Overnight, firefighters took advantage of a break in Santa Ana wind conditions to enhance containment of the Kincade Fire in Northern California, and the Getty Fire in Southern California. Collectively, nearly 135 structures have been lost, while many thousands remain threatened and evacuated. Offshore flow is forecast to strengthen during the mid-day in the Bay Area and ... Continue Reading »
Environmental Risks Are the Leading Concerns for Doing Business Across East Asia and the Pacific
Results from the World Economic Forum’s 2019 Executive Opinion Survey indicate that environmental risks are the leading concerns for doing business across East Asia and the Pacific, with “natural catastrophes” ranking first and “extreme weather events” ranking fifth. The concerns about “natural catastrophes” were heavily driven by responses from Japan and New Zealand, where they ... Continue Reading »
Weather Sentinel: Ongoing California Wildfire Activity
Ongoing dry and windy conditions across California have hampered containment and suppression efforts of already burning fires and have allowed for rapid growth of newly ignited fires. The Kincade Fire in Sonoma County grew significantly over the weekend due to increased winds, forcing large-scale evacuations. The newly ignited Getty Fire in Los Angeles has forced evacuation ... Continue Reading »
Workers Compensation Is About to Be Transformed
Workers compensation is the largest premium segment in the U.S. commercial insurance market. Workers compensation, mandated by law in 49 U.S. states to provide employer reimbursements for injuries occurring in the course of employment, represents one of the largest nondiscretionary expenses for labor-centric firms. Yet these premiums are dwarfed by the overall cost of ... Continue Reading »
Weather Sentinel: Wildfire Activity in California
Several fires ignited yesterday across the state of California, and grew quickly under extreme fire weather conditions. As of Friday morning, 49 structures have been destroyed in the Kincade Fire, burning in Northern California near Geyserville, while the Tick Fire in Southern California has jumped Hwy 14 and is threatening communities near Santa Clarita. Fire weather c ... Continue Reading »
Week’s Top Stories: October 19 – 25, 2019
CAT-i Bulletin: Recent Tornado Activity – Southern Plains: A severe thunderstorm outbreak affected portions of the Southern Plains and Central Mississippi Valley from the evening of October 20th through the morning of October 21st. Read the article >> Carriers Must Carve Out Distinctive Strategies to Maximize their Potential for Success: Guy Carpenter has completed i ... Continue Reading »
Terror: The Role of Technology and Analytics
Terrorism, political violence and other malicious acts differ from other insurable perils in that they are dynamic and adaptive; there is human intent driving the probability and willing the impacts to change. Historic incidents show past trends, but those are only partial drivers of future trends as terrorists adapt their tactics in response to past effectiveness and current ... Continue Reading »
Structured Capital Partnerships: An Evolution of the P&C Reinsurance Business Model
Over the past two decades, alternative capital has grown to represent almost a quarter of the total reinsurance industry capital. Insurance-linked securities (ILS), sidecars and collateralized reinsurance continue to provide valuable capacity to (re)insurers, corporates, and public sector entities to efficiently manage capital and risk alongside traditional market solutions, ... Continue Reading »
CAT-i Bulletin: Recent Tornado Activity – Southern Plains
A severe thunderstorm outbreak affected portions of the Southern Plains and Central Mississippi Valley from the evening of October 20th through the morning of October 21st. The outbreak produced several tornadoes including an EF-3 affecting the Dallas, Texas area as well as another EF-1 crossing parts of Memphis, Tennessee. Clustered reports of damaging straight-line winds and ... Continue Reading »
Wildfire Risk and Underwriting Strategy
In 2018, California suffered its most costly and deadly fire season to date. The year’s costliest insured loss event was California’s Camp Fire at USD 12 billion — also the most destructive fire in the state’s history. Additionally in 2018, over 100 people perished in wildfires in Greece; British Columbia, Canada, suffered its worst wildfire season in history; in Australia, bush ... Continue Reading »
