Posts Tagged ‘Catastrophe’



September 26th, 2016

Increasing Confidence and Transparency in Your Catastrophe Risk Decisions: Part II

Posted at 1:48 AM ET

thomas_sherry_sm1james-burnett-herkes-sm1Sherry Thomas, Head of Catastrophe Management - Americas and James Burnett-Herkes, Senior Vice President

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Model Suitability Analysis (MSA)® consists of a set of standard tests and protocols that benchmark the models against independent reference data for hazard, event frequencies, damage functions, losses and historical experience. These datasets are created by independent and credible third-party research institutions that have expertise in the respective subjects. Rather than reinventing the wheel and developing models that already exist, the MSA approach evaluates the scientific underpinnings of existing models to establish confidence where warranted, and to identify areas of uncertainty. Guy Carpenter aggregates this information into our MSA Knowledge Base, and establishes standard protocols that are efficient to execute and test all models using the same standard procedure to achieve homogeneity and fairness in the process.

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September 22nd, 2016

Increasing Confidence and Transparency in Your Catastrophe Risk Decisions: Part I

Posted at 1:00 AM ET
thomas_sherry_sm1james-burnett-herkes-sm1Sherry Thomas, Head of Catastrophe Management - Americas and James Burnett-Herkes, Senior Vice President

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Could you afford to find that the portfolio you just acquired in North Carolina is more exposed to hurricane than previously assumed? What if next year’s Category 2 hurricane caused a loss in excess of 15 percent of your policyholders’ surplus?  How will the changes in the U.S. Geological Survey National Seismic Hazard Maps impact your exposure to earthquake risk in the central and eastern United States?

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September 21st, 2016

Recognizing the Exposure Gap in Public Sector Risk

Posted at 1:00 AM ET

Here we review GC Capital Ideas posts on the private sector closing the protection gap with public sector risk exposure.

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September 20th, 2016

Cyber Risk: Part II

Posted at 1:00 AM ET

ross_christopher-smChristopher Ross, Managing Director

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As greater understanding of the cyber peril is gained, a chief concern for (re)insurers is risk aggregation. Unlike traditional property insurance where aggregation is monitored by physical locations, insurers are exposed to the possibility of a single attack or a series of attacks either against multiple insureds or a single insured (such as a cloud provider) that could lead to substantial losses across multiple geographies. While a large systemic risk has not yet materialized, it does not mean the risk is not present. The challenging part is that there is limited history and lack of data for this emerging exposure, which makes it difficult for insurers to measure cyber risk and calculate capital needs.

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September 19th, 2016

Cyber Risk: Part I

Posted at 1:00 AM ET

ross_christopher-smChristopher Ross, Managing Director

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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.

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September 16th, 2016

Super Typhoon Meranti

Posted at 2:07 PM ET

super_typhoon_meranti-smSuper Typhoon Meranti made close approach to southern Taiwan with one-minute sustained winds of 305 kilometers per hour (190 mph), among the strongest tropical cyclones on record. Meranti rendered significant flooding and wind impacts to southern Taiwan, with nearly 800 millimeters (32 inches) of rainfall for some locations. Meranti then weakened to make final landfall on Mainland China in Fujian Province with one-minute sustained winds of 170 kilometers per hour (105 mph). Meranti rendered significant flood impacts and damage to infrastructure following final landfall. At least 11 fatalities and 82 injuries have been reported. Our first thoughts and concerns are with those lost and directly affected by this event.

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September 13th, 2016

Industry Must Expand Terrorism-Related Cover - GC@MC Commentary

Posted at 12:00 AM ET

emma-karhan-smEmma Karhan, Managing Director

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Recent Shift in Terrorist Focus to Economic Upheaval Requires Expanded Business Interruption Cover

In the wake of recent terror-related attacks, the insurance industry must expand its role of supporting the financial resilience of economies. This includes further clarifying the industry’s position alongside government-sponsored terrorism pools, according to Emma Karhan, Managing Director, Guy Carpenter. Continue reading…

September 7th, 2016

Hurricane Newton

Posted at 1:37 PM ET

hurricane-newton-smHurricane Newton made landfall near Cabo San Lucas, Mexico early Tuesday morning, with maximum sustained winds of 90 mph according to National Hurricane Center (NHC) advisories. Media reports indicate at least two dead and three missing. The hurricane brought tropical storm to hurricane conditions for affected areas, with reports of downed trees and power lines and some light structural damage. Reported impacts are not as severe as those of Hurricane Odile, which struck the area in 2014 as a major hurricane.

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September 7th, 2016

Growing Public Sector Debt

Posted at 1:00 AM ET

Many governments today are straining under public debt and many of the most catastrophically exposed governments are in the worst financial position. This is particularly true for countries exposed to the perils of flood, tropical cyclone and earthquake. Compounding this situation are demographic and economic trends that are adding additional pressure on already stressed balance sheets, both in emerging and developed economies.

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September 2nd, 2016

Hurricane Hermine

Posted at 11:52 AM ET

hurricane-hermine-smHurricane Hermine made landfall overnight near Saint Marks, Florida, with maximum sustained winds of 80 mph, according to the National Hurricane Center (NHC). This is the first hurricane to make landfall in Florida since Hurricane Wilma (October, 2005). Impacts under storm surge have been quite severe for some areas of the northwest Florida coast including Cedar Key. The storm has also caused downed trees and powerlines with some structural damage. The full extent of impacts from this event is still being determined as recovery and assessment efforts are still underway. Our first thoughts and concerns are with those lost and directly affected by this event.

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