Posts Tagged ‘Casualty’



June 25th, 2019

U.S. Terrorism Risk Backstop Up for Renewal in 2020

Posted at 1:00 AM ET

The federal backstop created by the Terrorism Risk Insurance Act (TRIA) and reauthorized as TRIPRA - along with similar public-private mechanisms that exist in other countries - remains crucial to the continued stability and health of the property terrorism insurance market.

As TRIPRA’s expiration on December 31, 2020 approaches, Marsh & McLennan Companies colleagues have spoken with Treasury Department officials and legislators in both chambers of congress, who generally recognize TRIPRA’s importance and appear optimistic about its extension.

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June 24th, 2019

Advancing Cyber Risk Management – From Security to Resilience

Posted at 1:00 AM ET

report-thumbnail-cover-imagesmallIn an increasingly digital economy, cyber threats and vulnerabilities evolve fast. But despite growing anxieties around cyber, traditional security strategies and investments continue to lag. For organizations focused on balancing their growth plans and cyber security priorities both challenges and opportunities remain.

The new report from Marsh & McLennan Insights, Advancing Cyber Risk Management: From Security to Resilience, reviews the cyber risk and regulatory landscape against the backdrop of the digital global economy. Developed in partnership with Mandiant, a FireEye company, it outlines the key factors that increase cyber risk and the complications that impact resilience, particularly for multinationals whose operations span geographies and regulatory jurisdictions.

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June 20th, 2019

One-Year Anniversary of the GDPR: A Look Back and Ahead

Posted at 1:00 AM ET

When the European Union’s General Data Protection Regulation (GDPR) took effect in May 2018, it signaled the start of more aggressive privacy oversight and enforcement in an era of rapidly advancing technology. The diversity and scope of enforcement actions, and the intersection of data privacy regulation with technology, are likely to pose increasing challenges for regulators and for businesses.

This briefing from Guy Carpenter affiliate Marsh describes where we are one year later as the convergence of GDPR and other data privacy regulation with evolving technology - 5G networks, IoT, AI, the Cloud - will challenge businesses’ ability to foster technology innovation while also protecting privacy.  Businesses should expect the EU to take an active approach to AI’s consumption and processing of personal data, especially when it distinguishes individuals based on race, gender, political beliefs or other sensitive categories, even where the consequences are unintentional.

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June 18th, 2019

As We Enter the Era of the Ecosystem Economy, Are We Prepared for the Risks?

Posted at 1:00 AM ET

Leslie Chacko, Managing Director of Digital, Technology and Innovation at Marsh & McLennan Solutions

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We are entering the era of the ecosystem economy, in which complex networks of companies across industries collaborate to provide seamless experiences for customers. The economic opportunity of operating in an ecosystem is sizable and unprecedented - but so are the risks.

Digital ecosystems - enabled by data, emerging technologies and innovative platforms - are anticipated to be a major contributor to unlocking the so-called USD 100 trillion digital dividend by 2025. That is larger than global GDP today.

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June 17th, 2019

2019 Terrorism Risk Insurance Report

Posted at 1:00 AM ET

Terrorism remains a dynamic global risk and a serious threat for people and organizations. The evolution of terrorism risk exposes many countries to complex threats from both international and home-grown groups, as well as individuals acting on their own, known as “lone wolves.” And the evolution of terrorism risk in recent years challenges risk professionals to adopt new strategies to protect properties, employees and balance sheets.

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June 14th, 2019

Avoiding the cliff edge of no-deal Brexit; MMC Young Professionals’ Global Forum 2019

Posted at 1:26 PM ET

The United Kingdom’s Prudential Regulatory Authority (PRA) has “done as much as it can do to de-risk a no-deal [Brexit] cliff edge,” according to Mr. Sam Woods, deputy governor for prudential regulation and chief executive officer of the PRA, Bank of England.

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June 14th, 2019

Artificial Intelligence will help automate bespoke policies, says Lloyd’s Maynard; MMC Young Professionals’ Global Forum 2019

Posted at 1:13 PM ET

Artificial Intelligence (AI) offers the potential to automate how the insurance market delivers truly bespoke insurance products, according to Trevor Maynard, Head of Innovation at Lloyd’s.

Speaking at the MMC Rising Professionals’ Global Forum in London, Dr. Maynard said: “AI raises some really interesting possibilities in terms of automating how we deliver bespoke insurance products.”

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June 13th, 2019

Sir Richard Dearlove plays down Brexit but warns insurers of risks posed by “new international order”; MMC Young Professionals’ Global Forum 2019

Posted at 12:12 PM ET

The impact of Brexit on the London insurance market will be minimal, according to Sir Richard Dearlove, OBE, Non-executive Chairman of Ascot Underwriting, describing Brexit as “a sideshow.”

Addressing delegates at the MMC Rising Professionals Global Forum, Mr. Dearlove said: “The London insurance industry is a global industry, not a European industry, so the effect of Brexit will probably be very small.”

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June 12th, 2019

A Dynamic Approach to Managing Life Reinsurance Arrangements

Posted at 9:00 PM ET

The traditional life reinsurance model typically involves perpetual treaties linked to an underlying product. In order to create alignment between the contracting parties, the treaty would follow the underlying terms of the product. However, the treaty structure may concurrently include provisions that reduce alignment between the insurer and reinsurer, to the insurer’s detriment. This approach is often wrapped in the reinsurer’s “value proposition” - providing services to support the pricing, underwriting and claims management of the underlying product.

In today’s operating environment, that “value proposition” is becoming less relevant as insurers now have the capabilities to develop their own customer proposition through improved access to data, market knowledge and skills for pricing, analytics and underwriting. This already applies for the mature markets in the Asia Pacific region, and is increasingly relevant for emerging markets where we are witnessing rapid growth and demand for insurance.

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