Posts Tagged ‘Property’



September 26th, 2016

Increasing Confidence and Transparency in Your Catastrophe Risk Decisions: Part II

Posted at 1:48 AM ET

thomas_sherry_sm1james-burnett-herkes-sm1Sherry Thomas, Head of Catastrophe Management - Americas and James Burnett-Herkes, Senior Vice President

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Model Suitability Analysis (MSA)® consists of a set of standard tests and protocols that benchmark the models against independent reference data for hazard, event frequencies, damage functions, losses and historical experience. These datasets are created by independent and credible third-party research institutions that have expertise in the respective subjects. Rather than reinventing the wheel and developing models that already exist, the MSA approach evaluates the scientific underpinnings of existing models to establish confidence where warranted, and to identify areas of uncertainty. Guy Carpenter aggregates this information into our MSA Knowledge Base, and establishes standard protocols that are efficient to execute and test all models using the same standard procedure to achieve homogeneity and fairness in the process.

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September 22nd, 2016

Increasing Confidence and Transparency in Your Catastrophe Risk Decisions: Part I

Posted at 1:00 AM ET
thomas_sherry_sm1james-burnett-herkes-sm1Sherry Thomas, Head of Catastrophe Management - Americas and James Burnett-Herkes, Senior Vice President

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Could you afford to find that the portfolio you just acquired in North Carolina is more exposed to hurricane than previously assumed? What if next year’s Category 2 hurricane caused a loss in excess of 15 percent of your policyholders’ surplus?  How will the changes in the U.S. Geological Survey National Seismic Hazard Maps impact your exposure to earthquake risk in the central and eastern United States?

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September 20th, 2016

Cyber Risk: Part II

Posted at 1:00 AM ET

ross_christopher-smChristopher Ross, Managing Director

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As greater understanding of the cyber peril is gained, a chief concern for (re)insurers is risk aggregation. Unlike traditional property insurance where aggregation is monitored by physical locations, insurers are exposed to the possibility of a single attack or a series of attacks either against multiple insureds or a single insured (such as a cloud provider) that could lead to substantial losses across multiple geographies. While a large systemic risk has not yet materialized, it does not mean the risk is not present. The challenging part is that there is limited history and lack of data for this emerging exposure, which makes it difficult for insurers to measure cyber risk and calculate capital needs.

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September 19th, 2016

Cyber Risk: Part I

Posted at 1:00 AM ET

ross_christopher-smChristopher Ross, Managing Director

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As businesses, both large and small, throughout all sectors of industry, become more and more reliant on technology to improve service efficiencies and functionalities, cyber risk has become one of the most pressing public topics addressed in corporate boardrooms and by governments across the globe. The corresponding awareness of a business’s susceptibility to a cyber-attack has grown along with a spate of high-profile attacks. Consequently, cyber risk is now an embedded feature of the global risk landscape, not only as a privacy/network liability, which is where much of the publicity has arisen, but also as a peril affecting traditional insurance lines. Therefore, preventative and post-event remediation are gaining importance as shareholders, regulators and rating agencies are increasingly focused on enterprise risk management activities for cyber risks.

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September 16th, 2016

Super Typhoon Meranti

Posted at 2:07 PM ET

super_typhoon_meranti-smSuper Typhoon Meranti made close approach to southern Taiwan with one-minute sustained winds of 305 kilometers per hour (190 mph), among the strongest tropical cyclones on record. Meranti rendered significant flooding and wind impacts to southern Taiwan, with nearly 800 millimeters (32 inches) of rainfall for some locations. Meranti then weakened to make final landfall on Mainland China in Fujian Province with one-minute sustained winds of 170 kilometers per hour (105 mph). Meranti rendered significant flood impacts and damage to infrastructure following final landfall. At least 11 fatalities and 82 injuries have been reported. Our first thoughts and concerns are with those lost and directly affected by this event.

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September 15th, 2016

Solvency II Equivalence In The International (Re)insurance Landscape

Posted at 1:00 AM ET

andrew-cox-951graham-jones-95lobel_myra-smeddy-vanbeneden-sm22sumner-smAndrew Cox, Managing Director; Graham Jones, Senior Vice President; Myra E. Lobel, Managing Director; Eddy Vanbeneden, Managing Director and Steven Sumner, Oliver Wyman, Actuarial Consulting

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The concept of equivalence under Solvency II determines to what extent (re)insurance entities outside Europe can operate within the European Union (EU) while relying solely on their local solvency standards. The ability to operate in the EU is a significant issue that impacts multinational (re)insurance companies and groups.

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September 14th, 2016

The Insurance Of Things & Industry 4.0 – A Matrix View

Posted at 1:00 AM ET

speed_morley_bioMorley Speed, Managing Director

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Technological progress and the accumulation of assets have not only stimulated the development of insurance products; they have in turn been nurtured by the availability of these offerings.

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September 13th, 2016

Guy Carpenter Sees Market Shift Towards Core Model Strategy - GC@MC Commentary

Posted at 3:00 AM ET

eagle_matthew-sm1Matthew Eagle, Head of International Analytics

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Industry Moves Away From Multi-Model Approach Given Current Market Conditions

Insurers and reinsurers are increasingly adopting a core model strategy based around a detailed assessment of its capabilities, instead of the multi-model or blended approach as investment in modeling capabilities comes under pressure, says Matthew Eagle, Head of GC Analytics® - International at Guy Carpenter.

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September 13th, 2016

Cat Modelling Challenges In Europe

Posted at 1:00 AM ET

weatherhead_mark-smMark Weatherhead, Head of Model Development - International

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2016 marks the 60th year of the Monte Carlo Rendez-Vous. Since the first event in 1957 the insurance world has changed significantly, with economic and insured losses from natural catastrophes such as floods and hurricanes increasing dramatically.

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September 13th, 2016

Industry Must Expand Terrorism-Related Cover - GC@MC Commentary

Posted at 12:00 AM ET

emma-karhan-smEmma Karhan, Managing Director

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Recent Shift in Terrorist Focus to Economic Upheaval Requires Expanded Business Interruption Cover

In the wake of recent terror-related attacks, the insurance industry must expand its role of supporting the financial resilience of economies. This includes further clarifying the industry’s position alongside government-sponsored terrorism pools, according to Emma Karhan, Managing Director, Guy Carpenter. Continue reading…