October 1st, 2018

GC Capital Ideas Top Stories: September 2018

Posted at 1:00 AM ET

1. 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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2. 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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3. 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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4. Super Typhoon Jebi: In the West Pacific Basin, Typhoon Jebi made first landfall on Shikoku (Tokushima Prefecture) at around 03 UTC on 4 September, and then second landfall near Kobe (Hyōgo Prefecture) at around 05 UTC on the same day. The storm brought reports of damaging wind gusts in excess of 160 km/hr (100 mph), flooding due to storm surge and heavy rainfall and mudslides.

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5. Guy Carpenter appoints Head of Strategy and Client Engagement: Guy Carpenter announced the appointment of Shaun Sinniah as Head of Strategy and Client Engagement for the firm’s International and Global Specialties divisions, with effect from October.

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6. Mw 6.6 Earthquake – Iburi, Hokkaido: A magnitude (Mw) 6.6 earthquake struck the island of Hokkaido in northern Japan at 18:07 UTC on September 5 (03.07 JST on September 6), according to the U.S. Geological Survey (USGS). The epicenter was located at a depth of 33.4 km in the Iburi Subprefecture, about 20 km east of the coastal city of Tomakomai and 62 km southeast of Sapporo. No tsunami warning was issued.

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7. 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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8. Data and Analytics Support Innovations in Flood Risk Management - GC@MC Commentary: Flood risk and its impact on communities are global concerns. Advances in data quality coupled with expanding model development and computational power leads to increasingly accurate risk evaluation for (re)insurer portfolio analyses and underwriter risk analyses – with a concomitant increase in policyholder risk awareness.

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9. A Strategy for Market Volatility: Portfolio Optimization - GC@MC Commentary: Today, (re)insurers are challenged by a host of factors pressuring companies’ earnings and capital – excess capacity is impacting underwriting profitability as claim frequency and severity are rising – contributing to a movement toward balance sheet volatility that impacts earnings and growth, according to a global roundtable of Guy Carpenter leaders.

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10. Accounting Changes Impacting the Reinsurance Landscape - GC@MC Commentary: The introduction of International Financial Accounting Standard 17 (IFRS 17) adds another level of complexity to the already challenging (re)insurer legislative and regulatory environment. While IFRS 17 creates a number of changes, particular interest should be made to the significant changes it presents to accounting of insurance contracts. IFRS 17 will establish a fair value view of liabilities and together with the fair value view of assets based on IFRS 9, companies’ balance sheets and income statements are likely to encounter a substantially higher degree of volatility, according to a global roundtable of Guy Carpenter leaders.

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