The federal backstop created by the Terrorism Risk Insurance Act (TRIA) and reauthorized as TRIPRA - along with similar public-private mechanisms that exist in other countries - remains crucial to the continued stability and health of the property terrorism insurance market. As TRIPRA's expiration on December 31, 2020 approaches, Marsh & McLennan Companies colleagues ... Continue Reading »
Casualty
Advancing Cyber Risk Management – From Security to Resilience
In an increasingly digital economy, cyber threats and vulnerabilities evolve fast. But despite growing anxieties around cyber, traditional security strategies and investments continue to lag. For organizations focused on balancing their growth plans and cyber security priorities both challenges and opportunities remain. The new report from Marsh & McLennan Insights, ... Continue Reading »
One-Year Anniversary of the GDPR: A Look Back and Ahead
When the European Union's General Data Protection Regulation (GDPR) took effect in May 2018, it signaled the start of more aggressive privacy oversight and enforcement in an era of rapidly advancing technology. The diversity and scope of enforcement actions, and the intersection of data privacy regulation with technology, are likely to pose increasing challenges for regulators ... Continue Reading »
As We Enter the Era of the Ecosystem Economy, Are We Prepared for the Risks?
Leslie Chacko, Managing Director of Digital, Technology and Innovation at Marsh & McLennan Solutions Contact We are entering the era of the ecosystem economy, in which complex networks of companies across industries collaborate to provide seamless experiences for customers. The economic opportunity of operating in an ecosystem is sizable and unprecedented - but so are ... Continue Reading »
2019 Terrorism Risk Insurance Report
Terrorism remains a dynamic global risk and a serious threat for people and organizations. The evolution of terrorism risk exposes many countries to complex threats from both international and home-grown groups, as well as individuals acting on their own, known as "lone wolves." And the evolution of terrorism risk in recent years challenges risk professionals to adopt new ... Continue Reading »
Avoiding the cliff edge of no-deal Brexit; MMC Young Professionals’ Global Forum 2019
The United Kingdom's Prudential Regulatory Authority (PRA) has "done as much as it can do to de-risk a no-deal [Brexit] cliff edge," according to Mr. Sam Woods, deputy governor for prudential regulation and chief executive officer of the PRA, Bank of England. ... Continue Reading »
Artificial Intelligence will help automate bespoke policies, says Lloyd’s Maynard; MMC Young Professionals’ Global Forum 2019
Artificial Intelligence (AI) offers the potential to automate how the insurance market delivers truly bespoke insurance products, according to Trevor Maynard, Head of Innovation at Lloyd's. Speaking at the MMC Rising Professionals' Global Forum in London, Dr. Maynard said: "AI raises some really interesting possibilities in terms of automating how we deliver bespoke ... Continue Reading »
Sir Richard Dearlove plays down Brexit but warns insurers of risks posed by “new international order”; MMC Young Professionals’ Global Forum 2019
The impact of Brexit on the London insurance market will be minimal, according to Sir Richard Dearlove, OBE, Non-executive Chairman of Ascot Underwriting, describing Brexit as "a sideshow." Addressing delegates at the MMC Rising Professionals Global Forum, Mr. Dearlove said: "The London insurance industry is a global industry, not a European industry, so the effect of Brexit ... Continue Reading »
A Dynamic Approach to Managing Life Reinsurance Arrangements
The traditional life reinsurance model typically involves perpetual treaties linked to an underlying product. In order to create alignment between the contracting parties, the treaty would follow the underlying terms of the product. However, the treaty structure may concurrently include provisions that reduce alignment between the insurer and reinsurer, to the insurer's ... Continue Reading »
John Neal: Lloyd’s must seize “once in a generation” opportunity to embrace digital transformation; MMC Young Professionals’ Global Forum 2019
The Lloyd's market must evolve and evolve fast or risk driving itself into irrelevance. This was the warning from Lloyd's chief executive Mr. John Neal as he addressed delegates at the 2019 MMC Rising Professionals' Global Forum in London today. ... Continue Reading »
