1. Reinsurance Implications of the United Kingdom’s Business Interruption Test Case: 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 resolve uncertainty for certain BI policyholders affected by the COVID pandemic. Although the Court ruled ... Continue Reading »
Month in Review
GC Capital Ideas Top Stories: February 2021
1. CAT-i Bulletin: Mw 7.1 Fukushima Earthquake, Japan February 13: The earthquake occurred at 23:07 local time, on Saturday February 13. The United States Geological Survey reported the epicenter to be 96.6 km southeast of Sendai, Japan at a depth 49.9 km. Read the bulletin >> 2. Reinsurance Implications of the United Kingdom’s Business Interruption Test Case: The ... Continue Reading »
GC Capital Ideas Top Stories: January 2021
1. Rate Movements Moderated by Availability of Capacity as Negotiations Center on Pricing and Terms at January 1, 2021 Renewals: Price increases at the January 1, 2021 reinsurance renewals were moderated compared to initial expectations by abundant capital levels and an increased willingness on the part of reinsurers to deploy capacity in several sectors, according to Guy ... Continue Reading »
GC Capital Ideas Top Stories: December 2020
1. COVID-19 Losses and Business Interruption – Leading Up to January 2021 Reinsurance Renewals: With regard to direct COVID-19 losses, many market commentators are revising their initial loss estimates downward, particularly in the domain of property business interruption (BI). Based on third-quarter earnings announcements to date, reported losses for COVID-19 reached just over ... Continue Reading »
GC Capital Ideas Top Stories: November 2020
1. 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 ... Continue Reading »
GC Capital Ideas Top Stories: October 2020
1. Chart - Top 10 Largest Insured Losses vs Projections for COVID-19: The chart in the link below shows how industry loss estimates for COVID-19 put forward by a number of entities compare to other major insured events, in inflation-adjusted terms. View the chart >> 2. Why 2020 Has Made the Ever-Evolving Cyber Landscape Even More Dynamic: The insurability of ... Continue Reading »
GC Capital Ideas Top Stories: September 2020
1. Chart - Significant Insured Catastrophe Losses 2011 – 1H2020: The chart in the link below shows significant insured catastrophe losses between 2011 and the first half of 2020. View the chart >> 2. Mid-Year 2020 Reinsurance Renewal - Guy Carpenter U.S. Property Catastrophe Rate-On-Line (ROL) Index: The U.S. property catastrophe Rate on Line (ROL) index for January ... Continue Reading »
GC Capital Ideas Top Stories: August 2020
1. Silent Cyber – No Longer Silent: Silent (or non-affirmative) cyber refers to cyber-related exposure within many all-risk general insurance products. If no explicit cyber exclusion applies, coverage for losses caused by cyber perils may apply. This underlying exposure’s potential for aggregated loss is currently one of the major issues being considered by the (re)insurance ... Continue Reading »
GC Capital Ideas Top Stories: July 2020
1. Diversity is Key to a Successful Business: To tackle gender and diversity issues, corporate commitment goes a long way. “Our goal is to have a workforce that is representative of the society that we live in. We look at ways to unlock the full potential of our workforce by creating an inclusive culture where all can thrive and grow. Recruiting, retaining and developing ... Continue Reading »
GC Capital Ideas Top Stories: June 2020
1. June 1, 2020 Reinsurance Renewal - COVID-19 Looks Set to Rank Among the Sector’s Most Expensive Events: Although considerable uncertainty remains over its ultimate cost, COVID-19 looks set to rank among the sector’s most expensive events. The pandemic has the potential to bring unknown loss impacts. It is also likely to be one of the slowest developing catastrophes that ... Continue Reading »
