Posts Tagged ‘Week in Review’



October 20th, 2017

Week’s Top Stories: October 14 -20, 2017

Posted at 10:00 AM ET

Reinsurance Market Poised to Remain Vibrant Following Recent Catastrophe Events: The recent series of catastrophic events - earthquakes in Mexico, Hurricanes Harvey, Irma and Maria - is reminding cedents that reinsurance is one of the most effective ways to protect corporate capital bases; Harvey on its own is likely to be an earnings event that will probably not require an increase of industry capital; the addition of the cumulative effect of the earthquakes in Mexico and Hurricanes Irma and Maria, however, could create a capital event; the earthquakes and hurricanes provide an opportunity to define the viability and effectiveness of the 144A product. We expect that these instruments will demonstrate their effectiveness and serve their intended purpose.

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Flood Insurance: The 2018 Market Opportunity: The U.S. insurance industry is actively seeking new opportunities for growth in a challenging market by identifying untapped customer needs. The potential flood market is over five times the size of the most often mentioned new market, cyber insurance; greater access to flood data and loss results and more reliable exposure modeling are enhancing the flood (re)insurance marketplace; several developments are helping carriers understand and monitor aggregation.

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California Wildfires - October 8-17, 2017: Wildfire activity has rendered especially severe impacts to certain areas of California since October 8, including areas of Napa, Sonoma and Solano Counties. Wildfire activity has also rendered impacts to areas of Orange County east of the Los Angeles Metro area. Rates of extreme fire spread were enabled by especially dry conditions together with offshore gusty winds to burn a total of at least 217,566 acres since October 8. Media reports indicate at least 41 fatalities, making this the deadliest series of fires in California history. At least 5,700 structures have been destroyed and thousands more remain under threat. Containment efforts have made significant progress in the last week, thanks to efforts of at least 10,000 firefighters and reduced winds.

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Guy Carpenter Reports US Insurance Market at a Crossroads but Opportunity Exists: Guy Carpenter today released a study outlining a dynamic insurance industry facing a changing economy and pressure in once-stable lines, but with opportunity for those with management skill and understanding of risk.

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Just Say “Know” to Insurtech: As insurtech offerings proliferate, to gain the advantages promised, companies need to know the opportunities afforded; know their own strengths and capabilities for engagement; and know their clients’ needs and expectations; Insurtech is the evolutionary next step for insurance through the combination of data, analytics and technology in new and innovative ways; capturing information in real time through sensors or mobile devices is the newest process for the collection of data for analytics.

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And, You May Have Missed…

Chart: Source Of Earnings for Guy Carpenter Reinsurance Composite, First Half, 2017: Chart presents source of earnings for the Guy Carpenter Global Reinsurance Composite for first half 2017 compared to first half 2016.

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October 13th, 2017

Week’s Top Stories: October 7 - 13, 2017

Posted at 10:10 AM ET

Industry Must Act to Avoid a “Kodak Moment”: In his first speech as Lloyd’s new chairman, Bruce Carnegie-Brown said the insurance industry must do more to change and innovate or run the risk of being disrupted by external players.

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California Wildfires - October 8-10, 2017: Wildfire activity has recently rendered severe impacts to areas of California, including the Napa Valley area as well as areas east of the Los Angeles Metro area. The event is still developing, but media reports indicate more than a thousand structures burned with thousands more still under threat. At least 13 fatalities have been reported. Rates of extreme fire spread have been enabled by especially dry conditions together with offshore gusty winds.

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Insurers Must Digitalize To Meet Buyers’ Needs, Says Greenberg: The financial services industry - including insurance - will undergo massive change thanks to digitalization, Evan Greenberg, Chairman and CEO of Chubb Limited told MMC’s Young Professionals’ Global Forum.

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Hurricane Nate: Hurricane Nate made landfall on October 7 near the mouth of the Mississippi river and then near Biloxi, Mississippi as a Category 1 hurricane on the Saffir-Simpson Scale. Maximum sustained winds at landfall were 85 mph, according to the National Hurricane Center (NHC). Nate is the fourth hurricane to make U.S. landfall in the past two months and the first hurricane to make landfall in Mississippi since Hurricane Katrina (2005).

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Guy Carpenter Appoints Claude Yoder to Lead Global Innovation and Product Development: Guy Carpenter & Company is pleased to announce the appointment of Claude Yoder as Managing Director and Global Chief Innovation and Product Development Officer.

