While cyber risk flew under the radar 10 years ago, today it’s a top concern. In a survey of nearly 365 treasury and financial professionals, 53 percent of respondents reported that cybersecurity risk is currently the most challenging risk to manage, and the majority believe it will continue to be for the next three years. ... Continue Reading »
Property
Global Risks Report 2020: Climate Realities
According to the 2020 Global Risks Report, produced by the World Economic Forum in partnership with Marsh & McLennan and Zurich Insurance Group, the near-term consequences of climate change add up to a “planetary emergency”. (1) Implications are catastrophic, wide-ranging and intersecting. Worse still, the complexity of the climate system means that some impacts are still un ... Continue Reading »
Guy Carpenter Enters Multi-Year Agreement with Karen Clark and Company
Guy Carpenter & Company announced that it has entered into a global, multi-year agreement with Karen Clark and Company (KCC) to license their catalogue of natural catastrophe models, execution software and analytics. The agreement will provide Guy Carpenter’s clients with access to KCC’s contemporary suite of natural peril models, software, visualizations and scientific a ... Continue Reading »
January 1, 2020, Reinsurance Renewals: A Smooth Transition
The (re)insurance sector is undergoing a period of transition: views of risk are changing and risk appetites are responding accordingly. This shift has manifested itself more acutely in the primary market, as underperformance across multiple lines of business over several years has led to market hardening. This is evidenced by Marsh’s Global Insurance Market Index, which shows g ... Continue Reading »
January 1, 2020, Reinsurance Renewal: Key Takeaways
Guy Carpenter this month released its briefing on the 2020 reinsurance market renewal environment. Here are the key takeaways from our analysis of the renewal: • The reinsurance market is healthy and responsive overall. • Dedicated reinsurance capital remains abundant, with a modest increase over last year-end, driven by rated capital. • Market adjustments are occurr ... Continue Reading »
January 1, 2020, Reinsurance Renewals: Property Catastrophe
Pricing corrections in the property catastrophe reinsurance market over the last few years have been localized, and mitigated to some extent by sufficient levels of capacity. These traits, along with the fact that the mix of loss-affected and non-loss-affected business up for renewal at January 1 is more diverse than at mid-year, created a wide range of outcomes, including ... Continue Reading »
January 1, 2020 Reinsurance Renewals: Retrocession
Reinsurers have ceded increased levels of premium into the retrocession market in recent years by leveraging strong market competition brought by new capital inflows. However, the environment in the retrocession market was challenged at January 1, 2020, characterized by trapped capital, a lack of new capital and continued redemptions from third-party providers. ... Continue Reading »
2020 Global Risks Report
The 2020 Global Risks Report, prepared by the World Economic Forum (WEF) with the support of Marsh & McLennan Companies, comes as long-mounting, interconnected risks begin to present themselves, and the need to address them becomes more urgent. ... Continue Reading »
CAT-i Report: Southern Australia Hailstorms
Severe thunderstorm activity affected large parts of Victoria, Canberra, Sydney and South-East Queensland from January 19-21. The storms produced large hail, damaging winds and flash flooding in many areas across these states. According to the Australian Bureau of Meteorology (BOM), there were ground reports of hail of up to 5 cm (2.5 inches) in diameter across Canberra, ... Continue Reading »
Is the Energy Sector’s Risk Management Keeping Up with the Pace of Digitalization
Expanding digitalization is a core characteristic of the energy sector’s ongoing transformation. The adoption of intelligent, sophisticated technology, including artificial intelligence for control and monitoring systems, is enabling new business models and more efficient asset management. ... Continue Reading »
