November 12th, 2014
Posted at 5:30 AM ET
Cyber-attacks and terrorism are ranked among the top emerging risks concerning the (re)insurance industry in the year ahead, according to a survey released today by Guy Carpenter. According to the findings, new products, expansion into new geographic markets and access to new distribution channels will be the primary drivers of profitable growth in 2015.
November 2nd, 2014
Posted at 3:30 PM ET
Guy Carpenter today published a new report highlighting the continued increase in 2014 of total Asia Pacific catastrophe limit purchased. However, a confluence of factors, including the weakening of some key zone currencies has meant that reinsurance premium spend in the region has declined significantly.
October 29th, 2014
Posted at 4:30 PM ET
Guy Carpenter today 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.
October 25th, 2014
Posted at 7:30 AM ET
Guy Carpenter & Company released Part II of the two-part Ten-Year Retrospective of the 2004 and 2005 Atlantic Hurricane Seasons. Part II focuses on the 2005 hurricane season and the cumulative impacts of both the 2004 and 2005 seasons on the (re)insurance industry as well as the changes made in response to these two landmark seasons from both catastrophe model vendors and rating agencies.
October 21st, 2014
Posted at 10:32 AM ET
Hurricane Gonzalo approached Bermuda late Friday as a Category 3 hurricane on the Saffir-Simpson scale, before making direct landfall as a strong Category 2. Maximum sustained winds at landfall were 110 mph according to the U.S. National Hurricane Center (NHC). The hurricane caused widespread structural damage and flooding, with downed trees and power lines. However, damage was less severe than expected, with no reported fatalities or major injuries in Bermuda. After clearing Bermuda, Gonzalo made a close approach to Atlantic Canada, bringing very large waves and storm force winds, but with minimal impacts. Gonzalo is now approaching the northern United Kingdom as a powerful post tropical cyclone, where it is expected to render very heavy rain and gusty winds exceeding 60 mph (100 kilometers per hour) over the next 24 hours.
October 17th, 2014
Posted at 3:48 PM ET
Hurricane Gonzalo is now a dangerous Category 3 hurricane on the Saffir-Simpson scale and is expected to make a close approach to Bermuda, with closest approach this evening. Model guidance is in close agreement on this scenario. Gonzalo will be the strongest hurricane to affect Bermuda since Hurricane Fabian (2003), also a Category 3. Tropical storm winds are already affecting the island of Bermuda, and the onset of hurricane conditions is expected this afternoon. A significant surge event can be expected with battering 30 foot waves.
October 16th, 2014
Posted at 4:11 PM ET
Hurricane Gonzalo is forecast to make a direct hit or close approach to Bermuda sometime on Friday, most likely as a Category 3 hurricane on the Saffir-Simpson scale. Hurricane and tropical storm force winds extend outward up to 45 miles (75 kilometers) and 150 miles (240 kilometers) from the center of circulation, respectively. After clearing Bermuda, Gonzalo should eventually make landfall in Eastern Atlantic Canada as a strong post-tropical cyclone.
September 16th, 2014
Posted at 3:38 PM ET
Hurricane Odile made a direct hit to the Southern end of the Baja Peninsula, Mexico, Sunday night, with impacts of great severity. Maximum sustained winds at landfall were 125 mph, a Category 3 hurricane on the Saffir-Simpson scale, according to the National Hurricane Center (NHC). Odile is now a tropical storm and poses an ongoing threat of wind, surge and especially heavy rain. The wind impacts of Odile include severe to complete damage to hundreds of homes, with severe damage to hotels and the Los Cabos airport. Downed trees and power lines are widespread, and power outages have affected at least 200,000. According to the NHC, Odile is tied with Olivia, which struck in 1967, as the strongest hurricane to make landfall in the state of Baja California Sur.
September 9th, 2014
Posted at 5:00 AM ET
Guy Carpenter today released Part One of a two-part series report detailing a ten-year retrospective on the 2004 and 2005 Atlantic Hurricane Seasons - two landmark years that were not only significant for their weather events, but for their lasting effects on the (re)insurance industry. The report examines the meteorological conditions that contributed to the weather activity characterizing both hurricane seasons, as well as the impact on underwriting and claims adjusting practices, cat modeling, and the Florida Hurricane Catastrophe Fund (FHCF).
September 3rd, 2014
Posted at 11:30 PM ET
Guy Carpenter launched its new leading-edge probabilistic hail model for Europe. The G-CAT® Hail Model features a unique approach to producing historic hail tracks using a lightning detection system developed for Guy Carpenter by atmospheric research firm nowcast GmbH.