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And, You May Have Missed…

Scalability Critical to Developing Substantial Terrorism Market: Capacity is a major limiting factor in expanding remit; a small number of players are raising aggregation risk; cover is not reaching organizations that need it most.

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October 6th, 2017

Week’s Top Stories: September 30 — October 6, 2017

Posted at 10:00 AM ET

Guy Carpenter Appoints Claude Yoder to Lead Global Innovation and Product Development: Guy Carpenter & Company is pleased to announce the appointment of Claude Yoder as Managing Director and Global Chief Innovation and Product Development Officer.

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Chart: Combined Ratio for Guy Carpenter Reinsurance Composite, First Half, 2017: Chart presents combined ratio for the Guy Carpenter Global Reinsurance Composite, 2006 through first half, 2017.

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Hurricane Irma: Hurricane Irma was a large and destructive storm that rendered impacts to most of the Southeast United States including the Florida Keys as well as areas of the Caribbean. Impacts for areas of the Northern Leeward Islands and the Virgin Islands, as well as northern Cuba have been especially severe. For the United States, the most severe impacts have been in the Florida Keys due to both wind and storm surge, with flood impacts as far away as coastal Georgia and northeast Florida. Wind impacts extend from Tennessee to the Carolinas to Florida. At least 67 fatalities have been reported.

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Chart: Return On Equity for Guy Carpenter Reinsurance Composite, First Half, 2017: Chart presents return on equity for the Guy Carpenter Global Reinsurance Composite, 2006 through first half, 2017.

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Increasing External Demands Compel Companies to Improve Risk Management Disclosures: Guy Carpenter released its latest Enterprise Risk Management (ERM) Benchmark Review, providing an in-depth analysis of risk management practices and policies of 67 insurance and reinsurance companies located in Europe, United States, Bermuda, and Asia-Pacific. Based on publicly-available data from financial and risk reports, Guy Carpenter’s ERM Benchmark Review reveals that most (re)insurers are managing capital with metric-based frameworks and are publishing more about their risk management targets than seen in Guy Carpenter’s 2009 analysis.

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And, You May Have Missed…

ILS Framework Can Propel London to be The Global Hub, If It Has a Supportive Regulator: London can establish itself as the global hub for innovative reinsurance risk transfer; U.K. regulators must be more responsive to enable the U.K. market to be more competitive; and developing an insurance-linked securities (ILS) market will help London maintain its global standing.

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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 29th, 2017

Week’s Top Stories: September 23 — 29, 2017

Posted at 10:00 AM ET

Chart: Return On Equity for Guy Carpenter Reinsurance Composite, First Half, 2017: Chart presents return on equity for the Guy Carpenter Global Reinsurance Composite, 2006 through first half, 2017.

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Guy Carpenter Advances Capital Modeling Capabilities with MetaRisk® 10: Guy Carpenter & Company announced the launch of MetaRisk® 10, which significantly enhances automation, adds support for A.M. Best’s new stochastic-based Best’s Capital Adequacy Ratio (BCAR) and enables modeling of “hours clauses.”

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Hurricane Maria: Hurricane Maria has affected areas of the Caribbean as a severe Category 4 or 5 hurricane, rendering severe damage due to wind and flood to areas including Dominica, Saint Croix and Puerto Rico. At least seventeen fatalities have been reported by media along with 20 missing and these numbers may rise as the most severely damaged areas become accessible. Severe to complete damage has been reported in Dominica. Variable damage to property and infrastructure has been reported in Puerto Rico, and power and drinking water have been compromised, with media reports that the entire island is without power.

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Managing Catastrophe Model Uncertainty, Issues and Challenges: Here we repeat our series authored by John Major, which focuses on the issues and challenges in managing catastrophe model uncertainty.

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Increasing External Demands Compel Companies to Improve Risk Management Disclosures: Guy Carpenter released its latest Enterprise Risk Management (ERM) Benchmark Review, providing an in-depth analysis of risk management practices and policies of 67 insurance and reinsurance companies located in Europe, United States, Bermuda, and Asia-Pacific. Based on publicly-available data from financial and risk reports, Guy Carpenter’s ERM Benchmark Review reveals that most (re)insurers are managing capital with metric-based frameworks and are publishing more about their risk management targets than seen in Guy Carpenter’s 2009 analysis.

