The business community is evaluating risk through a transformed lens, in light of COVID-19. The (re)insurance sector is also identifying the lessons learned about unforeseen aggregated exposure. The systemic nature of both affirmative and silent cyber risk has long been one of its most defining, and challenging, characteristics, according to Guy Carpenter colleagues Will ... Continue Reading »
Clarity Over Coverage is Critical as COVID-19 Casts a Shadow over January Renewals
Reinsurance renewal negotiations are delicately poised, with increasing pressure on rates, economic uncertainty and disputes over COVID-19 wordings putting long-standing relationships to the test, according to a recent article in Insurance Day from Massimo Reina, CEO for Continental Europe at Guy Carpenter. ... Continue Reading »
Week’s Top Stories: November 7 – November 13, 2020
The Changing Nature of Risk: There is an old adage that “adversity builds character.” However, before adversity builds character, it reveals character, and the numerous catastrophes that have occurred over the last several years combined with the ongoing pandemic have clearly revealed the character of the insurance industry. Read the article >> Our Work Lives Will Not Re ... Continue Reading »
How to Rebuild Trust and Win the Pandemic Battle
As the COVID-19 situation is changing 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 ... Continue Reading »
Why 2020 Has Made the Ever-Evolving Cyber Landscape Even More Dynamic: Part II
Increasing reliance on technology makes businesses more vulnerable to risks inside and outside the organization. The resulting inter-connectivity creates a dependency maze across businesses and their business partners. For the (re)insurance industry, this supply chain web fuels severity concerns and the potential for systemic events, according to Guy Carpenter colleagues Will ... Continue Reading »
Leading Up to January 2021 Reinsurance Renewals
Guy Carpenter’s new briefing, Leading Up to January 2021 Reinsurance Renewals, highlights the myriad market developments providing the backdrop to January 1, 2021 renewals. As we look forward to January 1 renewals, there is some good news: primary rates are increasing, asset values are recovering and new capital is entering the market. The market, however, is complex. ... Continue Reading »
Legionella: Risks during Lockdown and Re-Opening Safely
The COVID-19 situation is changing on a daily basis, and while the total impact to the insurance and reinsurance markets remains unknown, Guy Carpenter is advising clients in the space on how to best adapt to the circumstances. As COVID-19 continues to upend how businesses interact with technology and workers around the country continue to operate from home offices, the ... Continue Reading »
COVID-19: Considerations for Agency Staffing in the Healthcare Sector
As the COVID-19 pandemic and concerns surrounding a second wave of infections continue through autumn, public health concerns remain a top priority for people both in and outside the healthcare industry and Guy Carpenter is actively working with healthcare executives on how to mitigate the impacts of the virus on the sector. ... Continue Reading »
Why 2020 Has Made the Ever-Evolving Cyber Landscape Even More Dynamic: Part I
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 technology to conduct business, they are also increasingly subject to ... Continue Reading »
The Changing Nature of Risk: Part V
The opportunities that lie ahead for the insurance sector are vast and complex and will require thinking about risks in terms beyond what is currently known and measurable. Intangible risk exposure is different: it is not geographically contained like a natural catastrophe and is not as explicitly calculable as a burning building. Once-in-a-lifetime innovation like this comes ... Continue Reading »
