Why 2020 Has Made the Ever-Evolving Cyber Landscape Even More Dynamic: The insurability of systemic cyber risk will be one of the defining issues of the next decade for the (re)insurance sector. Rapid technological changes and digitalization in particular have already transformed the characteristics of risks assumed by the (re)insurance market. As companies depend more on ... 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 »
The Great Coronavirus Restructuring
The (re)insurance industry is navigating one of the most significant periods of change in recent times which is altering perceptions of risk across the sector. The impact of COVID-19 has put pressure on a marketplace already addressing challenges on multiple fronts. During this period of transformational change, reinsurance continues to be a highly effective tool to enable ... 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 »
The Long Haul to Normalcy
As the COVID-19 situation changes on a daily basis, the total impact to the insurance and reinsurance markets remains unknown, and Guy Carpenter is advising clients in the space on how to best adapt to the circumstances. The (re)insurance industry, policyholders and governments throughout the world must come together on an approach that offers relief to those who need it now ... Continue Reading »
Why 2020 Has Made the Ever-Evolving Cyber Landscape Even More Dynamic: Part IV
To address the challenges surrounding silent cyber, (re)insurers require an effective means of qualifying and quantifying the risk of silent cyber across entire portfolios, according to Guy Carpenter colleagues Will Garland, President, Centers of Excellence, and Erica Davis, North America Cyber Center of Excellence Leader, Guy Carpenter. ... Continue Reading »
Category 5 Hurricane Iota to Render Catastrophic Winds, Storm Surge & Rainfall to Central America
Exceeding even the most aggressive forecasts from Friday, Iota became the strongest and most rapidly intensifying hurricane of the 2020 Atlantic hurricane season. Deepening an incredible 61 mb in 24 hours, Iota was declared a category-5 hurricane with maximum sustained winds of 160 mph as of 10AM EST, Monday November 16. Northeastern Nicaragua and eastern Honduras will endure ... Continue Reading »
