Archive for the ‘Week in Review’ Category



August 17th, 2018

Week’s Top Stories: August 11 - 17, 2018

Posted at 10:00 AM ET

Global Insurance Prices Rise for Third Consecutive Quarter: Global commercial insurance prices rose, on average, in the second quarter of 2018, marking a third consecutive quarter of increases, according to the most recent Marsh Global Insurance Market Index. The increase in the index was driven largely by pricing for property and financial and professional insurance lines.

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Regulatory Landscape Part V: NAIC Model Law: The recently enacted European Union (EU) General Data Protection Regulation (GDPR), the National Association of Insurance Commissioners (NAIC) Model Law and the New York State Department of Financial Services (NYDFS) Cybersecurity Act all address data privacy (the personal information of individuals) and data protection (using such personal information for business objectives), but from different perspectives. The NYDFS and NAIC regulations are focused on the technical requirements of financial service companies to assess cyber risk in their systems, implement additional security and report breaches promptly.

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Regulatory Landscape Part VI: California Consumer Privacy Law: The European Union’s (EU) General Data Protection Regulation (GDPR), which became enforceable in the spring, may be a model or a prelude to similar regulations across the Atlantic.
In late June, America’s largest state adopted California Consumer Privacy Act of 2018. The California bill goes into effect on January 1, 2020, allowing lawmakers to propose changes before it becomes enforceable. Compliance with the law will most likely increase the costs of doing business.

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Regulatory Landscape Part VII: Conclusion: GC Capital Ideas has analyzed in the last few posts the intricacies and corporate responsibilities and challenges in a world of constant technological innovation. This order requires striking a balance between new initiatives such as the use of big data and advanced analytics, and regulatory requirements and privacy needs. These are the aims of Global Data Protection Regulation’s (GDPR) and the recently adopted California Consumer Privacy Act of 2018, which goes into effect in 2020.

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Guy Carpenter to Host Scientific and Engineering Expo to Launch New InsurTech Advisory Offering Developed with Numerati® Partners LLC: Guy Carpenter announced the August 9, 2018 launch event for its InsurTech Alliance – a cost effective, state of the art and insurer-focused suite of capabilities to help carriers evaluate new innovations in the areas of data, analytics and digital technology-based products and solutions.

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And, you may have missed..

Carr Fire – Redding, California: In Northern California, the Carr Fire has burned at least 110,154 acres since July 23 and claimed at least six lives according to media reports and Cal Fire. Damage survey efforts are still ongoing, however initial indications are that at least 1,236 structures have been destroyed with another 225 damaged.

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August 10th, 2018

Week’s Top Stories: August 4 - 10, 2018

Posted at 10:00 AM ET

Carr Fire – Redding, California: In Northern California, the Carr Fire has burned at least 110,154 acres since July 23 and claimed at least six lives according to media reports and Cal Fire. Damage survey efforts are still ongoing, however initial indications are that at least 1,236 structures have been destroyed with another 225 damaged.

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Regulatory Landscape Part II: Extra-Territorial Application of GDPR: The European Union’s Global Data Protection Regulation (GDPR) applies to company processing of personal data of European Union (EU) citizens, regardless of the company’s location. Mere accessibility of a controller’s, processor’s or intermediary’s website in the EU, containing an email address or other contact details or the use of a language generally used in a third country where the controller is established, does not necessarily bring the data within GDPR jurisdiction.

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Guy Carpenter to Host Scientific and Engineering Expo to Launch New InsurTech Advisory Offering Developed with Numerati® Partners LLC: Guy Carpenter announced the August 9, 2018 launch event for its InsurTech Alliance – a cost effective, state of the art and insurer-focused suite of capabilities to help carriers evaluate new innovations in the areas of data, analytics and digital technology-based products and solutions.

Read the article >>


Regulatory Landscape Part IV: NYDFS Cybersecurity Act - Risk of Third Party Service Providers: The recently enacted European Union (EU) General Data Protection Regulation (GDPR), the National Association of Insurance Commissioners (NAIC) Model Law and the New York State Department of Financial Services (NYDFS) Cybersecurity Act all address data privacy (the personal information of individuals) and data protection (using such personal information for business objectives), but from different perspectives. The NYDFS and NAIC regulations are focused on the technical requirements of financial services companies to assess cyber risk in their systems, implement additional security and report breaches promptly. The NYDFS regulation became effective on March 1, 2017.

