In our first MENA Insights interview, Dr Cherif Chentir, Chief Underwriting Officer, Middle East, South Eastern Europe, Greece, Cyprus, Malta, SCOR SE, talks about the mega-projects taking place in the region and his belief that insurance penetration can only move in one direction. He looks back over his long career and charts the development of a market that has changed beyond all recognition.
Posts Tagged ‘guycarp’
Here we bring together recent GC Capital Ideas stories focused on the growth opportunities afforded by emerging markets.
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.
During busy times of the year, we add articles quickly. So, what you see on the front page of GC Capital Ideas one day may not be there the next. The article has not disappeared; it has just moved to the next page. Articles are listed in the order in which they were published. The newest is at the top of the front page. To see those that are a bit older, go to the bottom of a page and click the “previous” link.
Here we review recent GC Capital Ideas stories that have touched on issues relating to the Solvency II regime.
Here we highlight recent GC Capital Ideas stories authored by Andrew Cox, Head of Advisory, EMEA, at Guy Carpenter.
Guy Carpenter announced that Tony Gallagher will be appointed Chief Executive Officer (CEO) of the firm’s Pacific Region effective March 1, 2013. Mr. Gallagher will be based in Sydney and will report to James Nash, CEO of the firm’s Asia Pacific region.
Powerful Portfolio Planning and Point-of-Sale Capabilities Help Insurers Set Strategy and Drive Profitability
Subhashish Dutta, Head of Global Research and Development and Thomas Clift, Managing Director
Guy Carpenter’s GC ProfitPoint+ SM, delivers powerful portfolio planning and point-of-sale capabilities allowing insurers to set, calibrate and monitor risk management strategy. A single, easy-to-use solution, it enables line underwriters and agents to make informed decisions about individual policies by drawing on the robust analytical capabilities and insurance industry insight of Guy Carpenter. It crystallizes the business results of portfolio strategy that would otherwise take insurers weeks to analyze.
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.
Here we repeat our popular series authored by John Major, which focuses on the issues and challenges in managing catastrophe model uncertainty.
Managing Catastrophe Model Uncertainty, Issues and Challenges: Part I, Executive Summary: Uncertainty is ever present in the insurance business, and despite relentless enhancements in data gathering and processing power, it is still a large factor in risk modeling and assessment. This realization, driven home by model changes and recent unexpected natural catastrophes, can be disconcerting - even frightening - to industry participants. But companies that understand the vagaries of model uncertainty and take a disciplined, holistic approach to managing the catastrophe modeling process are well positioned to adapt and outperform the competition.
Managing Catastrophe Model Uncertainty, Issues and Challenges: Part II, Natural Cat Modeling, Uncertainty in Cat Model Results: Computerized simulation modeling of the potential impact and risk of natural disasters - from multiple perils - was pioneered by Dr. Don G. Friedman at the Travelers Insurance Company in the 1960s. Figure 2, below, is an example of one of his simulated wind speed maps, circa 1974. In 1987, Karen Clark founded the first cat modeling firm, AIR, and three more firms, RMS, EQECAT and ARA, came on the scene in 1988, 1994 and 1999, respectively. By the early 1990s Guy Carpenter had become a “power user” of cat models and augmented its capabilities by acquiring the intellectual property - and hiring some colleagues of the retiring Dr. Friedman.
Managing Catastrophe Model Uncertainty, Issues and Challenges: Part III, Using Cat Models: Scenario analysis has a long history in risk management. By examining a set of hypothetical extreme events and asking “what if this were to happen?” management can begin to get a sense of vulnerabilities in the business. But it is hard to assess how realistic a particular scenario might be. Using historical events as the basis for scenarios incorporates the fact that those events did, in fact, occur. They are realistic by definition. And their relative occurrence over time gives a sense of probability.
Managing Catastrophe Model Uncertainty, Issues and Challenges: Part IV, How Guy Carpenter Can Help: As Karen Clark, founder of AIR and now an independent consultant, has said, “the black box started out as a useful tool for decision making, but then it grew to be very big and very powerful; the black box now makes the decisions.” While somewhat hyperbolic, there is also much truth to this aphorism. Models are tools, and a good tool user understands the strengths and limitations of the tool.