April 27th, 2018

Week’s Top Stories: April 21 - 27, 2018

Posted at 10:00 AM ET

Building for Resilience: How to Avoid a Catastrophe Model Failure: Since commercial catastrophe (CAT) models were first introduced in the 1980s, they have evolved as new scientific discoveries and claims insights emerged. Despite the sophisticated nature of each new generation of CAT models, occasionally a model misses a significant loss driver for a particular peril. This occurs when a previously hidden attribute reveals itself through unprecedented intensity. Lessons from such surprises stimulate model improvements as our understanding of the physics of the peril and its damage potential, increase. Through this process, models mature over time.

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Chart: Return on Equity for Guy Carpenter Reinsurance Composite, Year-end 2017: Chart presents return on equity for the Guy Carpenter Global Reinsurance Composite, 2005 through year-end 2017.

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Reliance on the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA): In 2017, more than 800 insurers wrote USD 215 billion in TRIPRA eligible premium, with a combined policyholder surplus of USD 683 billion. Considering the current 20 percent deductible requirement and policyholder surplus as a filter, Guy Carpenter’s analysis concludes that small to midsize insurers are substantially more vulnerable to the annual increases in the TRIPRA industry trigger and their overall net retentions as a percentage of policyholder surplus.

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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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Cyber Insurance Adoption is Increasing: The role of insurance in enhancing cyber resilience is increasingly being recognized by policymakers around the world, and the Organisation of Economic Co-operation and Development is recommending actions to stimulate cyber insurance adoption.

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And, you may have missed….

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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