History shows that the insurance market is cyclical, and this is especially true for casualty lines of business. Now, in 2020 we are experiencing the impact of COVID-19, which has acted as an accelerant in terms of both the pricing and capacity usage trends previously sought, according to Christopher Ross, Managing Director, Guy Carpenter. ... Continue Reading »
Week’s Top Stories: November 28 – December 4, 2020
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. The topics range from COVID-19-related losses and rate movements at the mid-year renewals, through tightening capacity across certain insurance classes and l ... Continue Reading »
The New Health Care Economy Calls for Shifts From the C-Suite
COVID-19 may represent the vanguard of a series of public health crises arising out of climate change, income inequity, fraying social safety nets, demographic imbalances, resource shortages and increasingly stressed urban infrastructures. As the COVID-19 pandemic continues through autumn, public health concerns remain a top priority for people both in and outside the ... Continue Reading »
Guy Carpenter Appoints Head of GC Access International
Guy Carpenter today announced the appointment of Miles Shephard as Managing Director and Head of GC AccessSM, International, effective October 2021. ... Continue Reading »
The Changing Nature of Risk – Casualty Dynamics: Part II
The (re)insurance market is grappling with some key uncertainties that impact not only go-forward underwriting and pricing strategies, but also capital strategies for both servicing the legacy portfolio as well as growth as the market hardens, according to Christopher Ross, Managing Director, Guy Carpenter. ... Continue Reading »
COVID-19 Losses and Business Interruption: Leading Up to January 2021 Reinsurance Renewals
With regard to direct COVID-19 losses, many market commentators are revising their initial loss estimates downward, particularly in the domain of property business interruption (BI). Based on third-quarter earnings announcements to date, reported losses for COVID-19 reached just over USD 25 billion, much of which is incurred but not reported. At this time, there are many steps ... Continue Reading »
The Changing Nature of Risk – Casualty Dynamics: Part I
History shows that the insurance market is cyclical, and this is especially true for casualty lines of business. As long-tail casualty lines, the ultimate profitability of a year is not known for many years as changing loss trends and causes may not be recognized until it is too late to protect against adverse development. ... Continue Reading »
How (Re)insurance Fits into the COVID-19 Landscape: Leading Up to January 2021 Reinsurance Renewals
Prior to COVID-19, the (re)insurance industry was already facing a range of challenges. The widespread impact of a global lockdown added to this challenging market and created the potential for even greater volatility. For an industry founded on the principles of diversification, we are now grappling with the implication of the first globally systemic insurance loss. ... Continue Reading »
Equity Market Response to COVID-19: Leading Up to January 2021 Reinsurance Renewals
For the first time since 1918, the world has had to deal with a truly global pandemic. In rapid succession, governments around the world simultaneously imposed quarantines, travel restrictions, business closures and a variety of other measures in an attempt to mitigate the spread of a virus. ... Continue Reading »
GC Capital Ideas Top Stories: November 2020
1. 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 ... Continue Reading »