Read the article >>


Regulatory Landscape Part V: NAIC Model Law: The recently enacted European Union (EU) General Data Protection Regulation (GDPR), the National Association of Insurance Commissioners (NAIC) Model Law and the New York State Department of Financial Services (NYDFS) Cybersecurity Act all address data privacy (the personal information of individuals) and data protection (using such personal information for business objectives), but from different perspectives. The NYDFS and NAIC regulations are focused on the technical requirements of financial service companies to assess cyber risk in their systems, implement additional security and report breaches promptly.

Read the article >>


And, you may have missed…

Chart: The Cyber Insurance Matrix Explained: Chart examines the policy coverage matrix between cyber and property lines of insurance coverage.

View the chart >>


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August 3rd, 2018

Week’s Top Stories: July 28 - August 3, 2018

Posted at 9:55 AM ET

Carr Fire – Redding, California: In Northern California, the Carr Fire has burned at least 110,154 acres since July 23 and claimed at least six lives according to media reports and Cal Fire. Damage survey efforts are still ongoing, however initial indications are that at least 1,236 structures have been destroyed with another 225 damaged.

Read the article >>


Guy Carpenter to Host Scientific and Engineering Expo to Launch New InsurTech Advisory Offering Developed with Numerati® Partners LLC: Guy Carpenter announced the August 9, 2018 launch event for its InsurTech Alliance – a cost effective, state of the art and insurer-focused suite of capabilities to help carriers evaluate new innovations in the areas of data, analytics and digital technology-based products and solutions.

Read the article >>


Chart: The Cyber Insurance Matrix Explained: Chart examines the policy coverage matrix between cyber and property lines of insurance coverage.

View the chart >>


TRIPRA: The Need to Ease Rating Agencies and Regulators’ Concerns: In 2018, the minimum industry trigger for the Terrorism Risk Insurance Program Reauthorization Act of 2015 (TRIPRA) increased to USD 160 million, contributing to continued rating agency concerns. In late 2017, A.M. Best updated its terrorism methodology and fully integrated the peril into its stochastic Best’s Capital Adequacy Ratio (BCAR) Model.

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The Insurtech Landscape: More than 50 start-up companies offering data, analytics and technology to the insurance sector enter the market every month.  While this dynamic is welcome news for an industry that is rapidly adapting to the digital economy, it also creates the challenge of identifying the ’right’ technology that would fit each business.

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And, you may have missed…

FEMA Expands Reinsurance Initiative - “FloodSmart Re” the First Cat Bond to Ultimately Benefit a Federal Agency: GC Securities* Acts as Sole Structuring Agent and Co-Bookrunner. The Federal Emergency Management Agency (FEMA) announced its August 1, 2018 reinsurance placement for the National Flood Insurance Program (NFIP). For the first time, FEMA has secured reinsurance ultimately backed by capital markets investors, continuing efforts to better manage the NFIP’s financial risk.

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*Securities or investments, as applicable, are offered in the United States through GC Securities, a division of MMC Securities LLC, a US registered broker-dealer and member FINRA/NFA/SIPC. Main Office: 1166 Avenue of the Americas, New York, NY 10036. Phone: (212) 345-5000. **Securities or investments, as applicable, are offered in the European Union by GC Securities, a division of MMC Securities (Europe) Ltd. (MMCSEL), which is authorized and regulated by the Financial Conduct Authority, main office 25 The North Colonnade, Canary Wharf, London E14 5HS. Reinsurance products are placed through qualified affiliates of Guy Carpenter & Company, LLC. MMC Securities LLC, MMC Securities (Europe) Ltd. and Guy Carpenter & Company, LLC are affiliates owned by Marsh & McLennan Companies. This communication is not intended as an offer to sell or a solicitation of any offer to buy any security, financial instrument, reinsurance or insurance product.


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July 27th, 2018

Week’s Top Stories: July 21 - 27, 2018

Posted at 10:00 AM ET

Guy Carpenter to Host Scientific and Engineering Expo to Launch New InsurTech Advisory Offering Developed with Numerati® Partners LLC: Guy Carpenter announced the August 9, 2018 launch event for its InsurTech Alliance – a cost effective, state of the art and insurer-focused suite of capabilities to help carriers evaluate new innovations in the areas of data, analytics and digital technology-based products and solutions.

