Posts Tagged ‘Week in Review’



October 19th, 2018

Week’s Top Stories: October 13 - 19, 2018

Posted at 10:00 AM ET

Hurricane Michael: Hurricane 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.

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Real-Time Risk Management and Next-Generation Insurance: A confluence of trends is enabling businesses and the insurance industry to move toward a revolutionary new approach: real-time risk management.

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Holding Healthcare to Ransom - Healthcare Industry’s Fight Against Cyberattacks: Healthcare is one of the industries most vulnerable to cyberattacks. The high stakes – human lives and sensitive data – make healthcare the perfect target for cybercrime.

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ILS Market Looks to Asia for Further Growth: The insurance linked securities (ILS) market is now over two decades old. Since the execution of the first catastrophe bond transaction in the late 1990s, the alternative risk transfer market has evolved and matured impressively. Guy Carpenter’s Shiv Kumar, President and Global Leader of GC Securities,* Capital Markets, provides some insight. (As printed in Asia Insurance Review)

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From Threats to Impact: Evolving Risk Concerns in Asia-Pacific: In recent years, there has been an increase across the globe in the scale, diversity and impact of risk events. From cyber-attacks to major hurricanes and floods, and from the US-China trade war to unexpected developments around relations with North Korea, recent norms have been turned upside down and uncertainty reigns.

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GC Capital Ideas Tip: New Email Alert: In line with the launch of Preference Center, GC Capital Ideas has also adopted a new email alert look-and-feel, which aims to optimize our readers’ and clients’ user experience with us.  The enhancements offered by Preference Center and the new email alerts are part of Guy Carpenter’s integrated strategy to empower readers with the informative and actionable insights that Guy Carpenter provides.

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October 12th, 2018

Week’s Top Stories: October 6 - 12, 2018

Posted at 10:00 AM ET

A New Boldness in Tackling Emerging Risks: Risk teams are under increasing pressure to move beyond blocking and tackling to providing strategic risk advice that can help their companies achieve sustainable resilience in the face of critical emerging risks, according to the report Material Improbabilities, Getting Practical with Emerging Risks from Marsh & McLennan Companies Global Risk Center.

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Holding Healthcare to Ransom - Healthcare Industry’s Fight Against Cyberattacks: Healthcare is one of the industries most vulnerable to cyberattacks. The high stakes – human lives and sensitive data – make healthcare the perfect target for cybercrime.

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Super Typhoon Trami: In the West-Pacific Basin, Typhoon Trami made landfall in the city of Tanabe, Japan (Wakayama prefecture) on 30 September at around 11 UTC (8 PM local time), according to media reports. Before reaching Honshu, the typhoon had rendered considerable impacts while making close approach to Okinawa, Kyūshū and Shikoku Islands. Trami brought significant flood impacts as a result of heavy rainfall and storm surge, as well as variable property damage due to wind.

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Chart: Return on Premiums for Guy Carpenter Reinsurance Composite, Year-end 2017: Chart presents return on premiums for the Guy Carpenter Global Reinsurance Composite, 2005 through year-end 2017.

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Chart: Significant Insured Losses 2011–2Q2018: Chart exhibits the significant insured losses from 2011 through the second quarter of this year.

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Cybersecurity Awareness: On the start of the 15th National Cybersecurity Awareness Month in the United States, GC Capital Ideas has collected our recent articles that offer insights into this very critical risk. Cyber risk and security will remain a top priority for the foreseeable future. In addition to hackers and cyber criminals continuously developing new methods of attack, state-sponsored cyber-attacks have occurred according to the U.S. government.

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October 5th, 2018

Week’s Top Stories: September 29 - October 5, 2018

Posted at 10:00 AM ET

Cybersecurity Awareness: On the start of the 15th National Cybersecurity Awareness Month in the United States, GC Capital Ideas has collected our recent articles that offer insights into this very critical risk. Cyber risk and security will remain a top priority for the foreseeable future. In addition to hackers and cyber criminals continuously developing new methods of attack, state-sponsored cyber-attacks have occurred according to the U.S. government.

