1. Chart – Top 10 Largest Insured Losses vs Projections for COVID-19: The chart in the link below shows how industry loss estimates for COVID-19 put forward by a number of entities compare to other major insured events, in inflation-adjusted terms.
2. Why 2020 Has Made the Ever-Evolving Cyber Landscape Even More Dynamic: The insurability of systemic cyber risk will be one of the defining issues of the next decade for the (re)insurance sector. Rapid technological changes and digitalization in particular have already transformed the characteristics of risks assumed by the (re)insurance market.
3. The Changing Nature of Risk: There is an old adage that “adversity builds character.” However, before adversity builds character, it reveals character, and the numerous catastrophes that have occurred over the last several years combined with the ongoing pandemic have clearly revealed the character of the insurance industry.
4. The Changing Nature of Risk – Casualty Dynamics: History shows that the insurance market is cyclical, and this is especially true for casualty lines of business. As long-tail lines, the ultimate profitability of a year is not known for many years as changing loss trends and causes may not be recognized until it is too late to protect against adverse development. The casualty marketplace now finds itself in such a position.
5. Marsh & McLennan Cyber Handbook 2021: In the coming year and each subsequent year, the cyber landscape may become more complex. The Marsh & McLennan Cyber Handbook 2021 features the latest perspectives from business leaders across Marsh & McLennan, who have deep knowledge of the cyber risk landscape, to help companies better manage their cyber risk.
6. Video – The Reinsurance Market and Climate Change: Guy Carpenter recently participated in a series of videos with The Insurer, in which experts from throughout Guy Carpenter opine on different aspects of the contemporary risk landscape. In this video, Jessica Turner, Senior Vice President, Catastrophe Advisory at Guy Carpenter, explains to The Insurer how firms need to incorporate climate change and related risk factors into their decision making.
7. APCIA Annual Meeting – Guy Carpenter Insights: Guy Carpenter recently published insights on the critical issues shaping the reinsurance industry to coincide with the 2020 APCIA Annual Meeting. Topics covered in the articles center around the changing nature of risk, specifically the evolving landscape for cyber, wildfire and broader casualty risks.
8. Mid-Year 2020 Reinsurance Renewal – Guy Carpenter U.S. Property Catastrophe Rate-On-Line (ROL) Index: The U.S. property catastrophe Rate on Line (ROL) index for January through July renewals was up 12 percent year-on-year, and pricing pressures have built through the course of the year.
9. Video – Catastrophe Bonds in the Post-COVID Environment: In this video from Guy Carpenter’s recent series of interviews with The Insurer, Cory Anger, Managing Director, GC Securities, explains how the catastrophe bond sector will flourish in a post-COVID-19 marketplace.
10. Pandemic Poses a New Catastrophe Paradigm: This time last year, Guy Carpenter released a report titled The Changing Nature of Risk. Although written in the context of loss accumulation, the changing climate and digitalization, events in 2020 have reinforced the key takeaways from our report: the reality of a rapidly evolving risk environment and the potential for catastrophes to become systemic in nature. These two trends are encapsulated in the COVID-19 pandemic, according to a recent Reactions article by Peter Hearn, President and CEO of Guy Carpenter.