Competition and Change Are the Only Certainties for P&C Carriers – Part I: An abundance of capital from a wide range of sources coupled with evolving catastrophe risks and an extended period of low interest rates, are increasing the pressure on the property & casualty (P&C) industry to continue to increase its focus on underwriting. As such, business models for insurance companies have been progressing and the pace and opportunity associated with data, information, and technology have influenced how risk is analyzed, selected, distributed and mitigated against the insurance equation of rate, exposure and capital, according to Thomas Hettinger, Managing Director, Strategic Advisory, Guy Carpenter.
The South Asia Risks Landscape: The first step for stakeholders looking to build resilience in their region is to gain a holistic sense of the risk environment, its complexities and the way in which global and local risks intersect with one another. Following this approach, The South Asia Risks Landscape white paper, developed by the World Economic Forum in partnership with Marsh & McLennan, incorporates data from the 2018 Global Risks Perception Survey and 2019 Executive Opinion Survey to offer a detailed overview of the risk environment in South Asia.
The Energy Sector’s Carbon Emissions Are Rising, Not Falling. Can COP25 Turn it Around: This year’s U.N. Climate Change Summit, known as COP25, opened last Monday (December 2nd) in Madrid against a backdrop of mounting urgency. In the last 12 months, the U.N.’s climate science body, the Intergovernmental Panel on Climate Change (IPCC), has issued two special reports raising stark warnings of the risks climate change poses to food security and the oceans.
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, according to Ruth Lux, Head of Public Sector EMEA, Placement Solutions Group.
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.
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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 normal, according to Robert Bailey, Director, Climate Resilience, Marsh & McLennan Advantage, Insights and Jaclyn Yeo, Research Manager, Marsh & McLennan Advantage, Insights.