance Mortality and Underwriting Survey Committee of the SOA surveyed both reinsurers and direct companies about their practices with respect to making business decisions in the underwriting process. This article from the SOA's Reinsurance News highlights the comparison of the results of the two surveys as outlined in detail in Appendix 2 of the Direct Company Survey. Familiarity with the surveys and their definitions is assumed.

A.M. Best U.S. Life Reinsurance – Market Review: Consolidation Brings Rational Pricing but Greater Competition

There has been a period of major change in the reinsurance landscape including the demise of Annuity and Life Re and the elimination of a number of companies with weaker franchises or lack of commitment to the market. As recently as 2000, the life reinsurance market included Lincoln National, American United Life, ING Re, Allianz and Employers Re—all of which either have exited the life reinsurance market, says Stephen Irwin writing in the SOA's Reinsurance News.

Approaching a Natural Floor: Life, Accident and Health Renewals at July 1, 2008 (Guy Carpenter)

Double-digit health care cost increases may have tapered off, but some organizations continue to struggle with high premiums, low employee engagement and mixed employee response to account-based health plans. Other organizations, however, are gaining competitive advantage by managing their programs aggressively — with a focus on the causes that drive ongoing cost increases.

Check out what high-performing companies are doing to get employee buy-in and improve their bottom line

U.S. ORDINARY REINSURANCE ASSUMED MARKET SHARE PERCENTAGES FOR 2006 AND 2007

Provided by Munich American Reassurance (amounts in $U.S. millions).

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