MAJORITY OF INSURED CAT LOSSES NOW IN ASIA-PACIFIC, SAYS GUY CARPENTER

The Asia-Pacific market accounted for two-thirds of the insured catastrophe losses worldwide for the first nine months of this year, reports reinsurance broker Guy Carpenter in its latest Asia Pacific Catastrophe Report 2011. The broker said that demand for cat reinsurance had grown significantly over the past few years, and that the losses incurred in 2010 and 2011 "are likely to stimulate this trend further by re-emphasizing the value of reinsurance". Guy Carpenter said that it was not just macro-economic growth that was dragging along increased demand for reinsurance in its wake; the increasing level of sophistication in insurance organizations within the Asia-Pacific region was also a factor. Guy Carpenter, part of global broking group MMC, estimated that about a quarter of the total excess of loss cat limit that was bought worldwide covered events in the Asia-Pacific, with the share of premiums coming in at 15% – double the level of 2007. China, India and parts of SE Asia had shown the fastest growth. Meanwhile, Guy Carpenter has appointed Christian Schirmer as Head of GC Analytics – Asia Pacific, to be based in Sydney. Three senior brokers will also join Guy Carpenter's Singapore office. Lucinda Coleman will join GC Fac from JLT Re Asia. Brendan Plessis will become Head of Multinational and Retrocessional practice, having previously been with Willis Re in Bermuda. Richard Hakes will head the Asia Pacific Marine & Energy practice, having previously been Commercial Director with Cooper Gay.