April 2021 Reinsurance Renewals; Japan: At the April 1 reinsurance renewals, property catastrophe pricing increased for the third year in a row. Following the first loss-free year since 2018, there was some consolation for buyers in that the average increase was the lowest of the past three years. Rates moved up on average by a small percentage for mutual buyers.
Future Preparedness for Global Risks: While global risks outlined in the Global Risks Report, published by the World Economic Forum with support from Marsh & McLennan, are dire, lessons from COVID-19 offer an opportunity for mitigation.
April 2021 Reinsurance Renewals; Korea: While Korea had not experienced any impactful losses in recent years, a mid-sized typhoon, heavy rain losses and several large single losses occurred in 2020, influencing the pre-renewal expectations. However, capacity was more than sufficient and certain markets were proactive as they sought potential cedents.
More Than 110 Investors Discuss How They Plan for the Unexpected: The COVID-19 pandemic and social unrest in 2020 remind us that the (re)insurance industry’s challenges might change on a year-to-year basis, but they will never end. COVID-19 may represent the vanguard of a series of public health crises arising out of climate change, income inequity, fraying social safety nets, demographic imbalances, resource shortages and increasingly stressed urban infrastructures.
Chart; Guy Carpenter Global Property Catastrophe Rate-On-Line (ROL) Index – 1990 to 2021: The Guy Carpenter Global Property Catastrophe ROL index was up 4.5 percent year on year, at January 1.
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