April 13th, 2018

Week’s Top Stories: April 7 - 13, 2018

Posted at 10:00 AM ET

Chart: Combined Ratio for Guy Carpenter Reinsurance Composite, Year-End 2017: Chart presents combined ratio of the Guy Carpenter Global Reinsurance Composite, 2005 through year-end 2017.

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Large-Scale Cyber-Attacks on the Financial System: Cyber-attacks on financial institutions are becoming more frequent, complex, and sophisticated, with potential for far-reaching, systemic impacts. The motivation of cyber-attackers is shifting from purely achieving financial gains to disrupting critical infrastructures, such as through nation-state attacks, which threatens the basis for confidence in the financial system and even national or international stability. Guy Carpenter sister company Oliver Wyman and Depository Trust & Clearing Corporation have together produced a new report to investigate cross-industry coordination on response and recovery mechanisms to mitigate the systemic consequences of a large-scale cyber-attack.

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2018 Terrorism Risk Insurance Report: Although the number of incidents and casualties declined in 2017, terrorism remains a persistent and significant threat to businesses, governments and individuals. Marsh’s 2018 Terrorism Risk Insurance Report, produced with support from Guy Carpenter, explores the state of the terrorism insurance marketplace, presenting data on purchasing and pricing trends.

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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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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.

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And, you may have missed ….

Cyber Risk Management: Ten Questions to Ask Management About Your Organization’s Cyber Readiness: The annual economic cost of cyber-crime is estimated at USD 1.5 trillion and only an estimated 15 percent of that loss is currently covered by insurance. When the next cyberattack comes-and it is a “when,” not an “if”-boards want to be reassured that their organization is prepared to respond and mitigate the damage. However, research by WomenCorporateDirectors (WCD) and the Marsh & McLennan Companies Global Risk Center suggests that many directors are unclear about how cyber insurance can enhance their organizations’ cyber risk management framework.

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