May 31st, 2019

Week’s Top Stories: May 25 - 31, 2019

Posted at 10:00 AM ET

Global Insurance Pricing Rises in First Quarter of 2019: Average insurance pricing in the first quarter of 2019 in the United States increased by 1.1 percent, year over year. Property pricing increased 4 percent and has now increased each quarter since the fourth quarter of 2017, a period marked by catastrophe losses that included an above-average North American hurricane season. Large, multilayered property programs (those with gross written premium greater than USD 1 million) led the pricing increases, up nearly 7 percent.

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How Will Gene Therapy Change the Health Insurance Landscape? Gene therapy is a new kind of specialty medical treatment. A patient receives a one-time injection of DNA-filled viruses, and those viruses get to work changing the way a patient’s cells react. So far, three gene therapy treatments have been approved by the U.S. Food and Drug Administration: two are CAR T-cell immunotherapy treatments used for fighting leukemia, and one treats a hereditary blindness condition. Gene therapy is now considered an experimental treatment. If it enters the standard of care, payers may be faced with a whole new universe of high-cost claims.

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From Risk To Strategy: Embracing The Technology Shift: Technological change and digitalization can help risk functions in Asia Pacific increase their efficiency and effectiveness, but this will require new skills at an individual level, a supportive organizational environment and a well-managed transformation program.

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Finding the Elusive Cyber Loss Curve Can Pay Big Dividends for Financial Institutions: What is the likelihood that your organization will experience a material cyber event in the next 12 months? Is the risk greater than 50 percent? Less than 25 percent? These questions are ever-present on the minds of risk managers, who long for at least a practical - if not precise - answer.

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What Is the Future of Alternatives to Traditional Insurance Markets? There’s been much discussion in risk finance circles over the past decade about alternatives to traditional insurance markets. Much of the focus has been on the provider side - the pension funds, sovereign wealth funds and other investors that provide the capital behind so-called alternative risk transfer (ART) solutions.

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And, you may have missed….

Evolving Regulatory Pressures Signal Potential Turning Point in Cyber Risk Management Strategies: Cyber risk presents an exciting opportunity for (re)insurers, but as one of the most dynamic perils in the industry, regulators are formalizing capital requirements and quantitative and qualitative measurements of risk appetite. In the United Kingdom, the Prudential Regulation Authority (PRA) is now asking (re)insurers to develop a silent cyber action plan by the end of the first half of 2019 and will conduct deep-dives on select firms in the second half to assess how they are meeting expectations described in a 2017 supervisory statement. It will then further assess affirmative cyber risk via an exploratory stress test later this year.

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