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FacWorld Report - July 2001
FacWorld Report - July 2001
Hi and welcome back to the FacWorld Report.
FacWorld always aims to represent the total job of Facultative Reinsurance Underwriting - being both an environment to access capacity and one in which to exchange information that can help in our underwriting decisions. This month we have both received our 5,000th submission which seems to show that you value the site as an environment to do business. Thank you, we are all engaged in trying to make the site faster, more intuative - in a word, better - feedback is invaluable.
There have been an unfortunate spate of large losses recently, both Property and Liability which highlight the value of Non-Proportional Facultative coverage in balancing a reinsurance portfolio. This edition tries to draw attention to some of these losses, provides a review of a class action suit and we offer a reminder that our Pollution Litigation Review on the FacWorld Home Page provides regular updates of large pollution incidents, which continue to occur regularly. This issue also features the first edition of a new publication - Power Review.
We would like to highlight a Property incident, which happened last month and perfectly illustrates the benefits which can be gained from buying Non-Proportional Facultative Reinsurance. The unfortunate incident occurred in Taipei on the 12 May and serves as a reminder that large losses do happen. The incident is reported in the Taipei Times.
Please click below for news article
Taipei Blaze Wrecks Hi-Tech Offices
On the liability side, we bring your attention to a decision by a Louisiana court for an oil company to pay a landlord over one billion dollars.
Please click below for article
Billion Dollar Decision
Power ReView is a new publication from GeneralCologne Re and in its opening issue, focusses on coal power, turbines and transformers. The lead article focusses on coal and is intriguingly titled "Power Industry Rediscovers Coal".
Please click below for Power ReView (requires Adobe Acrobat).
Power ReView
We are pleased to present the 2001 edition of the Asian Casualty Review, which tracks litigious activity in the region. The review proved popular last year and can be an invaluable reference point to those writing business in the region or with exposures in the region. As with the property example, it shows that there are large losses out there and that NP Fac can help insurance companies manage their volatility.
Please click below for the review
Asian Casualty Review 2001
"Class Action" suits can hit the insurance industry hard, turning a "loss free" product into a stick of dynamite. As with most in the industry, we keep a watchful eye out for ticking time bombs and this month we present a review of one of the largest class actions which accounted for over $ 2bn in loss dollars in the late 1980s, early 1990s and whose impact continues to resonate.
Please click below for the review
Synthetic Stucco Failures
Claims activity in the Nursing Home and long term care arena have been on the rise. We are happy to present a publication featured on the gcr.com site which focusses on overall loss trends and the web of state laws and court rulings that influence claim settlements. The article discusses individual losses and the lessons they provide.
Please click below for review (Requires Adobe Acrobat)
Nursing Home Claims - Lessons From Losses |
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