Whilst the rescue effort is still in progress, the explosive event in the Port of Beirut that occurred on Tuesday 4 August tragically resulted in at least 137 fatalities, 5000 injuries and widespread damage across a large area of the city. Much of the port has been totally destroyed with a crater measuring 140 m in diameter, partial collapse of the grain silos, total collapse ... Continue Reading »
Middle East
Baden Baden: GC@BB Commentary Roundup
Here we highlight the most popular stories among our GC@BB series, which featured our review of critical issues shaping the reinsurance industry. These were the focus of discussions at the recent Baden Baden Reinsurance Symposium, which was hosted by Guy Carpenter. ... Continue Reading »
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 »
Economic and Governance Risks to the MENA Region
Exogenous factors, such as geo-economic division, climate change and technological threats all pose a particular risk to MENA, but so, too, do hazards that are more regional in nature. According to respondents in the Middle East and North Africa to the World Economic Forum’s Executive Opinion Survey, the top two risks across the region for doing business are “energy price sho ... Continue Reading »
Global Technological Threats
Technology plays a profound role in shaping the global risks landscape in the near and longer term. Concerns about data fraud and cyberattacks were prominent again in the World Economic Forum's Global Risks Perception Survey, with 82 percent of respondents expecting cyberattacks in the form of theft of data or money and 80 percent expecting it in the form of disruptions of ... Continue Reading »
The Middle East and North Africa Risks Landscape
The results of climate inaction are becoming increasingly clear. The year 2018 was the fourth warmest on record (1). In the MENA region, Algeria had the hottest temperature - 51.3ºC - ever reliably recorded across the whole of Africa, and Oman recorded a minimum temperature of 42.6ºC (2). Rising temperatures led the United Nations to warn that melting ice sheets were causing s ... Continue Reading »
Public-Private Partnerships Address Cat Risk Across the Globe
Here we review recent GC Capital Ideas posts concerning the emergence of public-private partnerships addressing catastrophe risk across the globe. ... Continue Reading »
Public Sector Risk Financing Perspectives in Europe/Middle East/Africa: Part IV: Closing the Protection Gap
Charles Whitmore, Managing Director Contact These trends are likely to support broader product offerings and greater market stability around which the private sector may close the protection gap in EMEA and in other regions: ... Continue Reading »
Public Sector Risk Financing Perspectives in Europe/Middle East/Africa: Part III: Highlights of Recent Public Sector Initiatives
Charles Whitmore, Managing Director Contact Following years of planning by the insurance Industry and negotiation with a wide group of stakeholders including the government, Prudential Regulatory Authority (PRA), the Financial Conduct Authority (FCA) and others, Flood Re launched in April 2016. The overarching aim of the market-based scheme is to ensure better access to more ... Continue Reading »
Public Sector Risk Financing Perspectives in Europe/Middle East/Africa: Part II: Public Sector Strategic Initiatives in EMEA
Charles Whitmore, Managing Director Contact Organizations throughout EMEA have significantly increased the establishment of strategic initiatives to close the protection gap and improve society’s ability to recover from the devastating impact of natural catastrophe losses. Marsh & McLennan Companies’ Risk & Insurance Services Segment, comprised of Guy Carpenter and Mar ... Continue Reading »
