COVID-19 – The View From the Marketplace: Guy Carpenter is continually connecting with our clients and business associates to gather the key questions health insurers are asking along with the range of potential outcomes. In support of this goal, Guy Carpenter hosted a webinar, The Impact of COVID-19 on Medical Reinsurance, and asked 109 leaders in the health insurance industry to provide their input on key questions related to the impact of COVID-19 on the industry.
Chart – Top 10 Largest Insured Losses vs Projections for COVID-19: The following chart 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.
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.
Managing Renewals in a Challenging Market: For more than a decade — starting in the mid-2000s — insurance pricing steadily declined, even amid significant economic and enterprise growth. In late 2017 and 2018, however, commercial insurance pricing started to increase, according to a report from Guy Carpenter-affiliate Marsh.
Marsh & McLennan Cyber Handbook 2021: As regulators formalize capital requirements and qualitative measurements of risk appetite in this rapidly evolving market, companies will be required to enhance cyber underwriting and reinsurance strategies, leverage innovative modeling capabilities and develop technical and underwriting risk talent to continue offering clients the best security possible.
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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.