Archive for September, 2018



September 28th, 2018

Week’s Top Stories: September 22 - 28, 2018

Posted at 10:00 AM ET

Finding the ‘Right’ InsurTech – The Efficient and Insurance-centric Strategy: The transformational advances that have impacted nearly everything we do are quickly catching up with the insurance industry and the urgency to further automate and integrate technology into the business is rapidly rising.

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Chart: Significant Insured Losses 2011–2Q2018: Chart exhibits the significant insured losses from 2011 through the second quarter of this year.

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Recent Thought Leadership From Guy Carpenter: A recap of recent thought leadership from Guy Carpenter.

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Healthcare & Cyber Risk – Quantifying Exposure: The new study, Holding Healthcare to Ransom by Marsh & McLennan Companies Global Risk Center, reports that about 56 percent of healthcare respondents in the Marsh-Microsoft Global Cyber Risk Perception Survey say their organizations measure the cyber risks that they are exposed to, but a significant proportion do so using qualitative methods.

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Healthcare & Cyber Risk - The Need to Distribute Cyber Risk Management: Cyber risk management in the healthcare industry is still perceived to be driven by the IT department only, rather than overall enterprise risk management. According to healthcare respondents in the study Holding Healthcare to Ransom by Marsh & McLennan Companies Global Cyber Risk, 83 percent indicated that responsibility for cyber risk sits mainly with IT professionals and they are the primary owners and decision-makers for managing cyber risks, as compared to the 70 percent cross-industry average.

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And, you may have missed..

Super Typhoon Mangkhut: In the West Pacific Basin, Super Typhoon Mangkhut made landfall in Northern Luzon as a Category-5 on the Saffir-Simpson Scale just after 18 UTC September 14, according to advisories of the Joint Typhoon Warning Center (JTWC).

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September 27th, 2018

Cyberattack – Limiting Financial losses

Posted at 1:00 AM ET

In the event of a debilitating attack, cyber insurance and associated services can limit an organization’s financial damage from direct and indirect costs and help accelerate its recovery.

In the study Cyber Risk Management: Response and Recovery, from Marsh & McLennan Companies Global Risk Center and WomenCorporateDirectors, an example is provided that as a result of the NotPetya attack, one global company reported a decline in operating margins and income, with losses in excess of USD500 million in a fiscal year. Continue reading…

September 26th, 2018

Recent Thought Leadership from Guy Carpenter - Part II

Posted at 1:00 AM ET

Here we present a recap of recent thought leadership from Guy Carpenter.

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September 25th, 2018

Finding the ‘Right’ InsurTech – The Efficient and Insurance-centric Strategy

Posted at 1:11 PM ET

claude-yoder-crop1Claude Yoder, Global Head of Innovation and Product Development

Contact

The transformational advances that have impacted nearly everything we do are quickly catching up with the insurance industry and the urgency to further automate and integrate technology into the business is rapidly rising.

Continue reading…

September 25th, 2018

Recent Thought Leadership From Guy Carpenter - Part I

Posted at 1:00 AM ET

Here we present a recap of recent thought leadership from Guy Carpenter.

Continue reading…

September 24th, 2018

Healthcare & Cyber Risk – Quantifying Exposure

Posted at 1:00 AM ET

holding-healthcare-to-ransom-cover-image-6The new study, Holding Healthcare to Ransom by Marsh & McLennan Companies Global Risk Center, reports that about 56 percent of healthcare respondents in the Marsh-Microsoft Global Cyber Risk Perception Survey say their organizations measure the cyber risks that they are exposed to, but a significant proportion do so using qualitative methods. Continue reading…

September 21st, 2018

Week’s Top Stories: September 15 - 21, 2018

Posted at 10:00 AM ET

Chart: Significant Insured Losses 2011–2Q2018: Chart exhibits the significant insured losses from 2011 through the second quarter of this year.

View the chart >>

Healthcare Target of Increased Cyberattacks: Over the past decade, the healthcare industry has been haunted by headlines of data breaches. Three of the largest reported incidents impacting healthcare organizations in 2015 alone affected more than 100 million patient records and resulted in hundreds of millions of dollars in settlements. Data and cyber breaches have real financial and reputational impacts.

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Super Typhoon Mangkhut: In the West Pacific Basin, Super Typhoon Mangkhut made landfall in Northern Luzon as a Category-5 on the Saffir-Simpson Scale just after 18 UTC September 14, according to advisories of the Joint Typhoon Warning Center (JTWC).

Read the article >>

Hurricane Florence: Hurricane Florence made landfall near Wrightsville Beach, North Carolina at 7:15 AM EDT (1115 UTC) September 14, according to the National Hurricane Center (NHC). Maximum sustained winds at landfall were 90 mph, a strong category-one hurricane on the Saffir-Simpson Scale. The storm slowed considerably at landfall causing prolonged exposure of affected areas to damaging wind gusts and significant rainfall.

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Managing Catastrophe Model Change: Incorporating new hazard and claims insights can improve the estimates derived from catastrophe models. By re-analyzing historical events using the latest scientific methods or refining claims with more granular geographical and line of business breakdowns, we can update models with the latest expertise and data. But model changes that yield large swings in loss estimates for frequent events must be carefully scrutinized to understand assumptions and processes in order to truly support ownership of risk.

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And, you may have missed..

Guy Carpenter Announces New Global Capability to Help Clients Navigate Evolving InsurTech Market: Guy Carpenter announced the launch of GC Genesis, its expanded InsurTech advisory offering designed to meet clients’ desire to understand and leverage the dynamic universe of InsurTech.

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September 20th, 2018

Healthcare & Cyber Risk - The Need to Distribute Cyber Risk Management

Posted at 1:00 AM ET

holding-healthcare-to-ransom-cover-image-6Cyber risk management in the healthcare industry is still perceived to be driven by the IT department only, rather than overall enterprise risk management. According to healthcare respondents in the study Holding Healthcare to Ransom by Marsh & McLennan Companies Global Cyber Risk, 83 percent indicated that responsibility for cyber risk sits mainly with IT professionals and they are the primary owners and decision-makers for managing cyber risks, as compared to the 70 percent cross-industry average. Continue reading…

September 19th, 2018

Internet of Things: A Critical Risk Management Tool

Posted at 1:00 AM ET

Risk management professionals’ awareness of the internet of things (IoT) is on the rise, although many are unaware of the specifics. According to this year’s Excellence in Risk Management survey from Guy Carpenter sister company, Marsh, and RIMS, 59 percent of respondents said their organization uses or plans to use IoT, although 25 percent were not aware of how it would be used. In 2017, 48% said their organization used or planned to use IoT technologies, despite outside statistics showing actual usage at about 90%. Continue reading…