Read the article >>


The Insurtech Landscape: More than 50 start-up companies offering data, analytics and technology to the insurance sector enter the market every month.  While this dynamic is welcome news for an industry that is rapidly adapting to the digital economy, it also creates the challenge of identifying the ’right’ technology that would fit each business.

Read the article >>


Guy Carpenter Appoints President and Head of South East Asia and Korea: Guy Carpenter announced the appointment of Bengt Johnsen as President and Head of the South East Asia and Korea (SEAK) region, effective Jan. 18, 2019.

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Claims in the Technology Era: Employing technology to streamline claims may be a strategy for profitable growth for insurers as clients seek more innovation in this arena.

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Aging Population and Automation: Which Nations Face High Risk: The specific countries that face a high risk of automation of jobs held by older workers also tend to have projections for a rapidly aging population, according to the study The Twin Threats of Aging and Automation by Marsh & McLennan Companies.

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And, you may have missed…

Risk Managers: Technology Fundamentals:While risk managers do not need to understand the detailed intricacies of every new technology, it is imperative that they have a fundamental understanding of technologies being considered and how certain technologies can help in risk management.

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July 20th, 2018

Week’s Top Stories: July 14 - 20, 2018

Posted at 10:00 AM ET

Guy Carpenter Appoints President and Head of South East Asia and Korea: Guy Carpenter announced the appointment of Bengt Johnsen as President and Head of the South East Asia and Korea (SEAK) region, effective Jan. 18, 2019.

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In Risk Management ‘Tried’ Technology Has Staying Power: Treasury and financial managers remain hesitant to try newer and more efficient risk management tools.  A survey of finance professionals found that 97 percent use spreadsheets to manage risk while only 28 percent believe they are efficient risk management tools.

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Guy Carpenter to Host Scientific and Engineering Expo to Launch New InsurTech Advisory Offering Developed with Numerati® Partners LLC: Guy Carpenter announced the August 9, 2018 launch event for its InsurTech Alliance – a cost effective, state of the art and insurer-focused suite of capabilities to help carriers evaluate new innovations in the areas of data, analytics and digital technology-based products and solutions.

Read the article >>


How to Turn Compliance Into a Competitive Advantage: Regulatory technology, or regtech, has emerged as a cost-effective solution to help banks deal with the numerous and burdensome tasks required for compliance with regulations. Regtech also helps banks improve their bottom line by enabling them to more effectively manage risks and execute strategies that bring profitable growth.

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Chart: Top Ten Catastrophe Bond Transactions In 2017: The table lists the top ten catastrophe bond transactions that were completed in 2017.

View the chart >>



And, you may have missed…

Rising Responsibility of Risk Managers: Adoption of emerging technologies and innovation bring opportunity but also potential risks to an organization.  In an age of continuous and rapid change, risk management executives can play a critical role in technology adoption and to engage in conversations about emerging risks and solutions.

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July 13th, 2018

Week’s Top Stories: July 7 - 13, 2018

Posted at 10:00 AM ET

Chart: The Cyber Insurance Matrix Explained: Chart examines the policy coverage matrix between cyber and property lines of insurance coverage.

View the chart >>


Guy Carpenter Advises Gothaer on the Transfer of Its Gothaer Re Run-off portfolio: Guy Carpenter acted as the sole transactional advisor on the successful transfer of the reinsurance portfolio of Gothaer Group (Gothaer) which has been in run-off since Gothaer Re ceased trading in 2004.

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Trends in Terror Cover: Hospitality and gaming companies, on average, allocated the largest share of their property insurance programs to terrorism coverage in 2017.

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Developments in the Data Privacy Regulatory Landscape: The recently enacted European Union (EU) General Data Protection Regulation (GDPR), the National Association of Insurance Commissioners (NAIC) Model Law and the New York State Department of Financial Services (NYDFS) Cybersecurity Act all address data privacy (the personal information of individuals) and data protection (using such personal information for business objectives), but from different perspectives.

Read the article >>


Chart: Top Ten Catastrophe Bond Transactions In 2017: The table lists the top ten catastrophe bond transactions that were completed in 2017.

View the chart >>



And, you may have missed…

Chart: Global Property Catastrophe ROL Index: The Guy Carpenter Global Property Catastrophe Rate on Line (ROL) index is presented for 1990 through 2018.

