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Karen Clark, of the eponymous firm, is a leading expert in catastrophe risk assessment and management, working for more than 25 years in the field. Clark developed the first hurricane catastrophe model and founded the first catastrophe modelling company, Applied Insurance Research (AIR), in 1987. She shares her thoughts on the 2010 hurricane forecasts...
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Despite talk of resilience and risk picking in the Sunshine State, the dynamics of a traditional property casualty reinsurance market full of surplus capacity held sway at the key 1.6 Florida renewal.
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The key US cat renewal date of 1 June this year - which was characterised by excess traditional capacity and falling rates - served to underline the steady presence of collateralised reinsurance in the property cat market.
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Dedicated cat funds - usually considered protection sellers of industry loss warranty (ILW) and cat derivatives contracts - have become buyers of cover in an effort to hedge heavy US wind exposures and potential Deepwater Horizon losses.
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Trading of 2010 catastrophe derivatives on the Chicago Mercantile Exchange (CME) and Chicago Climate Futures Exchange (CCFE) reached $44mn as the US wind season officially opened this month.
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After a challenging year for many of Florida's standalone homeowners' insurers, 1.6 renewals at least offered some comfort as the average cost of renewing programmes fell significantly against a backdrop of surplus capacity in the wider reinsurance industry.
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Ambitious plans to publicly float an evergreen reinsurance sidecar for the first time ran aground in early June as Catlin Group pulled the listing of Long Bay Re.
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A bumper May saw $1.55bn of US wind exposure hit the market through six cat bonds, in a last minute rush to place hurricane cover in the capital markets before the official start of the US storm season on 1 June.
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Market data
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Risk-picking and innovation key for traditional and non-traditional capacity to support troubled Sunshine State
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Cat bond placements are subject to a framework of strict rules and procedures that can confuse the uninitiated. Michael Madigan, a Sidley Austin partner and co-head of the firm's property and casualty alternative risk transfer practice, opens the door to the private placement club... -
In our regular ILW quarterly update, Willis Re executive director Henry Kingham sees capital markets capacity flooding the ILW market, but Chile halts the price decline...
