March 30th, 2018

Week’s Top Stories: March 24 - 30, 2018

Posted at 9:00 AM ET

Reinsurance Market Assessment: What the Numbers Reveal about the Current Industry Status: After several years of light catastrophe activity, particularly in the United States where capital deployment covering catastrophe exposures was heavily impacted by convergence capital, the events of 2017 provided a framework to evaluate how evolving market dynamics over the last few years held up to the real test of losses.

A review of data and behavior from 2017 revealed supply/demand dynamics remained favorable to buyers of reinsurance. Markets maintained reasonable levels of capital and profitability overall, even though some individual lines of business have underperformed in recent years. The actions of this evolving market can now be evaluated with at least some level of real-world experience and an assessment of market response has a direct bearing on what companies can plan for and expect going forward.

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Cybersecurity Risks on Radar: Cybersecurity risks are increasingly being managed as a result of growing use of technology. Organizations’ Treasury and Finance functions are tasked with managing risks resulting from recent technology adoptions. Three-fourths of corporate practitioners report that cybersecurity risks have surfaced at their companies as a result of the increased use of new technologies. Slightly less than half cite operational risk as a concern (47 percent), followed by business continuation (41 percent).

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Chart: The Matrix of Cyber and Property Lines Insurance Coverage: Chart examines the policy coverage matrix between cyber and property lines of insurance coverage.

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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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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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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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