May 23rd, 2018

Wearables, Drones and the Internet of Things: The Next Wave of Workplace Safety and Claims Mitigation, Part I

Posted at 1:00 AM ET

metropoulos_emil_gcciEmil Metropoulos, Workers Compensation and Terrorism Specialty Practice Leader

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The advent of connected devices and the Internet of Things (IoT) is opening exciting new doors in the insurance industry. The auto liability market has transformed from one in which underwriting relied on proxy variables such as driving history, demographics and credit scores to one in which telematics and real-time, personalized driving statistics inform risk assessment.

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May 22nd, 2018

Guy Carpenter Appoints Non-Marine Managing Director

Posted at 1:00 AM ET

Guy Carpenter announced the appointment of Richard Carver as Managing Director and Senior Broker in the firm’s UK non-marine division. Based in London, Mr. Carver will report to James Boyce, Deputy CEO, Global Specialties. He will take up the role in May 2019.

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May 21st, 2018

Guy Carpenter Bermuda Promotes Jenni Rowntree Estis to Head of Operations

Posted at 8:00 AM ET

Guy Carpenter today announced that Bermudian Jenni Rowntree Estis has been promoted to the role of Head of Operations, Senior Vice President, Broking.

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May 18th, 2018

Week’s Top Stories: May 12 - 18, 2018

Posted at 10:00 AM ET

Chart: Global Property Catastrophe ROL Index: The Guy Carpenter Global Property Catastrophe Rate on Line (ROL) index is presented for 1990 through 2018.

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The 2017 Hurricane Season Was Among the Top-Ten-Most-Active, But Was Not Entirely Unprecedented: As the 2018 hurricane season approaches, we take a look back at the 2017 season. It was among the top-ten most-active seasons in recorded history since 1900 for the North Atlantic Basin.

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Building for Resilience: How to Avoid a Catastrophe Model Failure: Here we bring together our recent multi-part series on model resilience by Guy Carpenter’s Global Chief Catastrophe Modeler, Imelda Powers.

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Technology Opens the Door to Growth: Why must risk executives know about AI, Internet of Things, blockchain, and other technologies? The answer is often sitting in plain sight, from wearable technology that informs workplace risk to IoT connections that provide rich sources of data to insurtech solutions for insurance and risk finance. The promise for risk professionals who use these technologies is to proactively contribute to their organizations’ growth and performance. This year’s Excellence in Risk Management survey from Guy Carpenter sister company, Marsh, and RIMS found risk professionals welcoming their role in innovation and embracing their companies’ digital approach.

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Exploring the Excess & Surplus Industry; E&S Market Update and Projections: The excess and surplus (E&S) lines segment of the insurance industry continues to be the essential market for risks for which  the standard insurance market typically does not offer coverage. From extremely hazardous conditions to highly unique business operations and unproven new products, these unconventional risks are often complex and challenging. The E&S market’s challenge is to develop products to cover these exposures utilizing its expertise and freedom of rate and form.

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And, you may have missed….

United States Reinsurance Capacity for Terrorism: In 2017, according to Guy Carpenter, the combined property and workers compensation private conventional-only terrorism reinsurance capacity was estimated to be USD 2.5 billion per cedent program. Reinsurance capacity for coverage that includes Nuclear, Biological, Chemical and Radiological, especially in Tier 1 cities and central business districts, has become increasingly challenging to secure over the past two years due to the accumulated aggregate constraints of some markets and is estimated to range between USD 500 million and USD 1 billion per program. Marsh’s 2018 Terrorism Risk Insurance Report, produced with support from Guy Carpenter, explores the state of the terrorism insurance marketplace, presenting data on purchasing and pricing trends.

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May 17th, 2018

Building for Resilience: How to Avoid a Catastrophe Model Failure

Posted at 1:00 AM ET

Here we bring together our recent multi-part series on model resilience by Guy Carpenter’s Global Chief Catastrophe Modeler, Imelda Powers.

Since commercial catastrophe (CAT) models were first introduced in the 1980s, they have evolved as new scientific discoveries and claims insights emerged. Despite the sophisticated nature of each new generation of CAT models, occasionally a model misses a significant loss driver for a particular peril. This occurs when a previously hidden attribute reveals itself through unprecedented intensity. Lessons from such surprises stimulate model improvements as our understanding of the physics of the peril and its damage potential, increase. Through this process, models mature over time.

