Posts Tagged ‘terror’



July 7th, 2014

July 1 Renewals Reveal Continued Double Digit Price Decreases Across Many Lines and Geographies

Posted at 5:00 AM ET

Guy Carpenter reports that market pressures at July 1 renewals continued to drive price decreases across virtually all geographies and lines of business, many in the double digit range. As loss activity remained minimal, reinsurers added to surplus capacity and additional capital continued to come into the market via alternative sources. 

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June 26th, 2014

Chart: Reliance On TRIPRA

Posted at 1:00 AM ET

The chart shows that in 2012 there were over 850 insurers participating in the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA), writing over USD183 billion in premiums. Using the current 20 percent deductible requirement of TRIPRA and policyholder surplus as a filter, Guy Carpenter found that the smaller to mid-sized insurance carriers would be most affected should there be an increase in the deductible of any program that replaces TRIPRA. Without TRIPRA, insurers with less than USD300 million in surplus would likely need to incorporate additional private reinsurance market capacity to protect their capital and to satisfy rating agencies and regulators.

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June 18th, 2014

Overview of TRIPRA and Extension Proposals

Posted at 8:00 AM ET

The Republican-led Financial Services Committee in the U.S. House of Representatives put forward a draft proposal outline to reauthorize TRIPRA on May 1, 2014. After further negotiations, the House Republican leadership presented the TRIA Reform Act of 2014 on June 11 that proposes a five-year reauthorization of the federal program (to the end of 2019) with a similar copay structure to that of the Senate bill. However, a number of changes have also been proposed that have the potential to impact the market if fully implemented, including higher program triggers for non-NBCR events, an increase to the recoupment rate and an enhancement to the program’s taxpayer repayment requirements. The table outlines the different terms and durations that have been put forward by the Senate and the House.

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June 17th, 2014

Guy Carpenter Report Reinforces Need for TRIPRA Renewal

Posted at 11:15 PM ET

Guy Carpenter released its latest report on global terrorism. The report highlights evolving global terrorism risks and the impact these risks have on the reinsurance market. It also emphasizes the vital role the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) plays in the United States ensuring the availability and affordability of terrorism (re)insurance capacity throughout the country.

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June 11th, 2014

Review of Terrorism’s Impact on Insurance and Technology

Posted at 1:00 AM ET

Here we update our review of some recent GC Capital Ideas stories related to the issue of terrorism, addressing the impact on both the insurance industry and technology:

New Marsh Report: Need for Terrorism Insurance Strong: A new report released by Guy Carpenter parent company, Marsh, confirms that demand for terrorism insurance remains strong and the existence of the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) plays a key role in making coverage available and affordable.

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Chart: Countries Operating Compulsory or Optional Terrorism Pools:  A summary of the compulsory and optional terrorism pools that operate around the globe.

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Range of Cyber Risks: Cyber risks range from legal liability and computer security breaches to privacy breaches of confidential information. Data breaches typically involve the intent to either copy, extract or destroy data. However, the risks that companies face transcend simple data incidents and often include the broader range of perils associated with the structural vulnerability of our economy to failures of technology generally. Further risks include cyber extortion, cyber terrorism, loss of revenue due to a computer attack, recovery costs, reputational damage and supply chain disruption.

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April 28th, 2014

New Marsh Report: Need for Terrorism Insurance Strong

Posted at 1:00 AM ET

A new report released by Guy Carpenter parent company, Marsh, confirms that demand for terrorism insurance remains strong and the existence of the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) plays a key role in making coverage available and affordable.

Continue reading…

April 22nd, 2014

GC Capital Ideas Review of Terrorism’s Impact on Insurance and Technology

Posted at 1:00 AM ET

Here we review some recent GC Capital Ideas stories related to the issue of terrorism, addressing the impact on both the insurance industry and technology:

Chart: Countries Operating Compulsory or Optional Terrorism Pools:  A summary of the compulsory and optional terrorism pools that operate around the globe. 

Read the article>> 

 

Guy Carpenter Insights on A.M. Best’s 2013 Updates: A.M. Best has recently issued several insurance ratings updates. Among them, insurers that are overly dependent on the Terrorism Risk Insurance Authorization Act (TRIPRA) may face negative rating pressure when the act expires at the end of 2014. A.M. Best continues to assess the impact of terrorism risk exposure relative to BCAR levels in its discussions with carriers.

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Range of Cyber Risks: Cyber risks range from legal liability and computer security breaches to privacy breaches of confidential information. Data breaches typically involve the intent to either copy, extract or destroy data. However, the risks that companies face transcend simple data incidents and often include the broader range of perils associated with the structural vulnerability of our economy to failures of technology generally. Further risks include cyber extortion, cyber terrorism, loss of revenue due to a computer attack, recovery costs, reputational damage and supply chain disruption.

Read the article>> 

 

Click here to register to receive e-mail updates>> 

 

November 5th, 2013

Cyber Attacks - Vulnerable Data and the Consequences of a Breach

Posted at 1:00 AM ET

The types of data at risk from cyber attacks include consumer data, employee information and business partners’ information. Table T-1 defines these specific categories of data. The confidentiality of this type of information is critical to a company’s success.

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November 4th, 2013

The Rise of Cyber Attacks

Posted at 1:00 AM ET

Cyber attacks are on the rise, with several recent high-profile examples. Indeed, 2012 broke the previous record in terms of the number of reported data loss incidents. With 2,644 incidents recorded through mid-January 2013, 2012 more than doubled the previous highest year on record (2011). Furthermore, the extent of attacks is likely to be far higher since around 20 percent of reported incidents did not disclose the number of records involved (1).

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November 4th, 2013

Range of Cyber Risks

Posted at 1:00 AM ET

Cyber risks range from legal liability and computer security breaches to privacy breaches of confidential information. Data breaches typically involve the intent to either copy, extract or destroy data. However, the risks that companies face transcend simple data incidents and often include the broader range of perils associated with the structural vulnerability of our economy to failures of technology generally. Further risks include cyber extortion, cyber terrorism, loss of revenue due to a computer attack, recovery costs, reputational damage and supply chain disruption.

Continue reading…