Posts Tagged ‘Property’

August 16th, 2018

Being Prepared for Cyber Terrorism

Posted at 1:00 AM ET

terrorism-rep-connections-banner-2Cyberattacks backed by hostile governments are increasingly a reality; companies should adopt strategies to strengthen cyber resilience.

Marsh’s 2018 Terrorism Risk Insurance Report, produced with support from Guy Carpenter, suggests that companies should implement strategies for scenario-based testing, quantifying the potential financial impact of an attack and reviewing options for transferring the financial risk from cyberattacks via insurance. Continue reading…

August 15th, 2018

Global Insurance Prices Rise for Third Consecutive Quarter

Posted at 1:00 AM ET

dean_kisura_hsDean M. Klisura President, Global Placement and Specialties, Marsh


Global commercial insurance prices rose, on average, in the second quarter of 2018, marking a third consecutive quarter of increases, according to the most recent Marsh Global Insurance Market Index. The increase in the index was driven largely by pricing for property and financial and professional insurance lines. Continue reading…

August 1st, 2018

FEMA Expands Reinsurance Initiative - “FloodSmart Re” the First Cat Bond to Ultimately Benefit a Federal Agency

Posted at 2:00 AM ET

GC Securities* Acts as Sole Structuring Agent and Co-Bookrunner.

The Federal Emergency Management Agency (FEMA) announced its August 1, 2018 reinsurance placement for the National Flood Insurance Program (NFIP). For the first time, FEMA has secured reinsurance ultimately backed by capital markets investors, continuing efforts to better manage the NFIP’s financial risk. Continue reading…

July 31st, 2018

Carr Fire – Redding, California

Posted at 6:09 PM ET

carr-smallIn Northern California, the Carr Fire has burned at least 110,154 acres since July 23 and claimed at least six lives according to media reports and Cal Fire. Damage survey efforts are still ongoing, however initial indications are that at least 1,236 structures have been destroyed with another 225 damaged. At least 27,000 people have been displaced by this event. Ongoing hot conditions are expected for the area which will continue to enable active fire spread. Nevertheless, containment efforts have made headway and the fire is under 27 percent containment according to Cal Fire. The fire continues to pose an active threat to numerous structures along with power and communications infrastructure, and evacuations remain in place. Our thoughts and concerns remain with those lost and personally affected by this event.

Continue reading…

July 31st, 2018

TRIPRA: The Need to Ease Rating Agencies and Regulators’ Concerns

Posted at 1:00 AM ET

terrorism-rep-connections-banner-2In 2018, the minimum industry trigger for the Terrorism Risk Insurance Program Reauthorization Act of 2015 (TRIPRA) increased to USD 160 million, contributing to continued rating agency concerns. In late 2017, A.M. Best updated its terrorism methodology and fully integrated the peril into its stochastic Best’s Capital Adequacy Ratio (BCAR) Model. Continue reading…

July 30th, 2018

Guy Carpenter promotes Byrd to CEO of South Africa

Posted at 2:00 AM ET

Guy Carpenter announced the promotion of Alton Byrd to the position of CEO of the firm’s South Africa operations, with immediate effect.

Most recently Senior Vice President for Treaty in the region, in his new role Mr. Byrd is responsible for overseeing all aspects of the ongoing management of the South Africa operations, as well as optimizing the growth strategy for the country. Based in Johannesburg, he reports to Ian Kerton, Head of UK Property & Casualty at Guy Carpenter. Continue reading…

July 26th, 2018

Risk Managers: Technology Fundamentals

Posted at 1:00 AM ET

While risk managers do not need to understand the detailed intricacies of every new technology, it is imperative that they have a fundamental understanding of technologies being considered and how certain technologies can help in risk management. Continue reading…

July 25th, 2018

The InsurTech Landscape

Posted at 1:00 AM ET

More than 50 start-up companies offering data, analytics and technology to the insurance sector enter the market every month.  While this dynamic is welcome news for an industry that is rapidly adapting to the digital economy, it also creates the challenge of identifying the ’right’ technology that would fit each business. Continue reading…

July 23rd, 2018

Claims in the Technology Era

Posted at 1:00 AM ET

Employing technology to streamline claims may be a strategy for profitable growth for insurers as clients seek more innovation in this arena.

A significant majority of companies would change or consider changing their insurer based on the availability of innovative solutions to file claims, according to this year’s Excellence in Risk Management survey from Guy Carpenter sister company, Marsh, and RIMS. It showed that 40 percent of respondents would consider switching to other insurers and advisors that offer innovation in the claims area and another 43 percent would not rule out such a move. Continue reading…