Here we review GC Capital Ideas posts on the challenges (re)insurers face managing and modeling casualty catastrophe risks.
Posts Tagged ‘risk management’
Sherry Thomas, Head of Catastrophe Management - Americas and James Burnett-Herkes, Senior Vice President
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?
Here we review recent GC Capital Ideas posts on some of the drivers behind public entities considering new approaches to risk financing.
Here we review recent GC Capital Ideas posts on developments in China’s insurance regulatory system.
In addition to internal risk management, models are typically used in risk transfer negotiations. Both traditional and alternative risk markets require extensive analysis of portfolios when considering risk transfer. Sharing a portfolio’s standardized model output is critical to imparting the loss potential of a particular portfolio from which risk-capital can be unlocked to support the risk financing needs of a reinsurance buyer. Using technology is critical when partnering governments with the private sector. Whether partnering with developed or emerging economies, these tools bring together the risk knowledge and historical data of the public sector with risk management techniques of the insurance industry. The result is an enhanced understanding of risk that provides stability and attracts partners.
Public sector-related data can be expansive, containing census data, property risk characteristics, historical loss information, risk rating matrices and natural hazard event scientific tracking. In order to facilitate packaging the sometimes unwieldy data in a way that is useful for risk decision making, utilizing outside resources to improve data transparency can be valuable. Public sector resources devoted to building tools that measure risks that are perceived as “uninsurable” can unlock private sector funding.
The National Flood Insurance Program (NFIP) is the primary underwriter of flood insurance policies in the United States. The program was established in 1968 through the passage of the National Flood Insurance Act.
Guy Carpenter Launches GC AdvantagePoint® 2.0, The Latest Version Of Its Advanced Risk Management Platform
Guy Carpenter today announced the launch of GC AdvantagePoint® 2.0, the latest release of its cutting edge client portfolio and risk management platform.
Flood is the largest contributor to catastrophic loss worldwide. Recent initiatives from Guy Carpenter and Marsh & McLennan Companies, both involving the peril of flood, demonstrate the diversity of approaches that can be brought to bear. In the United Kingdom, we are involved in a project where the insurance industry is working in concert with the government to adjust the industry’s approach to the peril of flood and maintain the private sector’s role as the source of insurance protection without a resultant increase in the public sector’s liability. In the United States, a project is being sponsored by the Federal Emergency Management Agency and the US Congress to determine how the National Flood Insurance Program might be privatized and how it might utilize reinsurance to support its risk management efforts, and thereby move potential loss exposure off the public balance sheet.