Guy Carpenter Selected by CEA on Wildfire Fund Reinsurance and Risk Transfer Program: Guy Carpenter & Company today announced its appointment as the sole reinsurance intermediary for the newly formed California Wildfire Fund, which is currently being administered by the California Earthquake Authority.
Global Insurance Prices Are on the Rise: Global commercial insurance prices rose by 6 percent in the second quarter of 2019, nearly double the increase that the first quarter had. This increase represents the largest increase in the Marsh Global Insurance Market Index since its inception in 2012. For the third consecutive quarter, composite pricing increased in all geographic regions and across most major product lines.
Directors & Officers Liability: Three Emerging Areas to Watch: As business risk evolves, the pressures on company boards and officers are growing. Gone are the days when the main concerns of directors and officers were related to company mismanagement and misrepresentation claims.
Different Captive Structures Offer Flexibility and Value: Single-parent, or pure, captives continue to be the primary structure for captive vehicles, accounting for more than two-thirds of captives globally. However, captive parents have a variety of options for structuring a captive entity.
Property Terrorism Insurance Take-Up Rates Higher in Major Metropolitan Areas: Companies based in the Northeast United States have traditionally purchased property terrorism insurance at a higher rate than companies based in other regions. Unsurprisingly, 80 percent of companies based in New York purchased terrorism insurance in 2018, tying it with Chicago for the lead among major U.S. cities that are perceived as higher-value targets for terrorist acts.
And, you may have missed ….
Weather Sentinel: Significant Wildfire Potential Outlook; August 2019: Moving into the late summer, weather patterns are favoring seasonal dryness in the western United States, where moderate to severe drought is persisting in the Pacific Northwest, and fuels are drying out and becoming receptive to fire. While fire activity has been slightly below average to date in 2019, the outlook is for normal to above normal wildland fire potential in the western United States through late summer and fall, especially in California.