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 ... Continue Reading »
GC Capital Ideas Top Stories: June, 2019
1. Insurance Risk Management 2025: Navigating The Digital Future: How could the insurance industry look in 2025, and what are the implications for the risk function? A video from Guy Carpenter affiliate Oliver Wyman offers a futuristic glimpse of a rapidly evolving industry. View the video >> 2. 2019 Terrorism Risk Insurance Report: Terrorism remains a dynamic glob ... 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 »
Week’s Top Stories: June 22 – 28, 2019
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 ... Continue Reading »
Funding Longevity Risks in Captives
Global life insurance and reinsurance companies continue to look for innovative solutions to the longevity risks in their portfolios - life insurance, annuities and long-term disability programs. Further, pension fund trustees are looking for financially efficient methods of managing the longevity exposure in their pension portfolios. With greater life expectancies in much of ... Continue Reading »
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 »