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May 16th, 2018

Chart: Global Property Catastrophe ROL Index

Posted at 1:00 AM ET

The Guy Carpenter Global Property Catastrophe Rate on Line (ROL) index is presented for 1990 through 2018.

Continue reading…

May 15th, 2018

Technology Opens the Door to Growth

Posted at 1:00 AM ET

Why must risk executives know about AI, Internet of Things, blockchain, and other technologies? The answer is often sitting in plain sight, from wearable technology that informs workplace risk to IoT connections that provide rich sources of data to insurtech solutions for insurance and risk finance. The promise for risk professionals who use these technologies is to proactively contribute to their organizations’ growth and performance.

Continue reading…

May 14th, 2018

The 2017 Hurricane Season Was Among the Top-Ten-Most-Active, But Was Not Entirely Unprecedented

Posted at 1:00 AM ET

As the 2018 hurricane season approaches, we take a look back at the 2017 season. It was among the top-ten most-active seasons in recorded history since 1900 for the North Atlantic Basin.

Continue reading…

May 11th, 2018

Week’s Top Stories: May 5 - 11, 2018

Posted at 10:01 AM ET

Internet of Things: Building Cyber Resilience in a Connected World: The Internet of Things (IoT) is driving huge advances in organizational efficiency, reinventing the customer experience and spurring business innovation and opportunities. But the explosion of IoT devices is also dramatically changing the cyber risk landscape, creating new product vulnerabilities and system exposures for organizations that make or deploy them. In the new Insight from Guy Carpenter sister company, Marsh, “The Internet of Everything: Building Cyber Resilience in a Connected World,” we explore how internet-connected devices - from toys and refrigerators, to medical devices and industrial control systems - are introducing or increasing cyber risk for businesses that design, manufacture, service or use IoT products.

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Maintaining Relevance in the Age of Innovation: Technology is embedded in nearly every aspect of our lives, including in many businesses’ critical functions. The Internet of Things (IoT) ecosystem is growing exponentially, while many organizations are reaping benefits from “going digital..” An increasing number of companies are exploring the applications of artificial intelligence (AI), blockchain, and other technologies.

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Hawaii Volcanic Activity: On Thursday, May 3, the Island of Hawaii experienced an eruption in the Kilauea volcano summit. Two large earthquakes occurred the following day among hundreds of smaller quakes and some large aftershocks. There have been a total of 10 fissures confirmed so far by the County of Hawaii, with an estimated 387,000 square feet of lava spread. At least 35 structures have been destroyed according to the Government of Hawaii, and evacuations have affected at least 1,700 people. The most severely affected area is the Leilani Estates Subdivision, which is located directly in the Lower East Rift Zone. It is too early to estimate the scope and severity of impacts, and our first thoughts and concerns are with those directly affected by this active event.

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Guy Carpenter Licenses First-of-its-Kind Cyber Risk Modeling Platform from CyberCube Following Strategic Alliance: Guy Carpenter & Company today announced that its two year strategic relationship with CyberCube Analytics, formerly part of Symantec Corporation, has produced the industry’s first cyber risk modeling platform with an inside-out view of cyber risk exposure.

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United States Reinsurance Capacity for Terrorism: In 2017, according to Guy Carpenter, the combined property and workers compensation private conventional-only terrorism reinsurance capacity was estimated to be USD 2.5 billion per cedent program. Reinsurance capacity for coverage that includes Nuclear, Biological, Chemical and Radiological, especially in Tier 1 cities and central business districts, has become increasingly challenging to secure over the past two years due to the accumulated aggregate constraints of some markets and is estimated to range between USD 500 million and USD 1 billion per program.

Read the article >>


And, you may have missed….

2018 North Atlantic Hurricane Season: Seasonal outlook providers continue to issue early predictions for the 2018 North Atlantic hurricane season. The Weather Company (IBM) is expecting a season of near-normal activity. Earlier this month, the Tropical Meteorology Project at Colorado State University (CSU), predicted a season more in line with the 1995-2017 elevated average. Meanwhile, North Carolina State University (NCSU) issued a prediction for above-normal activity, relative to the 1995-2017 average.

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