Guy Carpenter announced the launch of its Asia Pacific Catastrophe Advisory Group, with the appointment of Jeremy Waite to lead this new operation. ... Continue Reading »
Catastrophe
Engaging Stakeholders Is Key in Implementing Community-Based Catastrophe Insurance Programs
A new report from Guy Carpenter, Marsh & McLennan Advantage, and the Wharton Risk Management and Decision Processes Center, Community-Based Catastrophe Insurance: A Model for Closing the Disaster Protection Gap, sets out an innovative model to deliver insurance and help communities close the disaster protection gap. ... Continue Reading »
Accessing Capacity for Community-Based Catastrophe Insurance Programs
Community-based catastrophe insurance (CBCI) solutions have the potential to enhance the financial resilience of communities and their residents, provide affordable and reliably available disaster insurance, and create incentives for community-level and individual risk reduction. Accessing insurer, reinsurer or capital market capacity can present varying benefits and ... Continue Reading »
Tailoring the Community-Based Catastrophe Insurance Program to the Needs of the Community
The first step in the iterative five-part process that can guide communities as they consider implementation of a community-based catastrophe insurance (CBCI) program, is “Defining the Need or Problem” that the community is trying to solve. ... Continue Reading »
Community-Based Catastrophe Insurance Creates Incentives for Community-Level and Individual Risk Reduction
The alignment with community-level risk reduction is a potential benefit of community-based catastrophe insurance (CBCI). Because standard disaster insurance policies apply at the level of individual properties, using insurance to incentivize mitigation of community scale hazards, such as levees or ecosystem-based interventions, for example, restored wetlands¹, creates inherent ... Continue Reading »
Chart Room: Insured Losses
Here we bring together GC Capital Ideas Chart Room entries covering recent data on insured losses. ... Continue Reading »
Chart: Top 10 Largest Insured Losses Versus Projections for COVID-19
Company-reported COVID-19 losses are near USD 30 billion. When added to 2020 large losses, total loss is approximately USD 110 billion. Using the mid-point of public COVID-19 loss estimates, a number in excess of USD 140 billion is generated. ... Continue Reading »
Reinsurance Implications of the United Kingdom’s Business Interruption Test Case
Authors: David Priebe, Chairman, Guy Carpenter, Lara Mowery, Global Head of Distribution, Guy Carpenter and Michael Sevi, General Counsel and Chief Compliance Officer, Guy Carpenter. On January 15, 2021, the UK Supreme Court issued its widely anticipated decision in the Financial Conduct Authority’s business interruption (BI) test case. The FCA brought the test case to ... Continue Reading »
Chart: Significant Insured Catastrophe Losses 2011 – 2020
Based on Guy Carpenter tracking, large losses generated near USD 80 billion of loss in 2020, an above-average number without considering COVID-19. ... Continue Reading »
Community-Based Catastrophe Insurance: Disaster Aid Financing or CBCI?
A community-based catastrophe insurance (CBCI) program clearly defines before a disaster what type of support will be given to individuals. This facilitates better individual risk management and planning than reliance on uncertain aid. Also, the inclusion of a risk signal in a CBCI program — for example, via a risk reduction surcharge — requires and supports raised awareness of ... Continue Reading »
