A wildfire northeast of Colorado Springs, Colorado has become the state’s most destructive wildfire in history. The Black Forest Fire has destroyed 360 homes, surpassing the 347 homes destroyed in the Waldo Canyon Fire last year. At least 14 homes have been partially damaged and 79 homes could not be verified. The blaze covers about 15,000 acres of land and has no solid containment lines. The fire has forced the evacuation of more than 38,000 people in areas nearby, including parts of Colorado Springs. No deaths or injuries have been reported.

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A multi-day severe weather outbreak occurred during the period of May 28 to June 2 affecting a large area of the United States and Southern Ontario, Canada.  The outbreak occurred along a complex and evolving frontal boundary as it pushed through the mainland into and during the weekend.  Affected areas include the foothills of the Rocky Mountains, the South and Central Plains, the Mississippi Valley, the Midwest, the Great Lakes and New England.

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Guy Carpenter has published a new  briefing: 2013 Atlantic Hurricane Activity to Reach or Exceed 1995-2012 Average.  The 2013 Atlantic hurricane season is expected to be a busy one, carrying at least average activity with respect to the 1995-2012 “active” period. Seasonal outlook providers consistently emphasize two factors: the absence of El Niño, which implicates average activity, and higher tropical Atlantic sea-surface temperatures (SSTs), which implicate higher activity.

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Severe weather hit the central United States over the last several days, spawning several tornadoes, large hail and damaging straight-line winds. The town of Moore, Oklahoma experienced the worst of the outbreak. A rare EF5 tornado, the most powerful ranking on the Enhanced Fujita Scale, obliterated scores of buildings and killed at least 24 people, 9 of them children. The tornado was reported to be 1.3 miles wide and spent 40 minutes on the ground, leaving a 17 mile trail of destruction. According to AIR Worldwide, the estimated value at risk from the EF5 is between USD2 billion and USD6 billion. Oklahoma’s Insurance Commissioner, John Doak, stated that insured losses could exceed the cost of the 2011 Joplin tornado, which was nearly USD3 billion.

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A fire at a fertilizer plant in West, Texas (about 80 miles southeast of Dallas) sparked a deadly explosion that killed an estimated five to 15 people and injured more than 160 on Wednesday April 17. According to reports, the explosion occurred at approximately 8:00 PM CDT (01:00 UTC). Prior to the blast, a fire was reported at the plant. A reported 50 to 75 homes were destroyed, as well as a 50-unit apartment complex. A nursing home and middle school were also reported to have severe damage. While officials have not determined a cause for the explosion, they do not believe that foul play was involved.

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A new briefing has been published with the purpose of informing Guy Carpenter’s approach to hurricane risk in the context of new scientific findings.

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Two explosions in Boston, Massachusetts killed at least three people and injured more than 140 on Monday, April 15. Both explosions occurred in the Boston Back Bay area at about 2:50 PM EDT (18:50 UTC). The blasts occurred near the finishing line of the Boston Marathon, some four hours into the race. One blast occurred near a sports store and the other close to a viewing stand, near 673 Boylston Street at the intersection of Boylston and Exeter. Details around the explosions are still incomplete but the Federal Bureau of Investigation (FBI) has launched a “criminal investigation that is a potential terrorist investigation.”

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Two explosions were reported in Boston yesterday. The explosions occurred in the Boston Back Bay area at about 2:45 PM EDT (18:45 UTC), on Monday April 15. The explosions occurred after winners had finished the Boston Marathon. One occurred near a sports store, and the other near a viewing stand near the finish line. Explosion locations were reported near 673 Boylston St, or near the intersection of Boylston and Exeter.

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Here we highlight recent GC Capital Ideas stories on enterprise risk management. 

Guy Carpenter Launches MetaRisk® 7.1: Guy Carpenter today announced the release of MetaRisk® 7.1, the latest version of the firm’s premier risk and capital management decision making tool. The platform offers access to a variety of new features and enhancements that will improve usability, increase overall functionality and enable the development of more accurate and efficient risk and capital models.

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Risk Preference Function - Embedding Risk-Reward in Capital Allocation: Capital allocation decisions are among the most important decisions made by company management. Through our own research and thought leadership and our observance of best practices at clients around the world, Guy Carpenter’s Enterprise Risk Management Advisory practice has compiled a set of leading practices around capital allocation for (re)insurers.

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Guy Carpenter today announced the release of MetaRisk® 7.1, the latest version of the firm’s premier risk and capital management decision making tool. The platform offers access to a variety of new features and enhancements that will improve usability, increase overall functionality and enable the development of more accurate and efficient risk and capital models.

Continue reading…