Guy Carpenter today announced a new digital strategy, unveiling an innovative platform - GC Exchange℠ and its unique suite of electronic solutions, including GC MarketPlace℠ and GCReBID℠.
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With the recent release of Guy Carpenter’s G-CAT® Canada flood model, we review earlier GC Capital Ideas stories on the flood peril:
Malaysia Floods: December 2014-January 2015: In response to demand for detailed maps showing the extent of flooding in December 2014 through January 2015, Guy Carpenter activated its CAT-VIEW℠ event response service to produce flood footprints based on unmanned airborne vehicles (UAV) imagery.
Guy Carpenter Publishes Flood Risks in Asia - A Detailed Study: Guy Carpenter released a new report titled Flood Risk in Asia - A Detailed Study. The report provides an in-depth study of the flood potential in Asia along with the prevention and protection systems in place.
Guy Carpenter Launches Satellite-based Catastrophe Evaluation Service: Guy Carpenter launched its new satellite-based catastrophe evaluation service, GC CAT-VIEW℠, with the announcement that it has started using the service to provide clients affected by the recent UK floods with initial insured loss estimates.
Here we review the evolving role of reinsurance in mitigating public sector risk through the expanding deployment of reinsurance and capital market solutions:
1. Capital Markets Developing Trends: Capital markets capacity continues to innovate as highlighted by the recent issuance of a catastrophe bond by the MTA . This issue, MetroCat, which came to market in July 2013, demonstrated the willingness of capital markets investors to assume storm surge and flood risk from named storms in a cost effective manner.
2. Public Entities, Insurers of Last Resort and Compulsory Cat Pools and Disaster Facilities: The use of capital markets-based risk transfer capacity by public entities, insurers of last resort, and compulsory catastrophe pools and disaster facilities continues to expand. These deals included Turkey’s Turkish Catastrophe Insurance Pool, Mexico’s FONDEN and New Zealand’s EQC. Most large U.S. insurers of last resort, such as CEA, Citizens (FL), Citizens (LA), North Carolina Joint Underwriting Association and the North Carolina Insurance Underwriting Association (NCJUA/NCIUA), and Texas Windstorm Insurance Association, are utilizing capital markets capacity including collateralized reinsurance and catastrophe bonds.
3. GC Securities* Completes First Catastrophe Bond Issued By The World Bank On Behalf Of The Caribbean Catastrophe Risk Insurance Facility: GC Securities announced the placement of Floating Rate CCRIF Catastrophe-Linked Capital at Risk Notes, with notional principal of USD30,000,000, issued by the International Bank for Reconstruction and Development, a member institution of the World Bank Group, to facilitate risk transfer on behalf of the Caribbean Catastrophe Risk Insurance Facility (the CCRIF). CCRIF is a risk-pooling facility that is designed to limit the financial impact on its sixteen Caribbean member governments resulting from catastrophic earthquakes and hurricanes by quickly providing financial liquidity when a policy is triggered. This is the first time that the CCRIF has utilized the cat bond market and the first catastrophe bond directly issued by the World Bank.
*Securities or investments, as applicable, are offered in the United States through GC Securities, a division of MMC Securities Corp., a US registered broker-dealer and member FINRA/NFA/SIPC. Main Office: 1166 Avenue of the Americas, New York, NY 10036. Phone: (212) 345-5000. Securities or investments, as applicable, are offered in the European Union by GC Securities, a division of MMC Securities (Europe) Ltd. (MMCSEL), which is authorized and regulated by the Financial Conduct Authority, main office 25 The North Colonnade, Canary Wharf, London E14 5HS. Reinsurance products are placed through qualified affiliates of Guy Carpenter & Company, LLC. MMC Securities Corp., MMC Securities (Europe) Ltd. and Guy Carpenter & Company, LLC are affiliates owned by Marsh & McLennan Companies. This communication is not intended as an offer to sell or a solicitation of any offer to buy any security, financial instrument, reinsurance or insurance product. **GC Analytics is a registered mark with the U.S. Patent and Trademark Office.