In the United States, the Terrorism Risk Insurance Program Reauthorization Act of 2015 (TRIPRA) is scheduled to expire at the end of 2020. Renewal under its current structure and coverages remains uncertain. As a result, carriers are beginning to explore and, in some cases, to secure, additional reinsurance limits and coverages under the assumption that there is a finite amount ... Continue Reading »
Property
Global Technological Threats
Technology plays a profound role in shaping the global risks landscape in the near and longer term. Concerns about data fraud and cyberattacks were prominent again in the World Economic Forum's Global Risks Perception Survey, with 82 percent of respondents expecting cyberattacks in the form of theft of data or money and 80 percent expecting it in the form of disruptions of ... Continue Reading »
U.S. Terrorism Risk Backstop Up for Renewal in 2020
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 »
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 »
Seasonal North Atlantic Hurricane Outlook
Seasonal outlooks generally call for a near-normal hurricane season, relative to the 1981-2010 average. The 2019 season comes after an active 2018 season with 15 named storms, including significant impacts from Hurricanes Florence and Michael. While the traditional hurricane season begins June 1 in the North Atlantic Basin, Subtropical Storm Andrea made a brief appearance ... 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 »
New products and data key to building more resilient societies, says Schauble; MMC Young Professionals’ Global Forum 2019
As climate change rises up the agenda, there are huge opportunities to help companies manage risk in the burgeoning weather protection market, said Barney Schauble, Managing Principal, Nephila Advisors. Speaking at the MMC Rising Professionals' Global Forum, he said: "It feels like the early days of the catastrophe ILS market." ... 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 »
