October 13th, 2017

Week’s Top Stories: October 7 - 13, 2017

Posted at 10:10 AM ET

Industry Must Act to Avoid a “Kodak Moment”: In his first speech as Lloyd’s new chairman, Bruce Carnegie-Brown said the insurance industry must do more to change and innovate or run the risk of being disrupted by external players.

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California Wildfires - October 8-10, 2017: Wildfire activity has recently rendered severe impacts to areas of California, including the Napa Valley area as well as areas east of the Los Angeles Metro area. The event is still developing, but media reports indicate more than a thousand structures burned with thousands more still under threat. At least 13 fatalities have been reported. Rates of extreme fire spread have been enabled by especially dry conditions together with offshore gusty winds.

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Insurers Must Digitalize To Meet Buyers’ Needs, Says Greenberg: The financial services industry - including insurance - will undergo massive change thanks to digitalization, Evan Greenberg, Chairman and CEO of Chubb Limited told MMC’s Young Professionals’ Global Forum.

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Hurricane Nate: Hurricane Nate made landfall on October 7 near the mouth of the Mississippi river and then near Biloxi, Mississippi as a Category 1 hurricane on the Saffir-Simpson Scale. Maximum sustained winds at landfall were 85 mph, according to the National Hurricane Center (NHC). Nate is the fourth hurricane to make U.S. landfall in the past two months and the first hurricane to make landfall in Mississippi since Hurricane Katrina (2005).

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Guy Carpenter Appoints Claude Yoder to Lead Global Innovation and Product Development: Guy Carpenter & Company is pleased to announce the appointment of Claude Yoder as Managing Director and Global Chief Innovation and Product Development Officer.

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And, You May Have Missed…

Scalability Critical to Developing Substantial Terrorism Market: Capacity is a major limiting factor in expanding remit; a small number of players are raising aggregation risk; cover is not reaching organizations that need it most.

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