Competition and Change Are the Only Certainties for P&C Carriers: 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 Twin Trends of Aging and Automation: The twin trends of rapid population aging and automation have been unprecedented in speed and scope. Both academia and industry have dedicated extensive research to understanding the direction, magnitude, variations, and impacts of these separate trends. In the first report of this two-part series, Marsh & McLennan Advantage Insights, in collaboration with Mercer and Oliver Wyman (each an affiliate of Guy Carpenter), contributed to this literature by focusing on how automation affects workers above the age of 50 across 15 major markets in the Americas, Europe, and Asia-Pacific.
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.
Review of Climate Change Risks on GC Capital Ideas: Here we highlight the recent stories that GC Capital Ideas has presented on managing risks associated with climate change.
Review of Asia Pacific Insights on GC Capital Ideas: Here we feature recent stories covering the Asia Pacific region. Topics of focus include geography-specific perils such as potential water crises, and new approaches to managing life reinsurance arrangements.
And, you may have missed ….
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.