CAT-i Bulletin: Mw 7.1 Fukushima Earthquake, Japan February 13: The Fukushima Mw 7.1 earthquake occurred at 23:07 local time, on Saturday February 13. The United States Geological Survey reported the epicenter to be 96.6 km southeast of Sendai, Japan at a depth 49.9 km. The Japan Meteorological Agency reported this event to be Mj 7.3, at a depth of 55 km.
Reinsurance Implications of the United Kingdom’s Business Interruption Test Case: On January 15, 2021, the UK Supreme Court issued its widely anticipated decision in the Financial Conduct Authority’s business interruption (BI) test case. The FCA brought the test case to resolve uncertainty for certain BI policyholders affected by the COVID pandemic. Although the Court ruled that some forms of BI insurance cover COVID losses, the Court adopted a narrow definition of a COVID “occurrence” — an illness suffered by just one person or arguably several people in one household — that has raised questions about the meaning of the word “occurrence” in other contexts.
Cyber Risk: The Emerging Cyber Threat to Industrial Control Systems: Lloyd’s, in partnership with Guy Carpenter and cyber analytics specialist CyberCube, has launched a new report, The Emerging Cyber Threat to Industrial Control Systems, which provides an original analysis of potential cyber-attack pathways to an industrial target.
Video: Heightened Volatility and Prolonged Uncertainty To Drive Reinsurance Demand in 2021: David Priebe, Chairman, Guy Carpenter, highlights how, while the industry is facing a range of new risks in 2021, it is presented with new opportunities.
Outlook for the “Pandemial” Generation: 2021 Global Risks Report: Young adults (ages 15–24) around the world are experiencing their second major global crisis within a decade: (1) they entered youth in the throes of the financial crisis, (2) and are now exiting at the outset of a pandemic not seen in generations. They will face serious challenges to their education, economic prospects and mental health.
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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.