1. CAT-i Bulletin: Mw 7.1 Fukushima Earthquake, Japan 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.
2. 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.
3. 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 (FCA’s) business interruption (BI) test case. The FCA brought the test case to resolve uncertainty for certain BI policyholders affected by the COVID pandemic.
4. Chart: Significant Insured Catastrophe Losses 2011 – 2020: Based on Guy Carpenter tracking, large losses generated near USD 80 billion of loss in 2020, an above-average number without considering COVID-19.
5. Chart: Top 10 Largest Insured Losses Versus Projections for COVID-19: Company-reported COVID-19 losses are near USD 30 billion. When added to 2020 large losses, total loss is approximately USD 110 billion. Using the mid-point of public COVID-19 loss estimates, a number in excess of USD 140 billion is generated.
6. Chart: Estimated Alternative Reinsurance Sector Capital: The reinsurance sector continues to demonstrate capital strength and resilience in light of the significant disrupters it encountered in 2020. New capital raises by new and existing participants contributed to the 2020 dedicated capital estimate.
7. 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.
8. 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.
9. 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.
10. Community-Based Catastrophe Insurance, A Model for Closing the Disaster Protection Gap: A new report from Guy Carpenter, Marsh & McLennan Advantage, and the Wharton Risk Management and Decision Processes Center, Community-Based Catastrophe Insurance: A Model for Closing the Disaster Protection Gap, sets out an innovative model to deliver insurance and help communities close the disaster protection gap.