Archive for the ‘Casualty’ Category



November 15th, 2018

GC Videocast - Emerging Cyber Risks Explained

Posted at 1:00 AM ET

The “years of data breaches,” 2013 and 2014, evolved to healthcare breaches, followed by ransomware attacks. What cyber perils lie ahead?  Guy Carpenter’s Jeremy S. Platt, Managing Director and Cyber Solutions Specialty Practice Leader; and Chris Shafer, Assistant Vice President at Cyber Solutions Specialty Practice, explain in the video.

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November 13th, 2018

A Math Formula May Offer a Solution to Insurers’ Critical Challenges

Posted at 1:00 AM ET

Guy Carpenter has developed a methodology that applies a mathematical formula to provide insurers and reinsurers with a unified, practical framework for risk pricing and capital allocation.

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November 12th, 2018

Increasing Frequency of Extreme Weather Events in Asia Pacific

Posted at 1:00 AM ET

_offset_472526_smallThe Asia Pacific may be the most adversely impacted region by the pronounced increase in the frequency of extreme weather events around the world. The Guy Carpenter Asia-Pacific Catastrophe Report 2017 projects an increase in economic losses from natural disasters in Asia, which amounted to USD 126 million a day between 2006 to 2015 (1).

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November 8th, 2018

Silent Cyber Explained

Posted at 1:00 AM ET

“Silent cyber,” also known as unintended or non-affirmative coverage, refers to the unknown or unquantified exposures stemming from cyber perils that may be triggered within traditional property and liability insurance policies. The systemic nature of the cyber risk means silent cyber may become increasingly more prevalent in virtually every type of insurance policy.

Fundamentally, silent cyber arises from policies that may not explicitly provide a cyber coverage grant or from a cyber exclusion that is poorly worded or unclear. The “gray area” of where liability lies can also arise if insuring agreements are satisfied but the insurer did not price for or contemplate loss scenarios originating from a cyber peril.

For example, a commercial building with a property insurance policy suffers a cyber-attack that leads to a structure fire, which in turn damages the building’s HVAC system; and the event results in disruption in occupancy and use for several weeks. If the building’s insurance policy has no explicit cyber coverage or exclusions or the exclusion for cyber is ambiguous, it can create a gray area about coverage. On the other hand, if the building has cyber insurance that covers the damage to the server, and property insurance that covers the damage to the property, then it may lead to questions over which policy covers the damage to HVAC and which one applies to the business interruption.

Guy Carpenter has best-in-class capabilities and has placed over 30 stand-alone and blended cyber programs globally that protect against non-affirmative silent cyber.

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November 7th, 2018

Recent Thought Leadership from Guy Carpenter – Asia Pacific Focus

Posted at 1:00 AM ET

Here we present a recap of recent thought leadership from Guy Carpenter focusing on important insurance and reinsurance topics in Asia Pacific.

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November 6th, 2018

Evolving Terror Threats - Innovation Needed to Meet Changing Demands

Posted at 1:00 AM ET

New modes of attack are causing a shift from large terrorist events aimed at property destruction to less sophisticated attacks causing mass casualties and fear. With global commerce, tourism and financial markets impacted, demand is growing for modeling, capacity and protection-gap solutions to increase resiliency against such attacks.

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November 5th, 2018

Recent Thought Leadership from Guy Carpenter – North America Focus

Posted at 1:00 AM ET

Here we present a recap of recent thought leadership from Guy Carpenter focusing on important insurance and reinsurance topics in North America.

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November 1st, 2018

GC Capital Ideas Top Stories: October 2018

Posted at 1:00 AM ET

1. Baden-Baden Reinsurance Symposium Explores Market Impact of Global (Re)insurance Composites: Guy Carpenter hosted the Reinsurance Symposium in Baden-Baden on October 21, the 10th year that Guy Carpenter has hosted the event. The theme of the Symposium was “Back to the past: a return to global composites.”

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2. Leading Cyber Insurance Strategies: Insurers are undertaking several initiatives to seize opportunities in writing network security and privacy insurance in order to achieve profitable growth. Read about some of the actions on which they are focusing.

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3. Hurricane Michael: Hurricane Michael made landfall on October 10 as a high-end Category-4 hurricane on the Florida Panhandle, with maximum sustained winds of 155 mph. The storm rendered severe to complete damage to areas from Panama City to Port Saint Joe, with especially severe damage in Mexico Beach due to severe wind and storm surge.

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4. Escalating Threat of Cyber Terrorism: The WannaCry and NotPetya cyber-attacks illustrated the magnitude of the damage that cyber-attacks can cause. These two attacks affected organizations in more than 150 countries, prompted business interruption and other losses estimated at well over USD 300 million by some companies, brought reputational damage and resulted in loss of customer data.

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5. Pushing the Model Boundaries - GC@BB Commentary: As Solvency II-based capital regimes further impact internal capital models, greater clarity around a company’s view of risk is becoming more critical. Yet optimizing model infrastructures is often limited by platform inflexibility, computational power and cumbersome approval processes, according to a European roundtable of Guy Carpenter leaders.

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6. Super Typhoon Trami: In the West-Pacific Basin, Typhoon Trami made landfall in the city of Tanabe, Japan (Wakayama prefecture) on 30 September at around 11 UTC (8 PM local time), according to media reports. Before reaching Honshu, the typhoon had rendered considerable impacts while making close approach to Okinawa, Kyūshū and Shikoku Islands.

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7. A Strategy for Market Volatility: Portfolio Optimization - GC@BB 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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8. Marsh & McLennan Cyber Resilience Insights Microsite: As we enter National Cybersecurity Awareness Month, a new resource from Marsh & McLennan Companies collates the best insights on cyber resilience from across the firm and its strategic cyber partnerships.

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9. A New Boldness in Tackling Emerging Risks – Part I: Risk teams are under increasing pressure to move beyond blocking and tackling to providing strategic risk advice that can help their companies achieve sustainable resilience in the face of critical emerging risks, according to the report Material Improbabilities, Getting Practical with Emerging Risks from Marsh & McLennan Companies Global Risk Center.

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10. Cybersecurity Awareness: On the start of the 15th Cybersecurity Awareness Month, GC Capital Ideas has collected our recent articles that offer insights into this very critical risk. Cyber risk and security will remain a top priority for the foreseeable future. In addition to hackers and cyber criminals continuously developing new methods of attack, state-sponsored cyber-attacks have occurred according to the U.S. government.

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October 31st, 2018

Flood risk challenges in Asia - GC@SIRC Commentary

Posted at 9:00 PM ET

mark-weatherhead-finalMark Weatherhead, Head of Model Development, International

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  • Asia is particularly prone to flooding because of three factors: hydrology, population density and mitigation rate
  • To improve loss assessments, hazard data should be combined with other data types, such as probabilistic event sets and defense information
  • Guy Carpenter has made a significant investment in data and technology to help our clients improve their understanding of flood risk

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