Posts Tagged ‘Catastrophe’



June 22nd, 2017

Public-Private Insurance Partnerships Bolster Latin American/Caribbean Resilience: Part IV

Posted at 1:00 AM ET

aidan-pope-headshot-sm25Aidan Pope, Managing Director

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Mexico’s risk management strategy has earned a strong reputation in the international community. The World Bank said it is “at the vanguard of initiatives aimed at the development of an integrated disaster risk management framework, including the effective use of risk financing and insurance mechanisms to manage the fiscal risk derived from disasters,” highlighting it as an example for other governments to follow (1).

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June 21st, 2017

Public-Private Insurance Partnerships Bolster Latin American/Caribbean Resilience: Part III: A Lesson in Resilience from Mexico

Posted at 1:00 AM ET

aidan-pope-headshot-sm24Aidan Pope, Managing Director

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The Mexican federal government’s risk management strategy exemplifies a modern, resilient disaster preparedness plan, including pre- and post-event approaches and public-private partnerships. Following the 1985 Mexico City earthquake, the Mexican National Civil Protection System (SINAPROC) was created, establishing a multi-level system to integrate stakeholders from the three levels of government, the private and social sectors, academia and scientific organizations. Its purpose was to provide an institutional framework for the improved coordination of emergency response. Its capacities in the areas of risk assessment, early warning, preparedness and disaster risk financing were developed. As SINAPROC evolved, it added risk reduction practices to shift from a reactive to a preventative, holistic and integrated risk management plan.

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June 20th, 2017

Public-Private Insurance Partnerships Bolster Latin American/Caribbean Resilience: Part II

Posted at 1:00 AM ET

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Aidan Pope, Managing Director

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Many recent catastrophe events in the Latin America/Caribbean region provide examples of the protection gap: Only 5 percent of the USD 8 billion economic loss from Haiti’s 2010 earthquake was insured; and the insured portion of the USD 2 to 3 billion economic loss caused by the April 2016 earthquake in Manta, Ecuador, is expected to reach no more than 15 percent. The 2016 earthquake has deeply impacted the local economy and government finances as unemployment increased by approximately 50 percent and the government was compelled to increase sales taxes by two percent to fund national reparation and recovery costs. In general, emerging markets face a much larger protection gap than developed economies:

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June 19th, 2017

Public-Private Insurance Partnerships Bolster Latin American/Caribbean Resilience: Part I

Posted at 1:00 AM ET

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Aidan Pope, Managing Director

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Globally, three of the ten most costly natural disaster events in the last 35 years occurred in total or in part in the Latin America/Caribbean (LAC) region (1); losses from Hurricane Matthew in the Caribbean are still being assessed.

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June 14th, 2017

Analytics: Fueling Risk-Informed Decisions: Part II: Portfolio Analytics

Posted at 1:00 AM ET

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Tim Gardner, President, North America

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With robust portfolio analytics, including advanced actuarial and catastrophic risk modeling, insurers are able to manage portfolio risk with confidence. Notable new portfolio-based models are being used for emerging areas such as casualty catastrophe and cyber risk assessment. Significant advances in sub peril modeling, such as for flood, have also transformed previously non-modeled perils into modeled perils, greatly improving knowledge and underwriting decisions in many regions.

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June 13th, 2017

Analytics: Fueling Risk-Informed Decisions: Part I

Posted at 1:00 AM ET

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Tim Gardner, President, North America

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Today’s rapidly changing global environment presents insurers with many challenges and opportunities as capital management and risk transfer techniques evolve at an unprecedented pace. Stakeholders, regulators and ratings agencies are deepening their focus on risk management practices, and revolutionary developments in technology, including the Internet of Things and hyper-connectivity, are driving companies to adapt to the challenges that senior management faces to support risk management decisions material to their business.

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June 12th, 2017

GC Capital Ideas CAT-i Stories: For First Half, 2017

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Here is a look back at the CAT-i stories covering January through mid-June of 2017.

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June 6th, 2017

The Challenge in Applying Models Effectively

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Here we review GC Capital Ideas posts about how (re)insurers are utilizing model applications to improve their understanding of their risk exposure.

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May 31st, 2017

Public-Private Sector Initiatives Address Catastrophe Risk Exposure

Posted at 1:00 AM ET

Here we review recent GC Capital Ideas posts about public-private sector initiatives working to help alleviate the strain on the public balance sheet post catastrophe event.

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May 16th, 2017

Public Sector Risk Financing Perspectives in Asia Pacific: Part II: Highlights of Recent Initiatives

Posted at 1:00 AM ET

graham-jones-smGraham Jones, Senior Vice President

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In July 2016, the China Residential Earthquake Insurance Pool (CREIP) was jointly established by the China Insurance Regulatory Commission (CIRC) and Ministry of Finance. In development since 2014, the scheme consists of 45 insurers distributing policies with basic limits of USD 7,500 and USD 3,000 for urban and rural residents, respectively. Coverage up to a maximum limit of USD 150,000 is negotiable. The claims process has been simplified with payouts equaling zero, 50 or 100 percent of the policy limit based on five damage levels.

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