As we learn more about the COVID-19 virus, societal responses and vaccine development, our collective knowledge continues to develop. Throughout this time, Guy Carpenter is continually connecting with our clients and business associates to gather the key questions health insurers are asking along with the range of potential outcomes. ... Continue Reading »
Pandemic
COVID-19 Unveils a Payer Opportunity
As the COVID-19 situation is changing on a daily basis, the impact to the insurance and reinsurance markets is not yet fully known. However, given the significance of the developments, Guy Carpenter provides our view of how COVID-19 may impact the medical (re)insurance market. At least one in seven working Americans is now unemployed. And as high as one in four Americans is ... Continue Reading »
How America’s Insurance System Can Prepare For a Future Pandemic
The insurance industry, policyholders and governments throughout the world must come together on an approach that offers relief to those who need it now and develop a plan to implement mitigation strategies and a response mechanism for future pandemic events. The scale of this exposure is immense and far beyond the financial capabilities of the insurance industry alone. A ... Continue Reading »
June 1, 2020 Reinsurance Renewal: Hurricane Season Projections
While June 1 renewals were challenging, capacity ultimately came together to meet cedents’ needs and the market continued to function well. Similar outcomes are expected at July 1, and looking further ahead to January 1, 2021. The reinsurance sector has shown itself to be well versed at navigating market-changing events, and the overriding message following June 1 renewals is t ... Continue Reading »
Cybersecurity After COVID-19: 10 Ways to Protect Your Business and Refocus on Resilience
As a sector intrinsically tied to digital technology, cyber insurance is known for its dynamic and evolving nature. In 2019, the cyber insurance industry began to grapple with multiple headwinds such as record General Data Protection Regulation (GDPR) fines and the introduction of new privacy regulations. In 2020, the landscape only became more complicated as the COVID-19 ... Continue Reading »
The Journey Back From COVID-19
As the human and economic costs of COVID-19 continue to mount, reinsurers are working with healthcare executives on how to mitigate the impacts of the virus on the sector. The growing use of telemedicine and capacity constraints within our healthcare system will potentially dull utilization increases; however, the financial costs will still be significant. Amid the COVID-19 ... Continue Reading »
June 1, 2020 Reinsurance Renewal: The Market Reevaluates Exposures as Conditions Tighten
Even before the COVID-19 crisis, the reinsurance market was facing an increasingly challenged operating environment. Shifting views of risk, a lack of new capital inflows, higher loss cost trends and deteriorating loss experience led to tightening market conditions at January 1, 2020 renewals. ... Continue Reading »
A Changing Landscape: How Unemployment Will Impact the Way We Access Health Insurance
Over 40 million Americans have filed for unemployment insurance since mid-March. (1) While the weekly number of new unemployment insurance filings continues to decline, the total number of job losses across the United States has already reached unprecedented levels and the labor market outlook is far from certain. ... Continue Reading »
June 1, 2020 Reinsurance Renewal: The Impact of COVID-19 on Florida Property Catastrophe Pricing
The June 1, 2020 renewal is the first genuine test of the reinsurance market since the COVID-19 outbreak prompted government-mandated lockdowns across the globe. The pandemic has compounded an already firming reinsurance environment, resulting in challenged placements and pronounced property catastrophe pricing increases, particularly in Florida. ... Continue Reading »
Population Health is Now Public Health
As the COVID-19 pandemic continues into the summer, public health concerns are at the forefront of everyone's mind and Guy Carpenter is actively developing a view of how COVID-19 may impact the healthcare industry and the medical (re)insurance market. Providers and hospitals, whose contact tracing activities before COVID-19 historically focused quite narrowly on provider ... Continue Reading »