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Marsh & McLennan Cyber Resilience Insights Microsite: As we enter National Cybersecurity Awareness Month, a new resource from Marsh & McLennan Companies collates the best insights on cyber resilience from across the firm and its strategic cyber partnerships.

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Guy Carpenter appoints Head of Cyber Centre of Excellence for International and Global Specialties: Guy Carpenter announced the appointment of Siobhan O’Brien as Head of the Cyber Centre of Excellence for International and Global Specialties, with effect from October 1.

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Super Typhoon Trami: In the West-Pacific Basin, Typhoon Trami made landfall in the city of Tanabe, Japan (Wakayama prefecture) on 30 September at around 11 UTC (8 PM local time), according to media reports. Before reaching Honshu, the typhoon had rendered considerable impacts while making close approach to Okinawa, Kyūshū and Shikoku Islands. Trami brought significant flood impacts as a result of heavy rainfall and storm surge, as well as variable property damage due to wind.

Read the article >>


Chart: Significant Insured Losses 2011–2Q2018: Chart exhibits the significant insured losses from 2011 through the second quarter of this year.

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Finding the ‘Right’ InsurTech – The Efficient and Insurance-centric Strategy: The transformational advances that have impacted nearly everything we do are quickly catching up with the insurance industry and the urgency to further automate and integrate technology into the business is rapidly rising.

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September 28th, 2018

Week’s Top Stories: September 22 - 28, 2018

Posted at 10:00 AM ET

Finding the ‘Right’ InsurTech – The Efficient and Insurance-centric Strategy: The transformational advances that have impacted nearly everything we do are quickly catching up with the insurance industry and the urgency to further automate and integrate technology into the business is rapidly rising.

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Chart: Significant Insured Losses 2011–2Q2018: Chart exhibits the significant insured losses from 2011 through the second quarter of this year.

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Recent Thought Leadership From Guy Carpenter: A recap of recent thought leadership from Guy Carpenter.

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Healthcare & Cyber Risk – Quantifying Exposure: The new study, Holding Healthcare to Ransom by Marsh & McLennan Companies Global Risk Center, reports that about 56 percent of healthcare respondents in the Marsh-Microsoft Global Cyber Risk Perception Survey say their organizations measure the cyber risks that they are exposed to, but a significant proportion do so using qualitative methods.

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Healthcare & Cyber Risk - The Need to Distribute Cyber Risk Management: Cyber risk management in the healthcare industry is still perceived to be driven by the IT department only, rather than overall enterprise risk management. According to healthcare respondents in the study Holding Healthcare to Ransom by Marsh & McLennan Companies Global Cyber Risk, 83 percent indicated that responsibility for cyber risk sits mainly with IT professionals and they are the primary owners and decision-makers for managing cyber risks, as compared to the 70 percent cross-industry average.

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Super Typhoon Mangkhut: In the West Pacific Basin, Super Typhoon Mangkhut made landfall in Northern Luzon as a Category-5 on the Saffir-Simpson Scale just after 18 UTC September 14, according to advisories of the Joint Typhoon Warning Center (JTWC).

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September 21st, 2018

Week’s Top Stories: September 15 - 21, 2018

Posted at 10:00 AM ET

Chart: Significant Insured Losses 2011–2Q2018: Chart exhibits the significant insured losses from 2011 through the second quarter of this year.

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Healthcare Target of Increased Cyberattacks: Over the past decade, the healthcare industry has been haunted by headlines of data breaches. Three of the largest reported incidents impacting healthcare organizations in 2015 alone affected more than 100 million patient records and resulted in hundreds of millions of dollars in settlements. Data and cyber breaches have real financial and reputational impacts.

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Super Typhoon Mangkhut: In the West Pacific Basin, Super Typhoon Mangkhut made landfall in Northern Luzon as a Category-5 on the Saffir-Simpson Scale just after 18 UTC September 14, according to advisories of the Joint Typhoon Warning Center (JTWC).

