As businesses, both large and small, throughout all sectors of industry, become more and more reliant on technology to improve service efficiencies and functionalities, cyber risk has become one of the most pressing public topics addressed in corporate boardrooms and by governments across the globe. The corresponding awareness of a business’s susceptibility to a cyber-attack has grown along with a spate of high-profile attacks. Consequently, cyber risk is now an embedded feature of the global risk landscape, not only as a privacy/network liability, which is where much of the publicity has arisen, but also as a peril affecting traditional insurance lines. Therefore, preventative and post-event remediation are gaining importance as shareholders, regulators and rating agencies are increasingly focused on enterprise risk management activities for cyber risks.
Posts Tagged ‘Casualty’
Marsh & McLennan Companies’ Global Risk Center has published a report, The Emerging Risks Quandary. Many companies struggle to articulate the precise relevance of global and emerging risks to their business, and are poorly organized to make timely decisions. This report explores what impedes corporate efforts and sets out how companies can blend creativity and pragmatism to look beyond predictable and controllable risks to complex uncertainties that have the potential to generate more than mere volatility in corporate earnings.
Here we review GC Capital Ideas posts on unmanned vehicle technology as an emerging risk and the challenges and opportunities it presents to (re)insurers.
Here we review recent GC Capital Ideas posts examining the benefits to (re)insurers adopting Own Risk and Solvency Assessment (ORSA) standards.
Here we review GC Capital Ideas posts on the challenges (re)insurers face managing and modeling casualty catastrophe risks.
Here we review recent GC Capital Ideas posts on developments in China’s insurance regulatory system.
Here we review recent GC Capital Ideas posts on new product development as an emerging risk.
Here is a review of recent GC Capital Ideas posts on the developing awareness to cyber risk exposure and the impact that emerging risk can have on businesses.
The costs associated with compliance and disclosure will continue to rise as insurance regulators and rating agencies increase their scrutiny of the industry. (Re)insurers that operate on a global scale, for example, may wrestle with the complexity of multiple capital requirements and the return targets of investors. Smaller companies, often with fewer resources, may be forced to allocate a higher percentage of senior management’s time to compliance. It will become increasingly more important for (re)insurers to avoid unnecessary and redundant activity when seeking regulatory approval.
In realizing the goal of profitable growth, (re)insurers require a trusted partner to help them manage a rapidly evolving regulatory and rating agency environment.
Rating Agency Advisory
Ratings are a key indicator for many insurers and (re)insurance buyers. Amid evolving rating agency concerns and the complexity of enterprise risk management (ERM) requirements, Guy Carpenter Strategic Advisory provides clarity. We help clients take a proactive approach to enhance risk-adjusted capitalization, build up ERM, improve communications with rating agencies and optimize rating outcomes.