August 4th, 2017

Week’s Top Stories: July 29 — August 4, 2017

Posted at 6:30 AM ET

Disruptive Forces Redefining the Role of Insurance: Fundamental disruptive forces are driving monumental changes in the global economy at an unprecedented rate. These forces compel the (re)insurance industry to adjust to the new reality and capitalize on the opportunities created.

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Guy Carpenter Announces Senior Promotions in Asia Pacific: Guy Carpenter & Company announced that Tony Gallagher has been appointed CEO of the Asia Pacific Region, with immediate effect. In addition, Richard Jones has been promoted to Chairman of the Region.

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Public Sector Risk Financing Perspectives in Europe/Middle East/Africa: On a global basis, approximately 70 percent of the economic loss caused by natural catastrophe events is not covered by insurance. This gap, the cost of uninsured events, frequently falls on governments through disaster relief, welfare payments and infrastructure repair and rebuilding. The ultimate cost of these responses causes a strain on public balance sheets and an increase in public debt, ultimately burdening taxpayers. The protection gap is increasing in emerging economies especially where the amount of natural catastrophe economic loss covered by insurance dropped from 25 percent in 2002 to approximately eight percent in 2014.

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Managing Catastrophe Model Uncertainty, Issues and Challenges: Here we repeat our series authored by John Major, which focuses on the issues and challenges in managing catastrophe model uncertainty.

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Excess Capacity in This Year’s Florida Market: The Florida peninsula is the most important market for property reinsurance in the world. Each summer, the third most populous state in the union braces itself for another Atlantic hurricane season. In Florida’s esoteric insurance market, insurers buy reinsurance protection at the beginning of June each year.

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And, You May Have Missed…

Cyber Risk Pervades All Classes, But Creates Huge Industry Opportunity, Says Motta: Cyber risk likely will become the single most pervasive risk that society faces, maybe even more so than climate change, according to Joshua Motta, co-founder and CEO of Coalition.

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