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 »
macroeconomic
The Great Coronavirus Restructuring
The (re)insurance industry is navigating one of the most significant periods of change in recent times which is altering perceptions of risk across the sector. The impact of COVID-19 has put pressure on a marketplace already addressing challenges on multiple fronts. During this period of transformational change, reinsurance continues to be a highly effective tool to enable ... Continue Reading »
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 Guy Carpenter. ... Continue Reading »
The Changing Nature of Risk: Part II
The (re)insurance industry entered 2020 with a strong balance sheet, pricing tailwinds and abundant capital. The impact of COVID-19 was sudden and violent and even though the equity markets have recovered from the depth of the crisis, the Standard & Poor’s (S&P) property & casualty (P&C) index (down 13 percent year-to-date) still lags the broader S&P 500 (up ... Continue Reading »
The Changing Nature of Risk: Part I
There is an old adage that “adversity builds character.” However, before adversity builds character, it reveals character, and the numerous catastrophes that have occurred over the last several years combined with the ongoing pandemic have clearly revealed the character of the insurance industry. ... Continue Reading »
Risk-Based Capital Stress Testing in Today’s Environment
As companies continue to navigate the repercussions of the COVID-19 pandemic, it is important that they understand the pandemic’s impact on risk-based capital (RBC). Insurers are dealing with COVID-19’s effects on assets and liabilities, both of which can affect capital levels, according to Robert Lumia, Senior Vice President, and David Domino, President, U.S. Segments, Guy Car ... Continue Reading »
How to Spot When Employees Are Struggling, and How to Plan for a Healthier Workforce
The transition to working from home has gone incredibly smoothly overall, enabling seamless communication between brokers, cedents and reinsurers. Technological advancement has facilitated this transition but human behaviors are equally important in ensuring colleagues continue to feel “connected” to their co-workers, clients and the overall market. Communication on an ongoing b ... Continue Reading »
Ripples of COVID-19: What Concerns Business Leaders for the Decade to Come?
Despite pandemic risk being a known threat, COVID-19 has introduced significant uncertainty into the (re)insurance market. Who could have predicted at the turn of the year that, within three months, governments worldwide would simultaneously impose quarantines, travel restrictions, business closures and a variety of other measures in an attempt to mitigate the spread of a ... Continue Reading »
Risk-Based Capital Stress Testing: Part V
As the world continues to wrestle with the COVID-19 outbreak, medical, economic and societal measures designed to limit the spread of COVID-19 have seen mixed results. Infection and fatality rates are no longer growing quite as fast as they were during March and April; however, many states are still grappling with increasing infection rates. ... Continue Reading »
The Changing Nature of Risk
There is an old adage that “adversity builds character.” However, before adversity builds character, it reveals character, and the numerous catastrophes that have occurred over the last several years combined with the ongoing pandemic have clearly revealed the character of the insurance industry. ... Continue Reading »
