Pricing corrections in the property catastrophe reinsurance market over the last few years have been localized, and mitigated to some extent by sufficient levels of capacity. These traits, along with the fact that the mix of loss-affected and non-loss-affected business up for renewal at January 1 is more diverse than at mid-year, created a wide range of outcomes, including ... Continue Reading »
Catastrophe
Review of Asia Pacific Insights on GC Capital Ideas
Here we feature recent stories covering the Asia Pacific region. Topics of focus include geography-specific perils such as potential water crises, and new approaches to managing life reinsurance arrangements. ... Continue Reading »
Competition and Change Are the Only Certainties for P&C Carriers: Part II; Insights on Commercial Lines
Product liability insurers face liability claims challenges as trial lawyers ramp up around new mass torts including opioids, e-cigarettes, talc, and Round-Up. This is apparent from some of the recent judgments and settlements against the manufacturers of opioids. How this migrates through other insurers is unknown as of yet. ... Continue Reading »
Competition and Change Are the Only Certainties for P&C Carriers: Part I
An abundance of capital from a wide range of sources coupled with evolving catastrophe risks and an extended period of low interest rates, are increasing the pressure on the property & casualty (P&C) industry to continue to increase its focus on underwriting. As such, business models for insurance companies have been progressing and the pace and opportunity associated ... Continue Reading »
Asia Pacific 2019: Guy Carpenter Asia Pacific Rate-On-Line (ROL) Index Rose
The Guy Carpenter Asia Pacific Rate-On-Line (ROL) Index rose in 2019; this was the first time in nearly a decade that the index did not decline. Price increases were not uniform across the region, but were targeted toward cedents or even specific layers that suffered losses. Consequently, following Typhoon Jebi, which occurred in September 2018, price increases were significant ... Continue Reading »
Chart: Significant Insured Losses – 2011 to Q3 2019
Chart exhibits the significant insured losses from 2011 through the third quarter of this year. Insured loss for the third quarter 2019 is approximately USD 17-19 billion. This quarter’s insured loss is mainly driven by two major events: Typhoon Faxai in Japan and Hurricane Dorian. ... Continue Reading »
2019 Asia Pacific Catastrophe Reinsurance Report
Guy Carpenter has released its 2019 Asia Pacific Catastrophe Reinsurance Report. The report reviews property catastrophe cover trends; market conditions, including losses and pricing; and catastrophe events in each of the major Asia Pacific countries during 2019. The Executive Summary of the report highlights key findings, including discussion of the various catastrophe ... Continue Reading »
Weather Sentinel: Extremely Critical Wildfire Weather
Overnight, firefighters took advantage of a break in Santa Ana wind conditions to enhance containment of the Kincade Fire in Northern California, and the Getty Fire in Southern California. Collectively, nearly 135 structures have been lost, while many thousands remain threatened and evacuated. Offshore flow is forecast to strengthen during the mid-day in the Bay Area and ... Continue Reading »
Environmental Risks Are the Leading Concerns for Doing Business Across East Asia and the Pacific
Results from the World Economic Forum’s 2019 Executive Opinion Survey indicate that environmental risks are the leading concerns for doing business across East Asia and the Pacific, with “natural catastrophes” ranking first and “extreme weather events” ranking fifth. The concerns about “natural catastrophes” were heavily driven by responses from Japan and New Zealand, where they ... Continue Reading »
The Changing Nature of Risk
In a recently published report by Guy Carpenter, we analyze how an accumulation of losses from recent extreme weather events, the specter of climate change and higher loss cost trends in a number of long-tail business lines are forcing carriers to reassess views of risk. Capital inflow levels and risk appetites are responding accordingly, according to Robert Bentley, CEO, ... Continue Reading »
