March 16th, 2018

Week’s Top Stories: March 10 - 16, 2018

Posted at 10:00 AM ET

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.

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Formal Risk Appetite Missing: A formal risk appetite statement is missing at a majority of companies, although that could be changing. As organizations navigate both the risks and opportunities in a shifting risk landscape, management at all levels of an organization will face the daily question: should we take this risk? Yet, many organizations have not defined their risk appetite to provide clear guidelines to decision making.

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Chart: Global Property Catastrophe ROL Index: The Guy Carpenter Global Property Catastrophe Rate on Line (ROL) index is presented for 1990 through 2018.

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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.

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Cyber Risk Management Response & Recovery: The annual economic cost of cyber-crime is estimated at USD 1.5 trillion, yet only an estimated 15% of that loss is currently covered by insurance. Given these staggering economic losses, and the increasing frequency with which attacks occur, it’s no surprise that cyber insurance is increasingly being recognized as a critical tool to enhance cyber resilience.

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And, you may have missed….

Flood Insurance: The 2018 Market Opportunity: Among all natural hazards, flood is the most costly and the most impactful on people. The Insurance Information Institute estimates that only 12 percent of homeowners purchase flood insurance and most of the purchases are through the National Flood Insurance Program (NFIP). The gap in flood insurance protection represents up to a USD 40 billion potential new market for private insurers in the United States, according to Jonathan Hayes, Managing Director, Guy Carpenter.

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