View the chart >>


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July 6th, 2018

Week’s Top Stories: June 30 - July 6, 2018

Posted at 10:00 AM ET

Chart: The Cyber Insurance Matrix Explained: Chart examines the policy coverage matrix between cyber and property lines of insurance coverage.

View the chart >>


Chart: Global Property Catastrophe ROL Index: The Guy Carpenter Global Property Catastrophe Rate on Line (ROL) index is presented for 1990 through 2018.

View the chart >>


Chart: Top Ten Catastrophe Bond Transactions In 2017: The table lists the top ten catastrophe bond transactions that were completed in 2017.

View the chart >>


Volcanic Eruptions: A Complex and Largely Overlooked Risk: Volcanic eruptions are complex phenomena that may affect populations and economies in ways we may not be familiar with.

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Chart: Catastrophe Bond Issuance and Capital Outstanding: Chart shows 144A P&C catastrophe issuance and capital outstanding for the years 1998 through year-end 2017 based on data from GC Securities’* proprietary database.

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And, you may have missed…

Guide to Cyber Coverage Options: Cyber Risk Management: Response and Recovery, the new report from Marsh & McLennan’s Global Risk Center and WomenCorporateDirectors, includes a Guide to Cyber Coverage Options.

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June 29th, 2018

Week’s Top Stories: June 23 - 29, 2018

Posted at 10:00 AM ET

Volcanic Eruptions: A Complex and Largely Overlooked Risk: Volcanic eruptions are complex phenomena that may affect populations and economies in ways we may not be familiar with.

Read the article >>


Why All the Talk about Cyber? GC Capital Ideas has recently posted several articles about cyber security and the need to implement robust prevention and response mechanisms. Posts on cyber typically are among our most viewed stories.

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North Atlantic Hurricane Season for 2018 – Near Normal But With Uncertainty: With the 2018 North Atlantic hurricane season having commenced on June 1, seasonal outlook providers on both sides of the Atlantic continue to issue predictions.

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Better Quantifying Cyber Exposure Will Help Determine Risk Finance Needs: As evidenced by the millions of dollars potentially at stake in a cyber event, financing to help an organization recover from a cyber-attack is more important than ever, with serving insurance a key part of the equation.

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Chart: Global Property Catastrophe ROL Index: The Guy Carpenter Global Property Catastrophe Rate on Line (ROL) index is presented for 1990 through 2018.

View the chart >>



And, you may have missed…

Captives Offer Access to Capital: Captive owners are seeking options for coverage of terrorism and other high-severity risks. Among other benefits, captive owners gain flexible options to finance emerging and high-severity risks, such as cyber liability, terrorism, and cyber terrorism.

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June 22nd, 2018

Week’s Top Stories: June 16 - 22, 2018

Posted at 10:00 AM ET

Guide to Cyber Coverage Options: Cyber Risk Management: Response and Recovery, the new report from Marsh & McLennan’s Global Risk Center and WomenCorporateDirectors, includes a Guide to Cyber Coverage Options.

Read the article >>


Better Quantifying Cyber Exposure Will Help Determine Risk Finance Needs: As evidenced by the millions of dollars potentially at stake in a cyber event, financing to help an organization recover from a cyber-attack is more important than ever, with serving insurance a key part of the equation.

Read the article >>


Preparedness to Manage Risks: A majority of organizations are prepared to manage risks as a result of increased use of technology, although a few report being significantly prepared. Although treasury and finance professionals are cognizant that increased use of technology will also increase risk exposure, not all organizations are actively addressing the urgency and criticality of being prepared to manage these risks.

Read the article >>


Captives Offer Access to Capital: Captive owners are seeking options for coverage of terrorism and other high-severity risks. Among other benefits, captive owners gain flexible options to finance emerging and high-severity risks, such as cyber liability, terrorism, and cyber terrorism.

Read the article >>


Chart: Global Property Catastrophe ROL Index: The Guy Carpenter Global Property Catastrophe Rate on Line (ROL) index is presented for 1990 through 2018.

View the chart >>



And, you may have missed…

Standalone Terrorism Insurance Remains Competitive: Unlike coverage under the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA), which is normally made available within annual “all-risk” property policies, a standalone property terrorism insurance policy does not require the government to certify an act of terrorism in order for a claim to be paid.

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