The following chart shows how industry loss estimates for COVID-19 put forward by a number of entities compare to other major insured events, in inflation-adjusted terms. As ultimate losses are largely unknown, there is substantial variability within and between estimates for COVID-19, ranging from a low end USD 30 billion to close to USD 100 billion. ... Continue Reading »
Property
Wildfire – Understanding and Modeling the Risk: Part IV
The GC Urban Conflagration Index, available in the western United States and Florida, identifies areas where the phenomenon of urban conflagration is more likely. Urban conflagration – wildfire entering a developed area and spreading from structure to structure, is of particular concern to carriers due to the highly correlated and often total resulting losses. The GC Urban C ... Continue Reading »
Wildfire – Understanding and Modeling the Risk: Part III
In a proactive response to consecutive years of record wildfire insured losses, Guy Carpenter has been working to develop tools to help clients quantify, manage and better understand their wildfire risk, according to Alexander Van Dijk, President, U.S. Branches, and Kimberly Roberts, North America Peril Advisory, Guy Carpenter. This includes a holistic suite of tools and ... Continue Reading »
Guy Carpenter/Flood Re Webinar Highlights Critical Importance of Enhanced Planning and Collaboration to Boost Flood Resilience
The dual challenges of increasing flood risk in the United Kingdom and the impact of climate change are demanding improved planning, greater adaptability and proactive engagement across multiple stakeholders to better identify climate-related exposures and enhance resilience measures, particularly in the built environment. This is according to industry policy and building ... Continue Reading »
CAT-i Bulletin: Typhoon Vamco (Ulysses)
Typhoon Vamco made its first landfall on Patnanungan Island (Quezon Province, Philippines) around 10:30 PM local time on November 11 as a category-1 equivalent on the Saffir-Simpon scale. The typhoon then gained category-2 strength before crossing Quezon and then Luzon. The system caused extensive flood damage, with Metro Manila seeing its worst flooding in years. Disruption to ... Continue Reading »
Video: Cyber Underwriters Avoid COVID-19 Exclusions Even as Ransomware Concerns Soar
As we all move to working from home and remote locations, the increased risk of cyber attacks has become more prevalent. COVID-19 has presented an opportunity for rogue actors to attack vulnerable companies and indeed individuals. For some, working from home can mean more lax security. This has resulted in the cyber underwriting fraternity asking more questions around COVID-19, ... Continue Reading »
Wildfire – Understanding and Modeling the Risk: Part II
A pattern has emerged related to the joint concept of greater precipitation in winter months coupled with greater evaporation in summer months, both driven by a warming climate. A wet winter allows grasses to grow, which dry out during excessively hot summers, and become receptive fuel for fire, especially during offshore wind events like the Santa Ana Winds. The 2017 and 2018 ... Continue Reading »
Hurricane Iota – Central America Landfall and Impacts
On the evening of November 16th, Hurricane Iota made landfall on the Nicaragua coast as a category-4 hurricane. The center of circulation moved ashore just south of where Hurricane Eta made landfall in recent weeks, with catastrophic effect. Iota has rendered severe to complete damage due to wind along with flooding and mudslides due to heavy rainfall. The impacts affect ... Continue Reading »
Video: Better By Design – Preparing for Shock Events
As organizations continue to adapt and respond to the COVID-19 pandemic, understanding its impacts is critical to mapping the path forward as a business, industry and broader society. Virtually bringing together our global clients, colleagues and subject matter experts, including those from Guy Carpenter, the recent Marsh & McLennan Better By Design conference provided a ... Continue Reading »
Wildfire – Understanding and Modeling the Risk: Part I
A confluence of excessive heat and lack of precipitation has led to a dangerous wildfire situation in the western United States. As of late September, 75 percent of the western region is in a state of moderate to exceptional drought. The drought, combined with high winds and lightning activity, precipitated the ignition and rapid spread of over 70 large fires in California, ... Continue Reading »
