Archive for July, 2018



July 31st, 2018

Carr Fire – Redding, California

Posted at 6:09 PM ET

carr-smallIn Northern California, the Carr Fire has burned at least 110,154 acres since July 23 and claimed at least six lives according to media reports and Cal Fire. Damage survey efforts are still ongoing, however initial indications are that at least 1,236 structures have been destroyed with another 225 damaged. At least 27,000 people have been displaced by this event. Ongoing hot conditions are expected for the area which will continue to enable active fire spread. Nevertheless, containment efforts have made headway and the fire is under 27 percent containment according to Cal Fire. The fire continues to pose an active threat to numerous structures along with power and communications infrastructure, and evacuations remain in place. Our thoughts and concerns remain with those lost and personally affected by this event.

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July 31st, 2018

TRIPRA: The Need to Ease Rating Agencies and Regulators’ Concerns

Posted at 1:00 AM ET

terrorism-rep-connections-banner-2In 2018, the minimum industry trigger for the Terrorism Risk Insurance Program Reauthorization Act of 2015 (TRIPRA) increased to USD 160 million, contributing to continued rating agency concerns. In late 2017, A.M. Best updated its terrorism methodology and fully integrated the peril into its stochastic Best’s Capital Adequacy Ratio (BCAR) Model. Continue reading…

July 30th, 2018

Guy Carpenter promotes Byrd to CEO of South Africa

Posted at 2:00 AM ET

Guy Carpenter announced the promotion of Alton Byrd to the position of CEO of the firm’s South Africa operations, with immediate effect.

Most recently Senior Vice President for Treaty in the region, in his new role Mr. Byrd is responsible for overseeing all aspects of the ongoing management of the South Africa operations, as well as optimizing the growth strategy for the country. Based in Johannesburg, he reports to Ian Kerton, Head of UK Property & Casualty at Guy Carpenter. Continue reading…

July 27th, 2018

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

Posted at 10:00 AM ET

Guy Carpenter to Host Scientific and Engineering Expo to Launch New InsurTech Advisory Offering Developed with Numerati® Partners LLC: Guy Carpenter announced the August 9, 2018 launch event for its InsurTech Alliance – a cost effective, state of the art and insurer-focused suite of capabilities to help carriers evaluate new innovations in the areas of data, analytics and digital technology-based products and solutions.

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The Insurtech Landscape: More than 50 start-up companies offering data, analytics and technology to the insurance sector enter the market every month.  While this dynamic is welcome news for an industry that is rapidly adapting to the digital economy, it also creates the challenge of identifying the ’right’ technology that would fit each business.

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Guy Carpenter Appoints President and Head of South East Asia and Korea: Guy Carpenter announced the appointment of Bengt Johnsen as President and Head of the South East Asia and Korea (SEAK) region, effective Jan. 18, 2019.

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Claims in the Technology Era: Employing technology to streamline claims may be a strategy for profitable growth for insurers as clients seek more innovation in this arena.

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Aging Population and Automation: Which Nations Face High Risk: The specific countries that face a high risk of automation of jobs held by older workers also tend to have projections for a rapidly aging population, according to the study The Twin Threats of Aging and Automation by Marsh & McLennan Companies.

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And, you may have missed…

Risk Managers: Technology Fundamentals:While risk managers do not need to understand the detailed intricacies of every new technology, it is imperative that they have a fundamental understanding of technologies being considered and how certain technologies can help in risk management.

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July 26th, 2018

Risk Managers: Technology Fundamentals

Posted at 1:00 AM ET

While risk managers do not need to understand the detailed intricacies of every new technology, it is imperative that they have a fundamental understanding of technologies being considered and how certain technologies can help in risk management. Continue reading…

July 25th, 2018

Guy Carpenter Promotes King-Underwood to Head of Credit, Bond and Political Risk Practice, International

Posted at 6:18 PM ET

Guy Carpenter announced that Gregory King-Underwood has been promoted to Head of the Credit, Bond and Political Risk Practice of Guy Carpenter International, with immediate effect. He will report to James Nash, President of Guy Carpenter International.

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July 25th, 2018

The InsurTech Landscape

Posted at 1:00 AM ET

More than 50 start-up companies offering data, analytics and technology to the insurance sector enter the market every month.  While this dynamic is welcome news for an industry that is rapidly adapting to the digital economy, it also creates the challenge of identifying the ’right’ technology that would fit each business. Continue reading…

July 24th, 2018

Aging Population and Automation: Which Nations Face High Risk

Posted at 1:00 AM ET

patty-sungleslie-chacko-headshotPatty Sung, Innovation Leader at the Mercer Global Innovation Hub and Leslie Chacko, Director at Global Risk Center, Marsh & McLennan Companies

Contact

The specific countries that face a high risk of automation of jobs held by older workers also tend to have projections for a rapidly aging population, according to the study The Twin Threats of Aging and Automation by Marsh & McLennan Companies.

Continue reading…

July 23rd, 2018

Claims in the Technology Era

Posted at 1:00 AM ET

Employing technology to streamline claims may be a strategy for profitable growth for insurers as clients seek more innovation in this arena.

A significant majority of companies would change or consider changing their insurer based on the availability of innovative solutions to file claims, according to this year’s Excellence in Risk Management survey from Guy Carpenter sister company, Marsh, and RIMS. It showed that 40 percent of respondents would consider switching to other insurers and advisors that offer innovation in the claims area and another 43 percent would not rule out such a move. Continue reading…