February 2nd, 2018

Week’s Top Stories: January 29 - February 2, 2018

Posted at 10:00 AM ET

Getting Practical With Emerging Risks: Widespread political volatility and rapid technological advances are spurring companies to question not just their resilience, but also their fitness for purpose in the new world order. Yet, many companies are unsure what practical steps they should be taking with regard to major strategic uncertainties and potential shocks.

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Guy Carpenter Reports Capital Growth and Market Resilience Despite 2017 Losses: Guy Carpenter has released an estimate of year-end reinsurance capital levels and results of the January 2018 reinsurance renewal. According to the analysis, capital dedicated to reinsurance continued to grow in 2017 despite catastrophe losses. Due to ongoing excess supply and overall market resilience at January 1, rate firming was generally moderate and pricing shifts focused on client-specific justification.

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Understanding Systemic Cyber Risk; Insights Through Pandemic Behavior: Today, through air travel, a carrier of MERS or Ebola can cross the ocean in less than a day, board a crowded subway train and potentially infect hundreds of people. Containment of a pandemic outbreak begins upon discovery, similar to the way in which forensics and network restoration efforts can begin once a cyber breach is identified. According to Platt, the longer the lag until discovery, the more difficult containment and treatment will be, whether it is a biological or cyber event.

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Guy Carpenter Global Reinsurance Composite: Third Quarter 2017: Here we bring together recent Chart Room posts highlighting performance of the Guy Carpenter Global Reinsurance Composite.

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Automobile Liability Market Update & Loss Trends Analysis: For most U.S. property and casualty (P&C) insurance companies, automobile liability (auto liability) line performance has typically been one of the major factors adversely impacting overall profitability in recent years. Since the economic crisis of 2008, combined ratios for the auto liability line have steadily deteriorated, putting pressure on carriers to advance strategies to reverse this trend. These strategies need to be developed in order to address the major components that negatively impact auto liability loss ratios - inadequate rates for the risk assumed and marked increases in both frequency and severity of loss.

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And, you may have missed….

Cyber Risk in an Interconnected World: In a digital world, cyber exposure evolves every day, making it one of the most dynamic emerging risks in the industry. Just as the housing boom along the US shoreline accelerated property losses, the technological sophistication and digital connectivity of the global economy have increased the cyber threat for all sectors. As large-scale breaches become more damaging and pervasive, the (re)insurance industry needs to continue to innovate to address potential systemic events, aggregations, and modeling capabilities. As such, 2018 will be a year of product growth and new challenges. In order to advance this important market, we must develop a common analytical language, harness advanced modeling technologies and learn lessons from other lines of business.

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