Posts Tagged ‘US’



November 14th, 2018

Wildfire Activity – California

Posted at 9:37 PM ET

calwildfires-smallSignificant wildfires have affected areas of northern and southern California due to extremely dry, windy conditions and very dry fuels. In Northern California, the Camp Fire has burned at least 130,000 acres since November 8 and claimed at least 48 lives, making this the deadliest wildfire in known California history. Damage survey efforts are still ongoing, however initial reports indicate at least 7,600 residences destroyed with another 225 damaged. Meanwhile in Southern California, the Woolsey Fire has consumed at least 97,620 acres along with 483 structures, and at least two lives. Ongoing dry, windy conditions have offset containment efforts. However, aggressive firefighting efforts of over 5,100 firefighters have brought the Camp Fire and Woolsey Fire to 35 and 47 percent containment, respectively. The cause of these fires remains under investigation, according to Cal Fire. A federal disaster area has been declared to better allow emergency assistance. Improving weather conditions should enable greater progress with containment effortsover the coming days.

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November 5th, 2018

Recent Thought Leadership from Guy Carpenter – North America Focus

Posted at 1:00 AM ET

Here we present a recap of recent thought leadership from Guy Carpenter focusing on important insurance and reinsurance topics in North America.

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October 29th, 2018

As Insurance Market Cycle Evolves, Carriers Must Review Underwriting Strategies

Posted at 8:00 AM ET

Guy Carpenter has completed its annual review of property & casualty (P&C) results and found that insurers’ operating environment today is very different than just a few short years ago.

Formerly stable lines produced significant volatility in 2017, while others that often struggle to produce underwriting returns enjoyed multi-decade highs in profitability. And the familiar underwriting cycle has decoupled materially across long-tail casualty lines, with profitability, growth and reserve development moving in widely different directions by line and segment. These are just a few of the findings reported in the company’s 2018 Risk Benchmarks Research Report, which focuses on the risk and performance of US P&C insurers. Continue reading…

October 23rd, 2018

Data and Analytics Support Innovations in Flood Risk Management - GC@BB Commentary

Posted at 9:00 AM ET

cleary_liz_photo21 Elizabeth Cleary, Managing Director

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  • Increased computing power is fueling innovative solutions for flood underwriting
  • Insurers are using technology to communicate a homeowner’s flood risk with mobile apps
  • Guy Carpenter works extensively with most commercial vendor flood models

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October 13th, 2018

Hurricane Michael

Posted at 11:11 AM ET

michael-smallHurricane Michael made landfall on October 10 as a high-end Category-4 hurricane on the Florida Panhandle, with maximum sustained winds of 155 mph. The storm rendered severe to complete damage to areas from Panama City to Port Saint Joe, with especially severe damage in Mexico Beach due to severe wind and storm surge. Damage due to wind has caused roof and wall collapse, especially for cinderblock construction and even commercial properties. Some coastal areas of Mexico Beach have been scoured to the foundation by storm surge and wave battering. At least twelve fatalities have been reported by media, although this number could rise as damage survey and search and rescue efforts continue. Our thoughts and concerns are with those lost and directly affected by this event. Hurricane Michael is the strongest hurricane to affect the Continental U.S. since Hurricane Andrew (1992).

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September 18th, 2018

Hurricane Florence

Posted at 4:06 PM ET

florence-2-smallHurricane Florence made landfall near Wrightsville Beach, North Carolina at 7:15 AM EDT (1115 UTC) September 14, according to the National Hurricane Center (NHC). Maximum sustained winds at landfall were 90 mph, a strong category-one hurricane on the Saffir-Simpson Scale. The storm slowed considerably at landfall causing prolonged exposure of affected areas to damaging wind gusts and significant rainfall. Significant flooding has been reported for areas of the Carolinas and Mid-Atlantic, with greatest severity in areas of eastern North Carolina. The storm has since weakened to a tropical depression while moving into the Ohio Valley. Florence should move through Pennsylvania and New England over the next day or so with an increase in forward speed, and the flood threat persists in the meantime. Downed trees and power lines along with variable property damage have been reported along with significant to catastrophic flooding; the most severely affected areas are in eastern North Carolina. Media reports indicate at least 25 fatalities, and our thoughts and concerns are with those lost and directly affected by this event.

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September 13th, 2018

Managing Catastrophe Model Change

Posted at 1:00 AM ET

powers_imelda_71x88Imelda Powers, Senior Cat Management Advisor, Asia Pacific, Global Strategic Advisory

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Incorporating new hazard and claims insights can improve the estimates derived from catastrophe models. By re-analyzing historical events using the latest scientific methods or refining claims with more granular geographical and line of business breakdowns, we can update models with the latest expertise and data. But model changes that yield large swings in loss estimates for frequent events must be carefully scrutinized to understand assumptions and processes in order to truly support ownership of risk. Continue reading…

September 11th, 2018

Data and Analytics Support Innovations in Flood Risk Management - GC@MC Commentary

Posted at 1:00 AM ET

cleary_liz_photo21 Elizabeth Cleary, Managing Director

Contact

  • Increased computing power is fueling innovative solutions for flood underwriting
  • Insurers are using technology to communicate a homeowner’s flood risk with mobile apps
  • Guy Carpenter works extensively with most commercial vendor flood models Continue reading…
August 23rd, 2018

Revisiting War Exclusion in Cyber Policies

Posted at 1:00 AM ET

With two cyberattacks labeled as being state-supported – NotPetya and WannaCry attributed to support from Russian and North Korean governments, respectively – insurers and insurance buyers should begin a discussion about the wording of war exclusion in cyber insurance policies.

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