Sydney Hailstorms, December 20, 2018: A severe convective storm affected large parts of New South Wales, including Sydney, the Central Coast and Wollongong from 4:00 to 7:00 pm on December 20, 2018. The storm generated large hail, damaging winds and flash flooding in many areas of the state. According to the Australian Bureau of Meteorology (BOM), there were ground reports of hail of 8 cm diameter in Berowra Heights in Sydney’s north and similar size hail in Casula and Liverpool in the city’s southwest. The Nattai National Park west of Picton also experienced large hail. Initial damage reports indicated that the suburbs of Berowra Heights, Hornsby, Liverpool, Gosford and Lithgow were the most severely affected. Given that the event occurred during the Christmas holidays, many residents and businesses have not fully assessed the extent of damages; therefore, loss estimates are expected to increase in the next few weeks.
Cost of Capital and its Use in Valuing Reinsurance: Increasingly, reinsurance is seen as an important element of capital management. Reinsurance decisions are moving away from the reinsurance buyer and towards the finance teams. These teams need to find a way of comparing reinsurance in a straightforward way. Defining the cost of capital for reinsurance means that it can be compared with other capital sources.
Marsh & McLennan Companies Climate Resilience Microsite: Extreme weather events, shifting regulations, evolving competition and increased actions by investors are just some of the challenges facing organizations – all driven by a growing focus on climate change.
Catastrophe Insurance Gap in China: Even though China is the fastest growing insurance market in the world, the country’s catastrophe insurance protection gap remains significant, according to the recent report 14 Shades of Risk in Asia-Pacific: Evolving Risk Concerns by Marsh & McLennan Companies’ Asia-Pacific Risk Center.
Cyberattacks Top Risk to Doing Business in India: A growing dependency on data and digitization efforts have increased the risks of cyberattacks in India, says the report 14 Shades of Risk In Asia-Pacific: Evolving Risk Concerns in Asia-Pacific by Marsh & McLennan Companies’ Asia-Pacific Risk Center.
And, you may have missed …
GC Capital Ideas: CAT-i Stories: Fourth Quarter 2018: Here is a look back at the CAT-i articles from October 1 through December.