Flooding is the most pervasive natural disaster in the world. Since 1980, floods have killed over 250,000 people and caused over USD 1 trillion in damage, accounting for about 40 percent of natural catastrophe losses. Risks are increasing due to climate change and the growth of populations and economic activity in flood prone areas. This has implications for prosperity and ... Continue Reading »
Property
Video: Peter Hearn: Navigating the Changing Nature of Risk – Opportunities and Reinsurance Support
Peter Hearn, CEO, Guy Carpenter, talks to Asia Insurance Review about the impact the changing risk landscape will have on the insurance industry – how the industry should respond to these changes – and how reinsurance can support these new opportunities. Reinsurance supports insurance carriers in many dimensions – it is a flexible capital tool, it supports growth, and it ... Continue Reading »
Video: UK Climate Stress Test a Sign of Increasing Scrutiny of Insurer Climate Risk
Jessica Turner, Catastrophe Advisory, EMEA, Guy Carpenter, speaks with The Insurer about the Bank of England’s climate stress test. It is a sign that central banks and international regulators are looking to “ramp up” oversight of insurer climate risk. ... Continue Reading »
2021 Tropical Season Forecasts
Key Headlines: Active Atlantic anticipated: Across all forecast entities spanning academia, government and private sector, there is unanimous consent the 2021 Atlantic hurricane season will feature average to above average named storms, hurricanes, major hurricanes and storm days. Factors driving active Atlantic forecast: Factors in play include above-average ... Continue Reading »
Can the Insurance Industry Bridge the Pandemic Insurance Protection Gap?
Pandemic insurance coverage has existed for a long time, but it has always been expensive and relatively rare. According to the Geneva Association, less than 1 percent of the estimated USD 4.5 trillion global pandemic-induced gross domestic product loss for 2020 will be covered by business interruption insurance. ... Continue Reading »
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 ... Continue Reading »
Guy Carpenter Releases the 2021 Western North Pacific Basin Tropical Cyclone Briefing
Guy Carpenter published the annual briefing on the 2021 Western North Pacific Basic Tropical Cyclone season. ... Continue Reading »
Guy Carpenter Appoints Head Actuary for U.K. Non-Specialty Division
Guy Carpenter announced the appointment of David Arthur as Head Actuary of its U.K. Non-Specialty business, which encompasses Global Casualty, Accident & Health, U.K. Property and U.K. Motor, effective October 2021. ... Continue Reading »
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. ... Continue Reading »
Running Hot: Accelerating Europe’s Path to Paris
Europe's companies are reporting impressive progress in their action on climate change – but not yet nearly the progress required to hit the 1.5°C target of the Paris agreement. ... Continue Reading »
