June 7th, 2019

Week’s Top Stories: June 1 - 7, 2019

Posted at 10:00 AM ET

Insurance Risk Management 2025: Navigating the Digital Future: How could the insurance industry look in 2025, and what are the implications for the risk function? A video from Guy Carpenter affiliate Oliver Wyman offers a futuristic glimpse of a rapidly evolving industry. The insurance industry of today is already highly complex. However, this complexity is only likely to increase as business models evolve, the speed of change regarding data and technology accelerates and the risks that the industry faces change and expand. For many organizations, the risk function’s ability to keep pace with these changes will be a defining factor in their survival and success.

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Chart: Combined Ratio for Guy Carpenter Reinsurance Composite, Year-End 2018: Chart presents combined ratio of the Guy Carpenter Global Reinsurance Composite, 2005 through year-end 2018.

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Modeling Insights: Here we review recent GC Capital Ideas posts covering insights on modeling.

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A Risk Overview of Wildfire: Today, the frequency and severity of wildfires are garnering greater attention-not only from the media, but also from (re)insurers, catastrophe modelers, mitigation experts and other invested parties.  As the industry searches for better understanding of this dynamic risk, Guy Carpenter’s GC Wildfire Diagnostic (SM) helps carriers differentiate and drive profitable growth using a bespoke selection of innovative, technology-based tools and services that span the disciplines of underwriting strategy, analytics and risk transfer.

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The 2019 Captive Landscape: The number of organizations and risk professionals embracing captives as a tool to secure their future continues to grow, according to Marsh’s 2019 Captive Landscape report.

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And, you may have missed….

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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