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And, You May Have Missed…

Industry in Investor “Sweet Spot”: Insurers are bucking the standard competitive cycle response; current dynamics look set to continue for the long term; recently, the investor relationship gains strength.

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September 22nd, 2017

Week’s Top Stories: September 16 — 22, 2017

Posted at 6:30 AM ET

Hurricane Irma: Hurricane Irma was a large and destructive storm that rendered impacts to most of the Southeast United States including the Florida Keys as well as areas of the Caribbean. Impacts for areas of the Northern Leeward Islands and the Virgin Islands, as well as northern Cuba have been especially severe. For the United States, the most severe impacts have been in the Florida Keys due to both wind and storm surge, with flood impacts as far away as coastal Georgia and northeast Florida. Wind impacts extend from Tennessee to the Carolinas to Florida. At least 67 fatalities have been reported.

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Public Sector Risk Financing Perspectives in the United States: The Market for Mortgage Credit Risk (Re)insurance: The global financial crisis of 2008 exposed the U.S. mortgage industry, taxpayers, and the global capital markets to the loss potential of residential mortgage credit risk.

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7.1 Mw Earthquake Near Raboso, Mexico: A magnitude (Mw) 7.1 earthquake struck near Raboso, Mexico yesterday, according to the U.S. Geological Survey (USGS). The quake occurred at 1:14 p.m. local time (18:14 UTC), with Mexico City approximately 122 kilometers (75.9 miles) southeast of the epicenter.

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New Vehicle Matches the Right Capital to Risk: A new Marsh & McLennan vehicle provides unparalleled support in accessing long-term capital markets-based protection; a broader and more diverse range of capital sources brings better matching, more efficient solutions customized to the unique risk profile of clients; and the vehicle provides a standardized documentation process and single point of access, in an efficient and cost-effective manner.

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Industry Must Develop Common Cyber Risk Currency: Data integrity and availability is as critical as data confidentiality; limited ability to quantify dependency is a major cyber inhibitor; and the challenge is to build a clearly differentiated cyber portfolio.

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And, You May Have Missed…

Reinsurance Solutions Continue to Achieve Stability and Growth for Cedents: There is a shift in buying strategies towards managing volatility; the marketplace is ‘vibrant’ as buyers capitalize on a full array of products; and the move to de-commoditize solutions is driving up product complexity.

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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 15th, 2017

Week’s Top Stories: September 9 — 15, 2017

Posted at 6:30 AM ET

Hurricane Irma: Hurricane Irma was a large and destructive storm that rendered impacts to most of the Southeast United States including the Florida Keys as well as areas of the Caribbean. Impacts for areas of the Northern Leeward Islands and the Virgin Islands, as well as northern Cuba have been especially severe. For the United States, the most severe impacts have been in the Florida Keys due to both wind and storm surge, with flood impacts as far away as coastal Georgia and northeast Florida. Wind impacts extend from Tennessee to the Carolinas to Florida. At least 67 fatalities have been reported. 

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GC Securities and Marsh Captive Solutions Introduce Cerulean Re: GC Securities, a division of MMC Securities LLC, a U.S. registered broker-dealer and member FINRA/NFA/SIPC, announced the establishment of Cerulean Re SAC Ltd. (Cerulean), a private syndicated collateralized reinsurance platform and Bermuda registered segregated account company (SAC) and licensed special purpose insurer.

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Run-off Specialists Are Gearing Up For Increased Flows: Challenging markets and active capital management are encouraging carriers to proactively consider reserve solutions; a competitive market for acquisition of run-off assets has broadened; and new entrants are forming in anticipation of increased flows of legacy business.

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Interoperability: A Case for Open Source: There is an industry-wide call for increased transparency in cat modelling; interoperability facilitates the collaboration of multiple data sources; and open source models allow insurers to develop their own view of risk.

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Challenging Market is Fueling MGA M&A: Challenging market conditions are fueling growth and merger and acquisition activity in the managing general agent (MGA) space; recent acquisition multiples have been extremely high compared to historic values; and should markets harden, MGAs will need to continue to prove their value through differentiation.

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And, You May Have Missed…

Industry Must Develop Common Cyber Risk Currency: Data integrity and availability is as critical as data confidentiality; limited ability to quantify dependency is a major cyber inhibitor; and the challenge is to build a clearly differentiated cyber portfolio.

