Severe thunderstorm activity affected large parts of Victoria, Canberra, Sydney and South-East Queensland from January 19-21. The storms produced large hail, damaging winds and flash flooding in many areas across these states. According to the Australian Bureau of Meteorology (BOM), there were ground reports of hail of up to 5 cm (2.5 inches) in diameter across Canberra, ... Continue Reading »
Australia
CAT-i Report: Australia Bushfires – January 8, 2020
Bushfire activity in the last few months has rendered significant impacts to portions of Australia, and especially so in recent weeks with severe impacts reported in New South Wales. The bushfire activity has caused devastating impacts to human life, property, infrastructure, and wildlife. Extreme fire weather conditions across the country together with record heat and drought ... Continue Reading »
Guy Carpenter Announces Appointment of CEO of Pacific Region
Guy Carpenter announced today the appointment of Jeff Saper as CEO of the Pacific region, with immediate effect. ... Continue Reading »
Life Insurance Insights
Here we review recent stories on GC Capital Ideas that provide insights on the new paradigm around life reinsurance. A Dynamic Approach to Managing Life Reinsurance Arrangements: The traditional life reinsurance model typically involves perpetual treaties linked to an underlying product. In order to create alignment between the contracting parties, the treaty would follow ... Continue Reading »
The Transformation of Australian and New Zealand Life Insurance
The life insurance industry in Australia is facing unprecedented challenges from forces within and from the effects of an increasingly globalized economy. As life industry profitability has declined in Australia in recent years, the underlying manufacturing business model is rapidly changing, according to Matthew Rose, Managing Director, Guy Carpenter. ... Continue Reading »
First Singapore Catastrophe Bond Sets Stage for ILS Expansion in Asia-Pacific
The first catastrophe bond has been issued out of Singapore. This highlights the potential of the insurance- linked securities (ILS) market in the region, and is aligned with the city-state's efforts to establish itself as a global hub for Asian risk transfer. The bond is sponsored by Insurance Australia Group (IAG) as part of its 2019 catastrophe aggregate reinsurance cover ... Continue Reading »
Sydney Hailstorms, December 20, 2018
A severe convective storm affected large parts of New South Wales, including Sydney, the Central Coast and Wollongong from 4:00 to 7:00 pm on December 20, 2018. The storm generated large hail, damaging winds and flash flooding in many areas of the state. According to the Australian Bureau of Meteorology (BOM), there were ground reports of hail of 8 cm diameter in Berowra ... Continue Reading »
Global Insurance Prices Rise for Fourth Consecutive Quarter
Dean M. Klisura President, Global Placement and Specialties, Marsh Contact Trends in property and financial and professional lines of coverage drove average commercial insurance prices higher for the fourth consecutive quarter, according to the most recent Marsh Global Insurance Market Index. Global commercial insurance prices tracked in the index rose, on average, more than ... Continue Reading »
14 Shades of Risks: Navigating the Risk Landscape in Asia-Pacific
The Asia-Pacific region (APAC) has become the world's primary driver of global economic growth. While often referred to as one economic bloc, the Asia-Pacific region is home to countries and territories that are vastly different from each other in terms of demographics, economic development stages, political institutions and cultures. This regional heterogeneity translates to a ... Continue Reading »
Recent Thought Leadership from Guy Carpenter – Asia Pacific Focus
Here we present a recap of recent thought leadership from Guy Carpenter focusing on important insurance and reinsurance topics in Asia Pacific. Are You at Risk? Managing Affirmative and Silent Cyber Risk Accumulation Closing the Gap: Insurance Penetration and Public Sector Risk Financing in Asia Pacific The Transformation of Australian and New Zealand life insurance Flood ... Continue Reading »
