Guy Carpenter announced the release of its Public Sector Risk Report, Partnerships: The Way to Public Sector Risk Financing, which examines the shifting economic and risk landscapes that are driving public sector entities to consider new approaches to risk financing.
Posts Tagged ‘nat cat’
Hurricane Patricia made landfall on the Pacific Coast of Mexico as a Category 5 hurricane on the Saffir-Simpson Scale. Patricia was a compact storm, and made landfall in an area of relatively low population density. Reported impacts in the immediate landfall area are severe. However, the track and compact nature of Patricia appears to have spared Puerto Vallarta, Manzanillo and Guadalajara from the most severe impacts, according to media reports.
Torrential rainfall in South Carolina led to catastrophic flooding throughout the state over the weekend, claiming the lives of at least nine people. Large swaths of the state have experienced over 20 inches of rain in the past week with another two to six inches forecasted through Monday, according to the state climatologist.
Here are recent CAT-i stories from the period July to mid-September of 2015.
Chile experienced an 8.3-magnitude earthquake on September 16, followed by dozens of aftershocks, including one at magnitude 7.0 and seven at magnitude 6.0 or above. According to the U.S. Geological Survey (USGS), the earthquake occurred near the coast of Coquimbo, about 46 kilometers (29 miles) west of Illapel at 19:54 local time. A tsunami warning was issued for the entire coast of Chile but has since been lifted. Initial media reports indicate at least 11 fatalities, although emergency crews are still accessing affected areas. The earthquake has forced more than one million people to evacuate from their homes and electrical power was cut off to 240,000 households. Heavy waves following the earthquake caused flooding in coastal towns although most buildings were reported to hold up well. The USGS pager service estimates most probable economic losses between USD 100 million and USD 1 billion. Our first thoughts and concerns are with those directly affected by this event.
In Central and Northern California, two wildfires have consumed over 133,000 acres and destroyed at least 750 homes and ten businesses in a matter of days. The fires have altogether displaced at least 23,000, according to media sources, and a state of emergency has been declared for affected areas by Governor Jerry Brown. Nearly 6,400 firefighters have been mobilized to combat the two fires, according to the National Interagency Fire Center (NIFC).
Fiscal constraints are increasing across many developed and emerging economies amid growing catastrophic loss potential brought on by the geopolitical climate, demographic trends and global climate change. As a result, heads of government, international trade organizations and private sector risk bearers are increasing their calls to reexamine the roles and responsibilities of society to better manage these complicated risks.
Alex Moczarski, President and CEO, Guy Carpenter and Chairman, Marsh & McLennan Companies International, provides concluding remarks at the Guy Carpenter press briefing at the Monte Carlo Rendez-Vous in this GC Capital Ideas videocast.
Guy Carpenter today announced the completion of the final phase in the development of its pioneering probabilistic European hail model. The enhancements to the G-CAT® Hail Model expand the number of countries covered by the model to include Belgium, Czech Republic, France, Luxembourg, the Netherlands, Spain and Switzerland.
GC Securities* Completes Catastrophe Bond Bosphorus Ltd. Series 2015-1 Notes Benefiting the Turkish Catastrophe Insurance Pool
GC Securities, a division of MMC Securities Corp., a U.S. registered broker-dealer and member FINRA/NFA/SIPC, today announced the placement of the Series 2015-1 Notes, with notional principal of USD 100,000,000, through the newly formed catastrophe bond shelf program, Bosphorus Ltd., to benefit the Turkish Catastrophe Insurance Pool (TCIP). The 2015-1 Notes represent the second time that TCIP has utilized the capital markets to obtain earthquake protection on a parametric basis. TCIP, managed by Eureko Sigorta A.Ş., first accessed the cat bond market in 2013 via the issuance of Bosphorus 1 Re Ltd. and has now sourced USD 500 million in total of catastrophe bond capacity from capital market investors.