2011 HALF-YEAR NATURAL CATASTROPHE REVIEW
July 12, 2011
Running Time: 47 Minutes
Munich Re and the Insurance Information Institute jointly present an overview of natural catastrophe activity for the first six months of 2011.
About This Event
Accumulation of very severe natural catastrophes make 2011 a year of unprecedented losses.
An exceptional accumulation of very severe natural
catastrophes, including Earthquakes in Japan and New Zealand, tornadoes and flooding in the U.S. and
flooding in New Zealand, make 2011 the highest-ever loss year on record,
even after the first half-year.
Consider:
- Globally, the approx.
US$ 265bn in economic losses up to the end of June
exceed the total figure for 2005, previously the
costliest year to date (US$ 220bn for the year as a
whole). Even without the earthquake in Japan, which
contributed heavily to the overall figure ($210bn),
overall losses still exceed the 10-year average.
- Insured losses total US$ 60bn, more than double the first-half amount from 2010 and over four times the 10-year average.
- In the U.S., 100 events produced $27bn in overall losses and $17.5bn in insured losses, both results well above the 10-year averages ($11.8bn/$6.6bn).
Webinar Topics
- Overview of U.S. natural catastrophe activity including an update on “local” severe-weather events and their impact on insured losses.
- Overview of global catastrophe activity including major global events and a comparison of first half activity with prior years.
- Economic implications of U.S. natural catastrophes
for the first half of 2011.
- Discussion of impacts on global insurance and reinsurance markets.
Presenters/Agenda
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U.S. Catastrophe Update
Carl G. Hedde, CPCU
Head of Risk Accumulation
Munich Reinsurance America, Inc.
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Carl Hedde is a Vice President with Munich Reinsurance America, Inc. and manages the Catastrophe Management Department headquartered in Princeton, NJ. His responsibilities include oversight of corporate accumulation issues at Munich Reinsurance America, Inc.; including the use of Catastrophe Risk Models, Client Cat Risk Consulting Services, and portfolio management and optimization. Additionally, he manages a group of scientists that provide seismological and meteorological expertise and research capabilities to Munich Reinsurance America, Inc. and its’ clients.
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Carl received a Bachelor of Science Degree from the State University of New York – Albany, and holds the CPCU Designation. He has 25 years experience at Munich Reinsurance America, Inc., holding various positions within the Company.
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Global Catastrophe Update
Prof. Dr. Peter Höppe
Head of Geo Risks Research/Corporate Climate Center
Munich Re
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Professor Höppe
is one of the pioneers of
climate protection and
sustainability. His expert
advice is much sought after by
policy makers and the broader
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Prof. Höppe joined the Munich Reinsurance Company in 2004. He was appointed Head of the Geo Risks Research Department in January 2005. In this role, he deals with the influence of humans on weather-related natural catastrophes and risk prevention measures based on active climate protection and the promotion of renewable energies. |
Before joining Munich Re, Prof. Höppe worked at different institutes including the Ludwig-Maximilians-University in Munich and as a post doc at Yale University (USA). Prof. Höppe spent most of his university career at the Institute of Bioclimatology and Applied Meteorology and the Institute of Occupational and Environmental Medicine. His academic education is in meteorology(Masters and PhD) and human biology (PhD).
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Prof Höppe's main areas of research are the effects of atmospheric processes (heat/cold, UV radiation and atmospheric pressure variations) and air pollutants (ozone and particles) on humans, as well as on assessing environmental risks.
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Prof. Höppe is a member of many scientific societies. From 1999 to 2002, Prof. Höppe served as President of the International Society of Biometeorology and board member of the German Meteorological Society. He has held expert functions in World Health Organization and the World Meteorological Organization. In 2007, Dr. Höppe was appointed member of the Global Warming Advisory Board of the Bavarian State Government and Chair of the Finance-Forum of the high te3ch strategy for climate protection of the federal German government.
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Economic Implications
Robert P. Hartwig, CPCU
President & Economist
Insurance Information Institute
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Since joining the I.I.I. in 1998 as an economist and becoming chief economist in 2000, Dr. Hartwig has focused his work on improving understanding of key insurance issues across all industry stakeholders including media, consumers, insurers, producers, regulators, legislators and investors. Dr. Hartwig previously served as director of economic research and senior economist with the National Council on Compensation Insurance (NCCI) in Boca Raton, Florida. He has also worked as senior economist for the Swiss Reinsurance Group in New York and as senior statistician for the United States Consumer Product Safety Commission in Washington, D.C. He is a member of the American Economic Association, the American Risk and Insurance Association, the National Association of Business Economics and the CPCU Society and serves on the board of directors of the Independent Insurance Agents and Brokers Association of New York. In 2005 and 2006 Dr. Hartwig served on the state of Florida’s Task Force for Long-Term Homeowners Insurance Solutions.
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Dr. Hartwig received his Ph.D. and Master of Science degrees in economics from the University of Illinois at Urbana-Champaign. He also received a Bachelor of Arts degree in economics cum laude from the University of Massachusetts at Amherst. He has served as an instructor at the University of Illinois and at Florida Atlantic University. Dr. Hartwig also holds the Chartered Property Casualty Underwriter (CPCU) credential.
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Dr. Hartwig has authored and co-authored papers that have appeared in numerous publications, including the Journal of Health Economics, the Proceedings of the Casualty Actuarial Society, the John Liner Review (where he also serves on the editorial board), Dossiers et Etudes (Geneva Association), the Journal of Workers’ Compensation, Global Reinsurance, Risk & Insurance, Insurance Day, Compensation and Benefits Review. He is also a regular contributor to National Underwriter and many other industry trade publications. |
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In the US, Munich Re provides access to a full range of property-casualty reinsurance and specialty insurance products through Munich Reinsurance America, Inc., American Modern Insurance Group and Hartford Steam Boiler Group. Together, we deal with the issues that affect society and work to devise cutting-edge solutions that render tomorrow’s world insurable. Munich Reinsurance America, Inc. has been successfully addressing the key challenges of the future since 1917. Our clients trust us to develop solutions for the whole spectrum of reinsurance – from traditional reinsurance agreements to the management of complex specialty reinsurance risks. Our recipe for success: we anticipate risks early on and deliver solutions tailored to clients’ needs, creating opportunities to achieve sustained profitable growth.
The Insurance Information Institute (I.I.I.) is a nonprofit, communications organization supported by the insurance industry. Its mission is to improve public understanding of insurance -- what it does and how it works. For nearly 50 years, the I.I.I. has provided definitive insurance information. Today, the I.I.I. is recognized by the media, governments, regulatory organizations, universities and the public as a primary source of information, analysis and referral concerning insurance.
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