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. Clarity Over Coverage is Critical as COVID-19 Casts a Shadow over January Renewals: Reinsurance renewal negotiations are delicately poised, with increasing pressure on rates, economic uncertainty and disputes over COVID-19 wordings putting long-standing relationships to the test, according to a recent article in Insurance Day from Massimo Reina, CEO for Continental Europe at Guy Carpenter.
3. 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. As companies depend more on technology to conduct business, they are also increasingly subject to technology’s unique vulnerabilities.
4. 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.
5. Leading Up to January 2021 Reinsurance Renewals: Guy Carpenter’s new briefing, Leading Up to January 2021 Reinsurance Renewals, highlights the myriad market developments providing the backdrop to January 1, 2021 renewals. The topics range from COVID-19-related losses and rate movements at the mid-year renewals, through tightening capacity across certain insurance classes and loss developments on long-tail lines of business.
6. 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.
7. 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.
8. 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.
9. 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.
10. 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.
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