Read the article>>

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


*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 8th, 2017

Week’s Top Stories: September 2 — 8, 2017

Posted at 6:30 AM ET

Hurricane Harvey: Following initial landfall, Hurricane Harvey continued to meander over southeast Texas while weakening to tropical storm status due to land interaction. Harvey then briefly emerged over the Gulf of Mexico before turning to the northeast and making a third landfall near Cameron, Louisiana, early Wednesday morning as a tropical storm. Harvey has since continued to move to the north-northeast and weakened further due to land interaction and dry air. The National Hurricane Center (NHC) downgraded Harvey from tropical storm to tropical depression status at 8 p.m. EDT on August 30, and discontinued tropical storm warnings at that time.

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Excess Capacity in This Year’s Florida Market: The Florida peninsula is the most important market for property reinsurance in the world. Each summer, the third most populous state in the union braces itself for another Atlantic hurricane season. In Florida’s esoteric insurance market, insurers buy reinsurance protection at the beginning of June each year.

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Guy Carpenter Announces Senior Global Specialties Promotion: Guy Carpenter & Company announced that James Boyce has been promoted to Deputy CEO, Global Specialties, effective immediately. Based in London, he will report to Kevin Fisher, CEO, Global Specialties.

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Managing Catastrophe Model Uncertainty, Issues and Challenges: Here we repeat our series authored by John Major, which focuses on the issues and challenges in managing catastrophe model uncertainty.

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Factors Contributing to the Gap Between Economic and Insured Losses: The factors that contribute to the gap between economic and insured losses.

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And, You May Have Missed…

Public Sector Risk Financing Perspectives in Asia Pacific: According to United Nations estimates, 54 percent of the world’s population lives in Eastern, Southern and Southeastern Asia. The region hosts 778 million urban inhabitants and seven out of the world’s top ten most populated cities. The region is also home to every major peril - from cyclone to tsunami - and has experienced some of the world’s largest catastrophes based on economic loss. While there are natural catastrophes all over the world, Asia is a unique confluence of people and perils.

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September 1st, 2017

Week’s Top Stories: August 26 — September 1, 2017

Posted at 6:30 AM ET

Hurricane Harvey: Hurricane Harvey made landfall around 11 p.m. EDT, August 25, on the Texas coastline between Port Aransas and Port O’Connor. The hurricane made landfall as a rare Category 4 hurricane on the Saffir-Simpson Scale, with maximum sustained winds of 130 mph and a minimum central pressure of 938 millibars (mb). Harvey then moved inland and began to drift with weak or absent steering currents over subsequent days. Harvey produced significant wind impacts near the immediate impact area along with a considerable storm surge. The slow motion of the weakening hurricane also produced bands of thunderstorms that produced very heavy rainfall over southeast Texas. These rainfall amounts, well in excess of 20 inches for certain areas, have produced catastrophic flood impacts over southeast Texas including the Houston Metro area.

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Factors Contributing to the Gap Between Economic and Insured Losses: The factors that contribute to the gap between economic and insured losses.

Read the article>>


Managing Catastrophe Model Uncertainty, Issues and Challenges: Here we repeat our series authored by John Major, which focuses on the issues and challenges in managing catastrophe model uncertainty.

Read the article>>


Guy Carpenter Hosts International Forum: Building Sustainable Flood Insurance Solutions: Guy Carpenter & Company hosted an international forum entitled “Building sustainable flood insurance solutions” in Berlin on May 9-10. The event brought together leading figures from science and academia, non-governmental organizations and the (re)insurance industry to examine the rapidly growing impact of flooding and explore measures to significantly reduce that impact.

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Public Sector Risk Financing Perspectives - Pandemic Risk: Public entities’ use of capital markets-based risk transfer capacity for the assumption of natural disaster losses, such as the cost of emergency relief and infrastructure and property damage has demonstrated success in de-risking public sector balance sheets. Capital markets innovators are beginning to leverage the outcomes achieved in the natural disaster sphere to other types of public sector severity losses, notably pandemic diseases. The capital markets may help fund resources to rapidly contain the spread of a pandemic, share the burden of associated medical expenses and/or manage the financial impact of the higher mortality rates.

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And, You May Have Missed…

Guy Carpenter Launches GC Asia Pacific Retro: Guy Carpenter & Company launched GC Asia Pacific Retro, a new unit offering dedicated retrocession services to clients in the Asia Pacific region.

