1. 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.
2. Chart; Guy Carpenter Global Property Catastrophe Rate On Line Index – 1990 to 2021: The Guy Carpenter Global Property Catastrophe ROL index was up 4.5 percent year on year, at January 1.
3. Address Ergonomic Problems Before Remote Work Becomes a Costly Risk: The shift to remote work doesn’t come without potential pitfalls, including the risk of an increase in ergonomic injuries.
4. 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.
5. 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.
6. 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.
7. Creating More Opportunity for Women in the Post-Pandemic World: Gender equality has to involve society more broadly — how women are perceived, what opportunities they are afforded and how economic change affects them.
8. Renewals Season Roundup: As we head into the mid-year renewal season, GC Capital Ideas brings together posts highlighting the renewals that occurred at the beginning of the year along with early outlooks.
9. 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.
10. Tailoring the Community-Based Catastrophe Insurance Program to the Needs of the Community: The first step in the iterative five-part process that can guide communities as they consider implementation of a community-based catastrophe insurance program, is “Defining the Need or Problem” that the community is trying to solve.