Despite a reduction in the number of large terror attacks in the United States, the market for terror (re)insurance is maturing and the peril is changing. Instead of targeting property, more frequent “soft” human attacks are becoming commonplace, increasing the threat of incidents occurring in or near public spaces and workplaces. Adding to the complexity is the current unc ... Continue Reading »
Legislation
Motor Insurance in EMEA: Evolving at Speed
Motor insurance is the most widely purchased property and casualty product in Europe and represents an important platform in the region for both traditional and non-traditional products, managing general agents, captives and other affinity and distribution platforms, according to Federico Camera, Managing Director, Guy Carpenter and Pawel Koszorek, Senior Vice President, Guy ... Continue Reading »
Terrorism Risk Is Declining, but a Closer Look Shows an Ominous, Evolving Threat
Let's start with the good news: Terrorism risk is declining in many countries. Between 2018 and 2019, plenty of evidence surfaced to underline this positive trend. The Islamic State (IS), which once controlled territory roughly equivalent in size to Portugal, no longer controls any land. In 2018, the number of people globally killed in terrorist attacks dropped by more than ... Continue Reading »
Changes in the Reliance on TRIPRA
In the United States, the Terrorism Risk Insurance Program Reauthorization Act of 2015 (TRIPRA) is scheduled to expire at the end of 2020. Renewal under its current structure and coverages remains uncertain. As a result, carriers are beginning to explore and, in some cases, to secure, additional reinsurance limits and coverages under the assumption that there is a finite amount ... Continue Reading »
U.S. Terrorism Risk Backstop Up for Renewal in 2020
The federal backstop created by the Terrorism Risk Insurance Act (TRIA) and reauthorized as TRIPRA - along with similar public-private mechanisms that exist in other countries - remains crucial to the continued stability and health of the property terrorism insurance market. As TRIPRA's expiration on December 31, 2020 approaches, Marsh & McLennan Companies colleagues ... Continue Reading »
Cyberattacks Top the List of Risks in North America
For business executives in the United States and Canada, cyberattacks are now the number one risk to doing business, according to the recent World Economic Forum (WEF) report Regional Risks for Doing Business 2018. Jeremy S. Platt, Managing Director and Cyber Solutions Specialty Practice Leader at Guy Carpenter, says: “2017 was an important year in cybersecurity because b ... Continue Reading »
Maintaining Momentum – GC@BB Commentary
Des Potter, Managing Director, GC Securities* Contact Innovation key to London’s ILS success Robust pipeline of new applications Industry must work proactively with Prudential Regulatory Authority ... Continue Reading »
Accounting Changes Impacting the Reinsurance Landscape – GC@MC Commentary
Frank Achtert, Head of Capital Optimization, EMEA; Tom Hettinger, Strategic Advisory Leader, U.S./Canada; David Lightfoot, Head of Global Strategic Advisory – Asia Pacific and Latin America Contact With IFRS 17, reinsurance for managing capital KPIs needs to be different in type/scale Users of internal capital models must ensure flexibility of underlying simulation p ... Continue Reading »
Maintaining Momentum – GC@MC Commentary
Des Potter, Managing Director, GC Securities* Contact Innovation key to London’s ILS success Robust pipeline of new applications Industry must work proactively with Prudential Regulatory Authority ... Continue Reading »
Being Prepared for Cyber Terrorism
Cyberattacks backed by hostile governments are increasingly a reality; companies should adopt strategies to strengthen cyber resilience. Marsh’s 2018 Terrorism Risk Insurance Report, produced with support from Guy Carpenter, suggests that companies should implement strategies for scenario-based testing, quantifying the potential financial impact of an attack and reviewing o ... Continue Reading »
