Regulatory Challenges and Opportunities for (Re)insurers, Part I: International: (Re)insurers are being challenged as the regulatory environment becomes more complex, with regulation increasing considerably at multiple levels in numerous jurisdictions throughout the world. Insurers are facing new costs and pressures in their efforts to manage the regulatory landscape.
U.S. South Carolina Flooding: Torrential rainfall in South Carolina led to catastrophic flooding throughout the state over the weekend, claiming the lives of at least nine people. Large swaths of the state have experienced over 20 inches of rain in the past week with another two to six inches forecasted through Monday, according to the state climatologist.
Port of Tianjin Explosions Set to Become One of Asia’s Largest Insured Man-Made Loss Events: Potential Losses Between USD 1.6 Billion to USD 3.3 Billion: Guy Carpenter released a report on the Port of Tianjin Explosions. The report provides initial loss estimates and outlines the many variables involved in assessing the losses emanating from the two massive initial explosions that occurred at Tianjin Port on August 12 of this year.
Microinsurance Consortium and Venture Incubator Announces New Name: The Microinsurance Consortium, led by a group of leading companies in the insurance industry, announced a new name for their microinsurance venture incubator (MVI) - Blue Marble Microinsurance. The consortium consists of American International Group, Inc., Aspen Insurance Holdings Limited, Guy Carpenter & Company, LLC together with Marsh & McLennan Companies, Inc., Hamilton Insurance Group, Ltd., Old Mutual plc, Transatlantic Reinsurance Company, XL Catlin, and Zurich Insurance Group.
Disruptive Forces to Merger & Acquisition Activity: Globalization: Globalization in the insurance industry has historically been characterized by North American companies seeking to expand their business models to Europe, with Asia and South America as their secondary focus. European companies have sought to expand into North America, Asia and Latin America (for Spanish and Portuguese speaking companies).
And, You May Have Missed…
PA/MGA Personal Lines Appetite: On the personal lines appetite side of Guy Carpenter’s MGA survey, auto grew by 13 percentage points and umbrella grew by 6 percentage points over the previous survey in terms of pursuing growth. Both homeowners and medical were unchanged.