Archive for the ‘Casualty’ Category



March 21st, 2019

The Transformation of Biological Risks: Deliberate Attacks; Part II

Posted at 1:00 AM ET

extreme-weather-2In contrast to other types of terrorist attack, which require resources that are difficult to scale and replenish, the technical knowledge required to launch a catastrophic biological attack can be deployed repeatedly once it is mastered. This potential to “reload” creates the potential for successive high-impact attacks. According to one expert, this means that the national security vulnerabilities revealed by the terrorist attacks of September 11, 2001 in the United States were smaller than those revealed by the series of “anthrax letters” that killed five people in the weeks that followed. (1)  In June 2018, German police intercepted a potential biological attack when an arrest led to the discovery of 84 milligrams of the poison ricin. (2)

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March 20th, 2019

The Transformation of Biological Risks: Deliberate Attacks; Part I

Posted at 1:00 AM ET

extreme-weather-2Received wisdom is that biological agents are an unattractive weapon, in part because of the perceived risks involved in their production, and also because of the difficulty of targeting particular groups or populations. But this is not an area for complacency. A report commissioned last year by the U.S. Department of Defense highlights the “almost limitless list of malicious activities that could potentially be pursued with biology” and draws parallels with the importance of advances in physics and chemistry during the Cold War. (1)

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March 19th, 2019

Global Cyber Terrorism Incidents on the Rise

Posted at 1:00 AM ET

cyber-handbook-cover-image-smallThe nature of the terrorism threat facing society has changed considerably in the last 20 years. Previously, governments and (re)insurers structured their mitigation strategies and responses to deal with attacks that were large in scale. Continue reading…

March 18th, 2019

Climate Change Has Claimed Its Biggest Corporate Victim; Now Banks Are on Alert

Posted at 1:00 AM ET

Rob Bailey, Director of Climate Resilience at Marsh & McLennan Insights

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When PG&E filed for Chapter 11 protection in January, The Wall Street Journal dubbed it the “first climate change bankruptcy.” The California power utility was facing USD 30 billion in potential liabilities following a series of devastating wildfires linked to its equipment-wildfires made more likely by a prolonged period of hot, dry weather that had reduced the surrounding forests to tinder and which scientists have since attributed to climate change.

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March 12th, 2019

MMC Cyber Risk Handbook 2019

Posted at 1:00 AM ET

cyber-handbook-cover-image-smallCyber risk is a critical concern for business leaders. According to the World Economic Forum’s 2018 Executive Opinion Survey of more than 12,500 executives, large cyber-attacks are ranked as the #1 risk for doing business virtually across all advanced economies. As companies develop their approach to this dynamic and challenging threat in 2019, there are some emerging trends that they should consider.

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March 7th, 2019

Building for Resilience: How to Avoid a Catastrophe Model Failure: Part IV

Posted at 1:00 AM ET

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Imelda Powers, Global Chief Catastrophe Modeler

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Valuation Assumptions

There is no database of agreed property, contents or business interruption valuations among vendors or insurers.  Any user’s particular valuation may come from databases of property prices, or rebuild values from claims adjusters and building surveyors. If the model’s assumed valuations are under- or over-estimated, then the damage function may over- or under-compensate in order to balance to historical industry event losses during the model-building process. Consequently, it is important that the user adjust the damage module to reconcile these differences.

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March 4th, 2019

GC Capital Ideas Top Stories: February 2019

Posted at 1:00 AM ET

1. Chart: Global Property Catastrophe ROL Index: The Guy Carpenter Global Property Catastrophe Rate on Line index is presented for the years 1990 through 2019.

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2. Building for Resilience: How to Avoid a Catastrophe Model Failure: Since commercial catastrophe (CAT) models were first introduced in the 1980s, they have evolved as new scientific discoveries and claims insights emerged. Despite the sophisticated nature of each new generation of CAT models, occasionally a model misses a significant loss driver for a particular peril.

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3.Automobile Liability Segment Outlook: In 2017, writers of automobile (auto) liability insurance continued to cope with deteriorating combined ratios, which remained above 100 percent for the seventh consecutive year. While carriers have implemented effective strategies that improved their operations and as a result are achieving improved expense ratios, evolving market and environment factors continue to challenge auto insurers.

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4.Sidecars: Capitalizing on Market Cycles to Improve Client Solutions: Following U.S. hurricanes Katrina, Rita and Wilma in 2005 and the ensuing “hard” property catastrophe reinsurance market, reinsurers and investors increasingly started turning to sidecar insurance-linked securities to access new and replacement capacity.

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5. Cybersecurity, Strategic and Financial Risks to Dominate Risk Landscape: According to nearly 400 treasury professionals surveyed, strategic and financial risks, along with cybersecurity, will dominate the risk landscape for the next 18-36 months.

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6. Reinsurance Rate Movement Limited at January 1 Despite Uncertainty over Pricing Adequacy and Available Capital: The overall impact of catastrophe losses on property rates was muted at the January 1, 2019 reinsurance renewals, but the fourth highest annual catastrophe loss year on record did create questions over pricing adequacy, underwriting strategy and the amount of capital available, says Guy Carpenter.

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7. Affirmative versus Silent Cyber: An Overview: While the current debate over “affirmative” versus  “non-affirmative” coverage has been ongoing for a few years, WannaCry and Petya/NotPetya cyberattacks helped make the issue of “silent cyber” more critical.

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8. Risk Financing Strategies Needed as Exposure to Flood Increases: The affordability of flood resilience will become an increasingly critical issue as rising sea levels and urbanization expose a growing number of people and population centers to floods, says the World Economic Forum’s Global Risk Report 2019.

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9. GC Videocast - 2019 Cyber Landscape: New Regulations, Risks and Management Expectations: Cyber Practices experts at Guy Carpenter’s affiliate, Marsh, held a video webcast to look at how changing cyber risk exposures, regulations and best practices will change the cyber risk management landscape in 2019.

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10. Chart: Top Risks Expected to Increase in 2019: The chart lists the top ten risks expected to deteriorate in 2019 across five areas of concern highlighted in this year’s Global Risks Perception Survey (GRPS).

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February 26th, 2019

GC Securities Acts as Sole Structurer and Placement Agent for First Cat Bond to Transfer Standalone Terrorism Risk to the ILS Market

Posted at 1:23 PM ET

GC Securities*, a division of MMC Securities LLC, a US registered broker-dealer and member FINRA/NFA/SIPC, today announced the placement of GBP 75,000,000 Series 2019 Principal At-Risk Variable Rate Notes issued through Baltic PCC Limited, a protected cell company domiciled in the United Kingdom, on behalf of Pool Re.

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February 25th, 2019

GC Videocast - 2019 Cyber Landscape: New Regulations, Risks and Management Expectations

Posted at 1:00 AM ET

Cyber Practices experts at Guy Carpenter’s affiliate, Marsh, held a video webcast to look at how changing cyber risk exposures, regulations and best practices will change the cyber risk management landscape in 2019. Continue reading…