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Hurricane Florence: Hurricane 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.

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Managing Catastrophe Model Change: 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.

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Guy Carpenter Announces New Global Capability to Help Clients Navigate Evolving InsurTech Market: Guy Carpenter announced the launch of GC Genesis, its expanded InsurTech advisory offering designed to meet clients’ desire to understand and leverage the dynamic universe of InsurTech.

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September 14th, 2018

Week’s Top Stories: September 8 - 14, 2018

Posted at 10:00 AM ET

Guy Carpenter Announces New Global Capability to Help Clients Navigate Evolving InsurTech Market: Guy Carpenter announced the launch of GC Genesis, its expanded InsurTech advisory offering designed to meet clients’ desire to understand and leverage the dynamic universe of InsurTech.

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Mw 6.6 Earthquake – Iburi, Hokkaido: A magnitude (Mw) 6.6 earthquake struck the island of Hokkaido in northern Japan at 18:07 UTC on September 5 (03.07 JST on September 6), according to the U.S. Geological Survey (USGS). The epicenter was located at a depth of 33.4 km in the Iburi Subprefecture, about 20 km east of the coastal city of Tomakomai and 62 km southeast of Sapporo. No tsunami warning was issued. The event triggered significant landsliding causing damage to buildings and vehicles, as well as widespread power outages.

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Super Typhoon Jebi: In the West Pacific Basin, Typhoon Jebi made first landfall on Shikoku (Tokushima Prefecture) at around 03 UTC on 4 September, and then second landfall near Kobe (Hyōgo Prefecture) at around 05 UTC on the same day. The storm brought reports of damaging wind gusts in excess of 160 km/hr (100 mph), flooding due to storm surge and heavy rainfall and mudslides. Widespread damage and power outages have been reported by media across southern Japan.

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Data and Analytics Support Innovations in Flood Risk Management - GC@MC Commentary: Flood risk and its impact on communities are global concerns. Advances in data quality coupled with expanding model development and computational power leads to increasingly accurate risk evaluation for (re)insurer portfolio analyses and underwriter risk analyses – with a concomitant increase in policyholder risk awareness.

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A Strategy for Market Volatility: Portfolio Optimization - GC@MC Commentary: Today, (re)insurers are challenged by a host of factors pressuring companies’ earnings and capital – excess capacity is impacting underwriting profitability as claim frequency and severity are rising – contributing to a movement toward balance sheet volatility that impacts earnings and growth, according to a global roundtable of Guy Carpenter leaders.

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Maintaining Momentum - GC@MC Commentary: In May, SCOR became the first reinsurer to use the new UK ILS regime to issue a cat bond. GC Securities,* as sole structurer and bookrunner, was the first broker-dealer to navigate the requirements of the legislation. Des Potter, Managing Director, GC Securities and a leading figure in the work to establish the regime, discusses the potential for ILS growth, and how London can build on its early success and become an innovation hub.

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*Securities or investments, as applicable, are offered in the United States through GC Securities, a division of MMC Securities LLC, a US registered broker-dealer and member FINRA/NFA/SIPC. Main Office: 1166 Avenue of the Americas, New York, NY 10036. Phone: (212) 345-5000. **Securities or investments, as applicable, are offered in the European Union by GC Securities, a division of MMC Securities (Europe) Ltd. (MMCSEL), which is authorized and regulated by the Financial Conduct Authority, main office 25 The North Colonnade, Canary Wharf, London E14 5HS. Reinsurance products are placed through qualified affiliates of Guy Carpenter & Company, LLC. MMC Securities LLC, MMC Securities (Europe) Ltd. and Guy Carpenter & Company, LLC are affiliates owned by Marsh & McLennan Companies. This communication is not intended as an offer to sell or a solicitation of any offer to buy any security, financial instrument, reinsurance or insurance product.

