September 1st, 2017

Week’s Top Stories: August 26 — September 1, 2017

Posted at 6:30 AM ET

Hurricane Harvey: Hurricane Harvey made landfall around 11 p.m. EDT, August 25, on the Texas coastline between Port Aransas and Port O’Connor. The hurricane made landfall as a rare Category 4 hurricane on the Saffir-Simpson Scale, with maximum sustained winds of 130 mph and a minimum central pressure of 938 millibars (mb). Harvey then moved inland and began to drift with weak or absent steering currents over subsequent days. Harvey produced significant wind impacts near the immediate impact area along with a considerable storm surge. The slow motion of the weakening hurricane also produced bands of thunderstorms that produced very heavy rainfall over southeast Texas. These rainfall amounts, well in excess of 20 inches for certain areas, have produced catastrophic flood impacts over southeast Texas including the Houston Metro area.

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Factors Contributing to the Gap Between Economic and Insured Losses: The factors that contribute to the gap between economic and insured losses.

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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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Guy Carpenter Hosts International Forum: Building Sustainable Flood Insurance Solutions: Guy Carpenter & Company hosted an international forum entitled “Building sustainable flood insurance solutions” in Berlin on May 9-10. The event brought together leading figures from science and academia, non-governmental organizations and the (re)insurance industry to examine the rapidly growing impact of flooding and explore measures to significantly reduce that impact.

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Public Sector Risk Financing Perspectives - Pandemic Risk: Public entities’ use of capital markets-based risk transfer capacity for the assumption of natural disaster losses, such as the cost of emergency relief and infrastructure and property damage has demonstrated success in de-risking public sector balance sheets. Capital markets innovators are beginning to leverage the outcomes achieved in the natural disaster sphere to other types of public sector severity losses, notably pandemic diseases. The capital markets may help fund resources to rapidly contain the spread of a pandemic, share the burden of associated medical expenses and/or manage the financial impact of the higher mortality rates.

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And, You May Have Missed…

Guy Carpenter Launches GC Asia Pacific Retro: Guy Carpenter & Company launched GC Asia Pacific Retro, a new unit offering dedicated retrocession services to clients in the Asia Pacific region.

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*Securities or investments, as applicable, are offered in the United States through GC Securities, a division of MMC Securities LLC, a US registered broker-dealer and member FINRA/NFA/SIPC. Main Office: 1166 Avenue of the Americas, New York, NY 10036. Phone: (212) 345-5000. Securities or investments, as applicable, are offered in the European Union by GC Securities, a division of MMC Securities (Europe) Ltd. (MMCSEL), which is authorized and regulated by the Financial Conduct Authority, main office 25 The North Colonnade, Canary Wharf, London E14 5HS. Reinsurance products are placed through qualified affiliates of Guy Carpenter & Company, LLC. MMC Securities LLC, MMC Securities (Europe) Ltd. and Guy Carpenter & Company, LLC are affiliates owned by Marsh & McLennan Companies. This communication is not intended as an offer to sell or a solicitation of any offer to buy any security, financial instrument, reinsurance or insurance product.

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