CAT-i Bulletin: Typhoon Vamco (Ulysses): Typhoon Vamco made its first landfall on Patnanungan Island (Quezon Province, Philippines) around 10:30 PM local time on November 11 as a category-1 equivalent on the Saffir-Simpon scale. The typhoon then gained category-2 strength before crossing Quezon and then Luzon. The system caused extensive flood damage, with Metro Manila seeing its worst flooding in years.
Rate Movements Moderated by Availability of Capacity as Negotiations Center on Pricing and Terms at January 1, 2021 Renewals: Price increases at the January 1, 2021 reinsurance renewals were moderated compared to initial expectations by abundant capital levels and an increased willingness on the part of reinsurers to deploy capacity in several sectors, according to Guy Carpenter.
Marsh & McLennan and The World Economic Forum Present The Global Risks Report 2021: The 16th edition of the Global Risks Report, published by the World Economic Forum with support from Marsh & McLennan, highlights the disruptive implications of major risks, including the COVID-19 pandemic, that may reshape our world in 2021 and over the next decade.
Key Cyber Risk Concerns and Claims Trends: The similarities between a pandemic and a cyber attack should have all insurers reconsidering their stress scenarios. Key cyber risk concerns can be divided broadly into three categories, those related to silent cyber (non-cyber insurance policies that are liable for a cyber loss), claims trends and the effects of COVID-19.
Video: (Re)insurance Startups – The Class of 2020: As capital continues to be drawn to the opportunity of improved pricing conditions across the (re)insurance market, the emerging class of 2020 (re)insurance startups is expected to bring both long-term and committed solutions to brokers and cedents, according to Lara Mowery, Global Head of Distribution at Guy Carpenter.
And, you may have missed …
COVID-19 Coverage Uncertainties and 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.