November 8th, 2013

Week’s Top Stories: November 2 - 8, 2013

Posted at 8:00 AM ET

Demand for Asia Pacific Catastrophe Reinsurance at a Record High in 2013: Total Asia Pacific catastrophe limit purchased in 2013 increased for the tenth year in a row, but once again failed to keep pace with strong gross domestic product growth in the region, according to a new report released today by Guy Carpenter.

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The Rise of Cyber Attacks:  Cyber attacks are on the rise, with several recent high-profile examples. Indeed, 2012 broke the previous record in terms of the number of reported data loss incidents. With 2,644 incidents recorded through mid-January 2013, 2012 more than doubled the previous highest year on record (2011). Furthermore, the extent of attacks is likely to be far higher since around 20 percent of reported incidents did not disclose the number of records involved.

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Range of Cyber Risks: Cyber risks range from legal liability and computer security breaches to privacy breaches of confidential information. Data breaches typically involve the intent to either copy, extract or destroy data. However, the risks that companies face transcend simple data incidents and often include the broader range of perils associated with the structural vulnerability of our economy to failures of technology generally. Further risks include cyber extortion, cyber terrorism, loss of revenue due to a computer attack, recovery costs, reputational damage and supply chain disruption.

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Cyber Risk Management: Keeping pace with the constant evolution of technology is one of the main challenges associated with cyber risks. As demand for comprehensive cyber risk insurance cover grows, it is important that insurers closely monitor technological changes in order to provide adequate supply and cover.

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Guy Carpenter Extends Coverage of Industrial Park Database to Include Vietnam, Malaysia and South Korea: In 2011, Thailand experienced its worst flooding in years with insured losses estimated at around USD15 billion, of which the Thai General Insurance Association attributed more than 90 percent arising from commercial risks located within industrial parks. As industrial parks are common in several countries in the region, Guy Carpenter developed a database of digitized boundaries of these parks to support its clients’ ability to analyze the potential for catastrophic losses arising from exposures located within park boundaries.

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And, you may have missed…..

Uncertainty in Catastrophe Models: How Much of it is Reasonable?  It seems reasonable to expect a degree of uncertainty in catastrophe model results. It is not uncommon, however, for models to produce results that differ by several factors. In order to assess how much of this uncertainty is epistemic, due to our incomplete knowledge of the physical phenomena involved, this existing uncertainty needs to be quantified.

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