1. Emerging From the Shadows; Casualty: Casualty (re)insurance is often overshadowed by developments in property lines. As the last two years have shown, the human impact and devastating damage caused by catastrophes such as hurricanes, typhoons, wildfires and earthquakes tend to dominate the headlines.
2. 2019 Asia Pacific Catastrophe Reinsurance Report: Guy Carpenter has released its 2019 Asia Pacific Catastrophe Reinsurance Report. The report reviews property catastrophe cover trends; market conditions, including losses and pricing; and catastrophe events in each of the major Asia Pacific countries during 2019.
3. Significant Insured Losses – 2011 to Q3 2019: Chart exhibits the significant insured losses from 2011 through the third quarter of this year. Insured loss for the third quarter 2019 is approximately USD 17-19 billion. This quarter’s insured loss is mainly driven by two major events: Typhoon Faxai in Japan and Hurricane Dorian.
4. Baden Baden – GC@BB Commentary Roundup: Here we highlight the most popular stories among our GC@BB series, which featured our review of critical issues shaping the reinsurance industry. These topics, including new approaches to climate change resilience, and the evolution of motor insurance in Europe, were the focus of discussions at the recent Baden Baden Reinsurance Symposium, which was hosted by Guy Carpenter.
5. The Burning Issue – Managing Wildfire Risk: In recent years, countries such as Canada, the United States, Spain, Portugal, Greece and Chile have experienced unusually severe fires, claiming hundreds of lives and causing billions of dollars in damage. Wildfires have also broken out in countries previously unaccustomed to the problem. In 2018, for example, northern European countries experienced between 20 and 200 times more area burned than usual, and concern is growing that large and destructive megafires are becoming the new normal.
6. Global Insurance Prices Have Increased Every Quarter for Two Years: Global commercial insurance prices rose by 8 percent in the third quarter of 2019. All three major product lines — property, casualty, and financial and professional — showed increases, with the third quarter of 2019 marking the eighth straight quarter of increases in the Marsh Global Insurance Market Index since its inception in 2012.
7. Guy Carpenter Announces Senior Appointments as it Further Strengthens Bermuda Platform: Guy Carpenter announced today the appointment of Robert Johnston as Chairman of Guy Carpenter’s Bermuda operations, and Peter Komposch as Head of Casualty and Specialty, Bermuda, with immediate effect. Mr. Johnston has nearly 20 years’ experience in Bermuda, most recently as President of Aon Reinsurance Solutions in Bermuda. He will report to John Trace, CEO of North America, and Kevin Fisher, Chairman of UK and Global Specialties and Chairman of London North America.
8. Survey – Cyberattacks Are the Number One Risk to Doing Business in U.S. and Canada: Results from the World Economic Forum’s 2019 Executive Opinion Survey indicate that for business executives in both Canada and the United States, “cyberattacks” are once again – by a large margin – the number one risk to doing business. This is a top risk in Europe and East Asia and the Pacific as well, where it now ranks first and second, respectively. The persistence of this risk at the top of mind for business leaders in these regions highlights the growing sophistication and proliferation of cyberattacks, and the corresponding exposure businesses are facing.
9. Guy Carpenter Appoints David Priebe Chairman: Guy Carpenter today announced a key leadership change to further its growth strategy. David Priebe has been appointed to the role of Chairman of Guy Carpenter, effective immediately. Mr. Priebe will continue to report to Guy Carpenter’s President and CEO, Peter Hearn, and will continue as a member of the company’s Executive Committee.
10. Asia Pacific 2019 – Guy Carpenter Asia Pacific Rate-On-Line (ROL) Index Rose: The Guy Carpenter Asia Pacific Rate-On-Line (ROL) Index rose in 2019; this was the first time in nearly a decade that the index did not decline. Price increases were not uniform across the region, but were targeted toward cedents or even specific layers that suffered losses.