Rob Bailey, Director of Climate Resilience at Marsh & McLennan Insights Contact The wildfires of 2017 and 2018 have led some to ask whether we have entered a fiery new normal. But the “new normal” framing — the idea that we have reached a new equilibrium — is misleading. Climate change and growing numbers of people and assets in fire prone areas mean there is little ch ... Continue Reading »
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How to Line Up Your Cyber Defense
Given the reality of the cyber threat landscape, you need to determine the tools you need to mitigate and respond to inevitable cyber attacks. Unfortunately, while both the aggressiveness and sophistication of cyber attacks have accelerated, defensive capabilities have been relatively slow to evolve and respond (1). ... Continue Reading »
Complications That Impact Cyber Resilience
In an increasingly complex business and cyber landscape, organizations encounter greater challenges when trying to balance their business resilience and cyber security priorities. Between 2016 and 2018, the rate of growth for internet users was 10 times faster than the global population. Correspondingly, the surface area for attack has expanded exponentially (1). The ... Continue Reading »
Terrorism Risk Is Declining, but a Closer Look Shows an Ominous, Evolving Threat
Let's start with the good news: Terrorism risk is declining in many countries. Between 2018 and 2019, plenty of evidence surfaced to underline this positive trend. The Islamic State (IS), which once controlled territory roughly equivalent in size to Portugal, no longer controls any land. In 2018, the number of people globally killed in terrorist attacks dropped by more than ... Continue Reading »
Changes in the Reliance on TRIPRA
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 »
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 »
John Neal: Lloyd’s must seize “once in a generation” opportunity to embrace digital transformation; MMC Young Professionals’ Global Forum 2019
The Lloyd's market must evolve and evolve fast or risk driving itself into irrelevance. This was the warning from Lloyd's chief executive Mr. John Neal as he addressed delegates at the 2019 MMC Rising Professionals' Global Forum in London today. ... Continue Reading »
Marsh & McLennan Stresses Next Generation Industry Leaders Must “Adapt or Face Extinction”
Marsh & McLennan Companies' Rising Professionals’ Global Forum 2019 opened in London today, with approximately 700 delegates attending the two-day event to hear from world class speakers on the central theme for the Forum – Adaption or Extinction. ... Continue Reading »
Healthcare Organizations and Medical Risk: What HCOs Need to Know About the Medical Risks They Own
As healthcare organizations transition their business models from "fee for service" to "fee for value," margin pressure, capital allocation and expense management are pitfalls to a successful transition. We argue that the creation of an integrated risk strategy framework to think about medical risk collectively (the medical risk continuum) will empower healthcare organizations ... Continue Reading »
A Matter of Time: Why the Clock is Ticking on Stop-Loss Reinsurance
As cutting-edge science leads to new, high-cost drugs and therapies, insurers are seeing uncapped claims costs grow higher. Stop-loss reimbursements generally are on the rise, with an increasing number of employers being reimbursed for a stop-loss claim every year. ... Continue Reading »
