1.CAT-i Bulletin: Super Typhoon Hagibis: Typhoon Hagibis made landfall in Japan as a category-2 on the Izu Peninsula in the Shizuoka Prefecture on October 12 around 7 PM local time. Large stretches of the country were hit by strong winds and torrential rainfall, and the Japan Meteorological Agency issued warnings and advisories affecting all prefectures in the Honshū, Kyushu, Shikoku and Hokkaido Islands.
2. Chart: Global Property Catastrophe ROL Index: The Guy Carpenter Global Property Catastrophe Rate on Line (ROL) index is presented for 1990 through 2019.
3. Carriers Must Carve Out Distinctive Strategies to Maximize their Potential for Success: Guy Carpenter has completed its annual review of property and casualty (P&C) results and found that competition and change are the only certainties (re)insurers are promised in today’s market.
4. Silent Cyber: Solutions Emerge Amid the Uncertainties: Silent cyber, also known as unintended or non-affirmative coverage, refers to the potential cyber exposures contained within traditional property and casualty insurance policies, which may not implicitly include or exclude cyber risks. Unlike specialist standalone cyber insurance, which clearly defines the parameters of cyber coverage, traditional insurance policies were not designed with cyber exposures in mind.
5. Baden-Baden Reinsurance Symposium Examines (Re)insurance Market Opportunities Generated by Industry 4.0: Guy Carpenter hosted the Reinsurance Symposium in Baden-Baden on October 20, 2019. The eleventh year that Guy Carpenter has hosted the event, the Symposium posed the question: “Is the (re)insurance sector ready for Industry 4.0?”
6. Global Climate Regulation Looms on the Horizon. Are Banks and Insurers Ready? Many of the world’s leading banks and insurers are busy finalizing their response plans to the Bank of England’s innocuous-sounding supervisory statement number SS3/19. It sets out the regulator’s expectations for how banks and insurers should manage the financial risks of climate change, including modification of governance and risk management frameworks, development of scenario analyses and stress testing, and disclosure of climate-related risks.
7. IFRS 17 and the Value of Reinsurance: An Opportunity in the Challenge: International Financial Reporting Standard (IFRS) 17, issued by the International Accounting Standards Board, is the new financial reporting standard for insurance contracts that will replace the current rules of IFRS 4 and will become effective on January 1, 2022. IFRS 17 will impact the insurance value chain far beyond the areas of actuarial modeling and financial reporting. Key aspects of strategic and operational management may be affected.
8. Guy Carpenter and CyberCube Report Reveals Potential Impact of Cyber Catastrophe Scenarios on U.S. Cyber Insurance Industry: Guy Carpenter and CyberCube Analytics released the findings of a joint report that explores the size and shape of potential cyber catastrophes and the resulting financial impact on the U.S. cyber insurance market. The report, “Looking Beyond the Clouds: A U.S. Cyber Insurance Industry Catastrophe Loss Study,” examined some of the key drivers of cyber catastrophe scenarios and provided a data-driven view on the potential insured loss figures for the standalone cyber insurance market.
9. Chart: Guy Carpenter U.S. Property Catastrophe Rate-on-Line Index 1990 – 2019: The U.S. property catastrophe Rate-on-Line (ROL) index for January through July renewals was up 3.3 percent year-on-year. The full year index represents a slightly larger increase than the January 1 increase.
10. Climate Resilience: Opportunities for the Insurance Industry: The potential impact of the effects of climate change is requiring multiple stakeholders to re-think their approach to climate resilience. In recent years we have witnessed heightened weather volatility, and according to the majority of scientific opinion, this trend is expected to continue.