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Reinsurance & ART

Reinsurance & ART. Week 5 Spring 2010. Course Structure. Week 1: I ntroduction /Background Week 2: Traditional Reinsurance (Proportional) Week 3: Traditional Reinsurance (Non- Proportional ) Week 4: Implementing Reinsurance Contracts & Reinsurance Operation and Strategy

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Reinsurance & ART

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  1. Reinsurance & ART Week 5 Spring 2010

  2. Course Structure Week 1: Introduction/Background Week 2: Traditional Reinsurance (Proportional) Week 3:TraditionalReinsurance (Non-Proportional) Week 4: Implementing Reinsurance Contracts & Reinsurance Operation and Strategy Week 5: Insurability and Climate Change & Exam I Week 6: Corporate Risk Management (Self-Insurance /Captives) Week 7: Ratemaking & Estimating the XL Premium & Regulation t Week 8: Risk Swaps/ILWs Week 9: Finite Reinsurance Week 10: Background to Derivatives (Risk Mgmt / Hedging/Weather Deriv) Week 11: Catastrophe Bonds Week 12: Review

  3. Insurability and Climate Change • Climate Risk • Health Issues • Agriculture • Energy • Increased frequency and severity of hurricanes and flooding • “Of the 10 most expensive natural catastrophes over the past 56 years, six occurred in 2004 and 2005.” Charpentier, 2008, P.94.

  4. Insurability and Climate Change • Climate change will stretch the limits of insurability. • Difficult to estimate an accurate premium… ………….difficult to diversify…. …to charge an affordable premium… • Legal insurability, • Actuarial insurability, • Economic insurability.

  5. Insurability and Climate Change • “the private insurance industry feels that it cannot continue to provide coverage against hurricanes and earthquakes as it has done in the past without opening itself up to the possibility of insolvency….” Kleindorfer and Kunreuther, 1999

  6. Insurability and Climate Change Solutions • Traditional Reinsurance • Alternative Reinsurance • Financial Reinsurance • The Government

  7. Reading • Charpentier, A., 2008, Insurability of Climate Risks, The Geneva Papers, 33, 91-109.

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