2021 Western North Pacific Basin Tropical Cyclone Briefing: Guy Carpenter published the annual briefing on the 2021 Western North Pacific Basin Tropical Cyclone season. According to the briefing, the number of tropical cyclones forecast to form between April 1 and September 30 is above normal.
Narrow Artificial Intelligence Is Latest Disrupter to Insurance Industry: Society is entering the age of artificial intelligence. Significant players in every industry are implementing narrow artificial intelligence (NAI) to improve their business processes. As a consequence, no element of the global insurance business model will be untouched. Most insurance product lines will need to be reengineered to reflect the new risks arising out of the adoption and deployment of NAI.
Video: Captive Trends and Data – What You Should Know: The use of captive insurance companies grew significantly in 2020, and there are no signs of it slowing down in 2021. The webinar and accompanying slide deck from Marsh McLennan business Marsh highlight the record number of companies that formed a captive last year, how they are using them and what’s ahead for the captive industry.
Climate Health Threat Illustrator: Climate change is increasing health risks and costs for people and businesses worldwide — and its effects will intensify over time. Disease burden and disparities are likely to worsen, and two out of three major cities expect climate change to seriously compromise their public health assets and services.
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.
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OmniCAT® Risk Score; Severe Thunderstorm Risk Magnitude Index (SToRMi): Over the last decade, a noteworthy increase in the frequency and severity of severe thunderstorm losses across the central and eastern United States has created a lack of profitability for carriers exposed to these perils. The impact has been amplified by outdated and antiquated catastrophe models lacking the ability to properly assess the current risk.