The Week in a Minute, Dec. 9, 2011

  • Thai floods continue to be a big, big deal. Aon estimates insured losses will hit $10B, which looks like it would put it into the top 10 all time. Swiss Re estimates its losses at $600M, while Munich punches in closer to $700M. Wikipedia’s disaster coverage, which I’ve generally found quite good even in real time, is here.
  • Rates continue to climb, MarketScout says, with November’s 1% increase the first on its watch since 2005. In analyst presentations, AIG said rates have been rising through the year, while Travelers said the trend is accelerating, according to a WSJ write-up. Expect more increases ahead, says Credit Suisse. But Willis remains skeptical.
  • The Senate passed another extention of national flood insurance. I summarized the situation covering the CAS Annual Meeting, which press release ended up in Insurance Journal.
  • P&C carriers reduced employment by 900 nationwide in October, III reports.
  • Enormous fine resulting from last year’s explosion at a WV mine – $209M.

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