September 7th, 2018

Week’s Top Stories: September 1 - 7, 2018

Posted at 10:00 AM ET

Guy Carpenter appoints Head of Strategy and Client Engagement: Guy Carpenter announced the appointment of Shaun Sinniah as Head of Strategy and Client Engagement for the firm’s International and Global Specialties divisions, with effect from October.

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Chart: The Matrix of Cyber and Property Lines Insurance Coverage: Chart examines the policy coverage matrix between cyber and property lines of insurance coverage.

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Determining Needed Cyber Coverage: Few firms take advantage of the sophisticated economic models that allow them to effectively assess the likelihood of a cyber-attack, according to a survey by Guy Carpenter sister company Marsh in partnership with Microsoft.

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The Role of Cyber Insurance: Corporate directors increasingly view cyber insurance as providing more than protection coverage but also as an important component of cyber risk management that can support response and recovery plans, according to the report Cyber Risk Management: Response and Recovery, from Marsh & McLennan’s Global Risk Center and WomenCorporateDirectors.

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Unlocking Innovation through InsurTech: The proliferation of data, analytics, and technology (DAT) driven capabilities in the form of InsurTech solutions has made employing these new innovations more compelling than ever before. Matching a business’s needs and objectives with the right capability accelerates strategic growth.

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Chart: Global Property Catastrophe ROL Index: The Guy Carpenter Global Property Catastrophe Rate on Line (ROL) index is presented for 1990 through 2018.

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August 31st, 2018

Week’s Top Stories: August 25 - 31, 2018

Posted at 10:00 AM ET

Unlocking Innovation through InsurTech: The proliferation of data, analytics, and technology (DAT) driven capabilities in the form of InsurTech solutions has made employing these new innovations more compelling than ever before. Matching a business’s needs and objectives with the right capability accelerates strategic growth.

Read the article >>

Chart: The Matrix of Cyber and Property Lines Insurance Coverage: Chart examines the policy coverage matrix between cyber and property lines of insurance coverage.

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The Life Insurance Industry Needs a Lifeline: The life insurance industry appears healthy enough with plenty of capital and booming sales. A quick look under the hood, however, and it becomes clear that the industry’s profitability has been declining for some time.

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The Regulatory Landscape of Data Privacy: Here we bring together all the elements of our recent GC Capital Ideas series on the regulatory landscape of data privacy.

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Guy Carpenter to Host Scientific and Engineering Expo to Launch New InsurTech Advisory Offering Developed with Numerati® Partners LLC: Guy Carpenter announced the August 9, 2018 launch event for its InsurTech Alliance – a cost effective, state of the art and insurer-focused suite of capabilities to help carriers evaluate new innovations in the areas of data, analytics and digital technology-based products and solutions.

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Revisiting War Exclusion in Cyber Policies: 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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August 24th, 2018

Week’s Top Stories: August 18 - 24, 2018

Posted at 10:00 AM ET

What Capital Modeling Delivers: Capital modeling helps insurers meet the ever changing expectations of their stakeholders, from regulators to rating agencies to board members and policyholders. Since no two insurers are alike, companies need customized solutions to develop effective capital modeling.

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Guy Carpenter Partners with RPC Consulting to Deliver Powerful Analytic Platform to the (Re)insurance Industry: Guy Carpenter announced a multi-year, global strategic partnership with Reynolds Porter Chamberlain Consulting LLP (RPCC) to license and develop proprietary applications to run within RPCC’s Tyche software. As part of the agreement, Guy Carpenter will have exclusive access to Tyche among all insurance and reinsurance brokers, as well as certain other parties in the industry.

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Does Asset Recycling Actually Work? Global infrastructure investment needs between now and 2040 are likely to top USD 94 trillion. While governments must take the lead to meet this massive infrastructure need, they cannot fund this level of infrastructure investment alone.

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Global Insurance Prices Rise for Third Consecutive Quarter: 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.

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Revisiting War Exclusion in Cyber Policies: 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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Being Prepared for Cyber Terrorism: Cyberattacks backed by hostile governments are increasingly a reality; companies should adopt strategies to strengthen cyber resilience.

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