When the European Union's General Data Protection Regulation (GDPR) took effect in May 2018, it signaled the start of more aggressive privacy oversight and enforcement in an era of rapidly advancing technology. The diversity and scope of enforcement actions, and the intersection of data privacy regulation with technology, are likely to pose increasing challenges for regulators ... 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 »
As We Enter the Era of the Ecosystem Economy, Are We Prepared for the Risks?
Leslie Chacko, Managing Director of Digital, Technology and Innovation at Marsh & McLennan Solutions Contact We are entering the era of the ecosystem economy, in which complex networks of companies across industries collaborate to provide seamless experiences for customers. The economic opportunity of operating in an ecosystem is sizable and unprecedented - but so are ... Continue Reading »
New products and data key to building more resilient societies, says Schauble; MMC Young Professionals’ Global Forum 2019
As climate change rises up the agenda, there are huge opportunities to help companies manage risk in the burgeoning weather protection market, said Barney Schauble, Managing Principal, Nephila Advisors. Speaking at the MMC Rising Professionals' Global Forum, he said: "It feels like the early days of the catastrophe ILS market." ... Continue Reading »
2019 Terrorism Risk Insurance Report
Terrorism remains a dynamic global risk and a serious threat for people and organizations. The evolution of terrorism risk exposes many countries to complex threats from both international and home-grown groups, as well as individuals acting on their own, known as "lone wolves." And the evolution of terrorism risk in recent years challenges risk professionals to adopt new ... Continue Reading »
Avoiding the cliff edge of no-deal Brexit; MMC Young Professionals’ Global Forum 2019
The United Kingdom's Prudential Regulatory Authority (PRA) has "done as much as it can do to de-risk a no-deal [Brexit] cliff edge," according to Mr. Sam Woods, deputy governor for prudential regulation and chief executive officer of the PRA, Bank of England. ... Continue Reading »
Artificial Intelligence will help automate bespoke policies, says Lloyd’s Maynard; MMC Young Professionals’ Global Forum 2019
Artificial Intelligence (AI) offers the potential to automate how the insurance market delivers truly bespoke insurance products, according to Trevor Maynard, Head of Innovation at Lloyd's. Speaking at the MMC Rising Professionals' Global Forum in London, Dr. Maynard said: "AI raises some really interesting possibilities in terms of automating how we deliver bespoke ... Continue Reading »
Week’s Top Stories: June 8 – 14, 2019
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 ... Continue Reading »
Sir Richard Dearlove plays down Brexit but warns insurers of risks posed by “new international order”; MMC Young Professionals’ Global Forum 2019
The impact of Brexit on the London insurance market will be minimal, according to Sir Richard Dearlove, OBE, Non-executive Chairman of Ascot Underwriting, describing Brexit as "a sideshow." Addressing delegates at the MMC Rising Professionals Global Forum, Mr. Dearlove said: "The London insurance industry is a global industry, not a European industry, so the effect of Brexit ... Continue Reading »
“The Age of Risk has just begun,” believes Marsh & McLennan’s Dan Glaser; MMC Young Professionals’ Global Forum 2019
"There is no better time to be in the risk business than right now," said Dan Glaser, President and Chief Executive Officer of Marsh & McLennan, in his opening address to delegates at the MMC Rising Professionals' Forum 2019 in London. "The world around us is moving at such a rate that it is in a constant state of VUCA - volatility, uncertainty, complexity and ... Continue Reading »
