Here we highlight the most popular stories among last week’s GC@MC series, which featured our review of critical issues shaping the reinsurance industry that were the focus of discussions at the Rendez-Vous de Septembre. Looking Beyond the Clouds; A Cyber Insurance Industry Catastrophe Loss Study: Because it is essential to develop a deep understanding of the ch ... Continue Reading »
Casualty
Volatility Management within the New Life Reinsurance Paradigm – GC@MC Commentary
Life insurers typically purchase reinsurance covers to achieve four main goals – capital management, catastrophe protection, volatility mitigation and product support. In some instances, each of the solutions are separately decisioned and purchased, but frequently may be combined into one reinsurance program. In today’s environment, an analysis that challenges the usual life rei ... Continue Reading »
InsurTech is Advancing at an Ever-Increasing Pace – GC@MC Commentary
Fear of disruption was pervasive early in the “InsurTech” era, stemming from indications that major technology companies were entering the sector, such as “Googlezilla”(1) in 2014; Apple’s telematics focused patent activity; (2) and more recently; Amazon’s exploration of insurance aggregator opportunities in the United Kingdom. More current and pressing challenges to incumbency ... Continue Reading »
Terror: The Role of Technology and Analytics – GC@MC Commentary
Terrorism, political violence and other malicious acts differ from other insurable perils in that they are dynamic and adaptive; there is human intent driving the probability and willing the impacts to change. Historic incidents show past trends, but those are only partial drivers of future trends as terrorists adapt their tactics in response to past effectiveness and current ... Continue Reading »
IFRS 17 and the Value of Reinsurance: An Opportunity in the Challenge – GC@MC Commentary
International Financial Reporting Standard (IFRS) 17, issued by the International Accounting Standards Board, is the new financial reporting standard for insurance contracts that will replace the current rules of IFRS 4 and will become effective on January 1, 2022. IFRS 17 will impact the insurance value chain far beyond the areas of actuarial modeling and financial reporting. ... Continue Reading »
Looking Beyond the Clouds: A Cyber Insurance Industry Catastrophe Loss Study – GC@MC Commentary
Because it is essential to develop a deep understanding of the characteristics of cyber catastrophe events and the financial impact they could have on the standalone cyber insurance market as it exists today, CyberCube Analytics (1) and Guy Carpenter have collaborated to help (re)insurers quantify cyber risk by pooling data resources and analytics capabilities to cultivate a ... Continue Reading »
Guy Carpenter Appoints David Priebe Chairman
Guy Carpenter today announced a key leadership change to further its growth strategy. David Priebe has been appointed to the role of Chairman of Guy Carpenter, effective immediately. Mr. Priebe will continue to report to Guy Carpenter's President and CEO, Peter Hearn, and will continue as a member of the company's Executive Committee. ... Continue Reading »
The Changing Nature of Risk – GC@MC Commentary
In a report published this month by Guy Carpenter, we analyze how an accumulation of losses from recent extreme weather events, the specter of climate change and higher loss cost trends in a number of long-tail business lines are forcing carriers to reassess views of risk. Capital inflow levels and risk appetites are responding accordingly, according to Robert Bentley, CEO, ... Continue Reading »
Market Conditions Shift as (Re)insurers Adjust to the Changing Nature of Risk
The growing complexity of risk is manifesting itself in the (re)insurance sector as underwriting assumptions are being challenged, and capital inflow levels and risk appetites respond accordingly. Crucially, the accumulation of losses from a range of diverse natural catastrophe perils in 2017 and 2018 has brought an end to years of soft (re)insurance market conditions as ... Continue Reading »
Guy Carpenter and CyberCube Report Reveals Potential Impact of Cyber Catastrophe Scenarios on U.S. Cyber Insurance Industry
Guy Carpenter and CyberCube Analytics released the findings of a joint report that explores the size and shape of potential cyber catastrophes and the resulting financial impact on the U.S. cyber insurance market. The report, “Looking Beyond the Clouds: A U.S. Cyber Insurance Industry Catastrophe Loss Study,” examined some of the key drivers of cyber catastrophe scenarios and ... Continue Reading »