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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.

August 25th, 2017

Week’s Top Stories: August 19 — 25, 2017

Posted at 6:30 AM ET

Cat Modelling Challenges in Europe: 2016 marked the 60th year of the Monte Carlo Rendez-Vous. Since the first event in 1957 the insurance world has changed significantly, with economic and insured losses from natural catastrophes such as floods and hurricanes increasing dramatically.

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The Insurance of Things & Industry 4.0 - A Matrix View: Technological progress and the accumulation of assets have not only stimulated the development of insurance products; they have in turn been nurtured by the availability of these offerings.

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Guy Carpenter Asia-Pacific Climate Impact Centre Publishes New Annual Report: The report, covering the Centre’s activities during 2016, is divided into five sections.

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China Risk Oriented Solvency System (C-ROSS): The China Insurance Regulatory Commission (CIRC) is instituting sweeping changes through its three-tiered China Risk Oriented Solvency System (C-ROSS) framework that will dramatically impact how (re)insurers conduct business. It will strengthen capital requirements, risk management and transparency disclosures - bringing China in line with, and in some cases overtaking, global standards. The C-ROSS framework is similar to Solvency II: three tiers focusing on quantitative, qualitative and disclosure requirements.

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Insurtech in China: Revolutionizing the Insurance Industry: China’s capital markets aren’t yet mature enough to support financial innovation; meanwhile, existing state-owned financial institutions are not reforming quickly enough. This gap in supply has provided opportunities for Chinese fintech players - who are being supported by rapidly growing online ecosystems and a tech-savvy population - in diverse fields ranging from investing to payments.

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And, You May Have Missed…

Strategic Growth Analysis - The Guy Carpenter Approach: The changes in today’s property and casualty (P&C) insurance marketplace present insurers with many challenges to capital management and risk transfer techniques. Insurers are compelled to leverage their capital positions to increase and diversify their market shares to an unprecedented degree. Preserving the status quo is not an option for long-term viability. Profitable growth is a key priority for companies seeking additional return. Companies need to enter new lines of business or geographies strategically with proper analysis. Guy Carpenter offers proprietary analytical tools, intellectual capital and expertise to help companies determine and evaluate their growth plans while maintaining an acceptable level of risk and profitability.

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August 18th, 2017

Week’s Top Stories: August 12 — 18, 2017

Posted at 6:30 AM ET

The Insurance of Things & Industry 4.0 - A Matrix View: Technological progress and the accumulation of assets have not only stimulated the development of insurance products; they have in turn been nurtured by the availability of these offerings.

Read the article>>


Insurtech in China: Revolutionizing the Insurance Industry: China’s capital markets aren’t yet mature enough to support financial innovation; meanwhile, existing state-owned financial institutions are not reforming quickly enough. This gap in supply has provided opportunities for Chinese fintech players - who are being supported by rapidly growing online ecosystems and a tech-savvy population - in diverse fields ranging from investing to payments.

Read the article>>


Managing Catastrophe Model Uncertainty, Issues and Challenges: Here we repeat our series authored by John Major, which focuses on the issues and challenges in managing catastrophe model uncertainty.

Read the article>>


Increasing External Demands Compel Companies to Improve Risk Management Disclosures: Guy Carpenter released its latest Enterprise Risk Management (ERM) Benchmark Review, providing an in-depth analysis of risk management practices and policies of 67 insurance and reinsurance companies located in Europe, United States, Bermuda, and Asia-Pacific. Based on publicly-available data from financial and risk reports, Guy Carpenter’s ERM Benchmark Review reveals that most (re)insurers are managing capital with metric-based frameworks and are publishing more about their risk management targets than seen in Guy Carpenter’s 2009 analysis.

Read the article>>


Chart: Top Ten Catastrophe Bond Transactions For 2016: The table lists the top ten catastrophe bond transactions that were completed in 2016.

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And, You May Have Missed…

Public-Private Insurance Partnerships Bolster Latin American/Caribbean Resilience: Globally, three of the ten most costly natural disaster events in the last 35 years occurred in total or in part in the Latin America/Caribbean (LAC) region; losses from Hurricane Matthew in the Caribbean are still being assessed.

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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. **GC Analytics is a registered mark with the U.S. Patent and Trademark Office.