Cyberattacks are viewed by business leaders as the number one risk in advanced economies for the second year in a row, according to the latest World Economic Forum executive opinion survey. This widespread and continuing apprehension about cybersecurity is reinforced by the results of the Marsh | Microsoft 2019 Global Cyber Risk Perception Survey, which found almost 80 percent ... Continue Reading »
Casualty
Modeling Insights
Here we review recent GC Capital Ideas posts covering insights on modeling. Terror: The Role of Technology and Analytics: 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 ... Continue Reading »
Workers Compensation Is About to Be Transformed
Workers compensation is the largest premium segment in the U.S. commercial insurance market. Workers compensation, mandated by law in 49 U.S. states to provide employer reimbursements for injuries occurring in the course of employment, represents one of the largest nondiscretionary expenses for labor-centric firms. Yet these premiums are dwarfed by the overall cost of ... Continue Reading »
IFRS 17 and the Value of Reinsurance: An Opportunity in the Challenge
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 »
Carriers Must Carve Out Distinctive Strategies to Maximize their Potential for Success
Guy Carpenter has completed its annual review of property and casualty (P&C) results and found that competition and change are the only certainties (re)insurers are promised in today’s market. ... Continue Reading »
Baden-Baden Reinsurance Symposium Examines (Re)insurance Market Opportunities Generated by Industry 4.0
Guy Carpenter hosted the Reinsurance Symposium in Baden-Baden on October 20, 2019. The eleventh year that Guy Carpenter has hosted the event, the Symposium posed the question: “Is the (re)insurance sector ready for Industry 4.0?” ... Continue Reading »
The Changing Nature of Risk
In a recently published report 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 »
Uncertainty Around TRIPRA Renewal: Mitigation Strategies Essential
Despite a reduction in the number of large terror attacks in the United States, the market for terror (re)insurance is maturing and the peril is changing. Instead of targeting property, more frequent “soft” human attacks are becoming commonplace, increasing the threat of incidents occurring in or near public spaces and workplaces. Adding to the complexity is the current unc ... Continue Reading »
Silent Cyber: Solutions Emerge Amid the Uncertainties
Silent cyber, also known as unintended or non-affirmative coverage, refers to the potential cyber exposures contained within traditional property and casualty insurance policies, which may not implicitly include or exclude cyber risks. Unlike specialist standalone cyber insurance, which clearly defines the parameters of cyber coverage, traditional insurance policies were not ... Continue Reading »
Motor Insurance in EMEA: Evolving at Speed
Motor insurance is the most widely purchased property and casualty product in Europe and represents an important platform in the region for both traditional and non-traditional products, managing general agents, captives and other affinity and distribution platforms, according to Federico Camera, Managing Director, Guy Carpenter and Pawel Koszorek, Senior Vice President, Guy ... Continue Reading »
