Here we present the recent stories that GC Capital Ideas has presented on silent cyber, also known as unintended or non-affirmative coverage, the unknown or unquantified exposures stemming from cyber perils that may be triggered within traditional property and liability insurance policies. ... Continue Reading »
Property
Cyber Insurance Is Supporting the Fight Against Ransomware
As the cyber insurance market continues to grow, it is only natural to discuss its place in the battle against cyberattacks, including ransomware, which has been a particularly prevalent topic in recent months. Over the last several years, the cyber insurance market has rapidly expanded, and more companies now purchase cyber coverage than ever before. Close to 50 percent of ... Continue Reading »
Chart: Guy Carpenter U.S. Property Catastrophe Rate-on-Line Index 1990 – 2019
The U.S. property catastrophe Rate-on-Line (ROL) index for January through July renewals was up 3.3 percent year-on-year. The full year index represents a slightly larger increase than the January 1 increase. ... Continue Reading »
CAT-i Bulletin: Super Typhoon Hagibis
Typhoon Hagibis made landfall in Japan as a category-2 on the Izu Peninsula in the Shizuoka Prefecture on October 12 around 7 PM local time. Large stretches of the country were hit by strong winds and torrential rainfall, and the Japan Meteorological Agency issued warnings and advisories affecting all prefectures in the Honshū, Kyushu, Shikoku and Hokkaido Islands. The highest ... Continue Reading »
Chart: Guy Carpenter Asia Pacific Property Catastrophe Rate-on-Line Index 1990 – 2019
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. ... Continue Reading »
Weather Sentinel: Southern California Fires and Ongoing Extreme Fire Weather Conditions
Several fires ignited in southern California yesterday during dry and windy conditions. Media reports indicate structures have been destroyed by multiple fires and evacuations remain in place. Extreme fire weather conditions will continue today in southern California meaning already burning fires may exhibit extreme fire behavior leading to difficulty in suppression and ... Continue Reading »
Weather Sentinel: Southern California Extreme Fire Weather Conditions
Extremely critical fire weather conditions are forecast for southern California today with critical fire conditions forecast to persist through at least Friday. Sustained offshore winds of 20-40 miles per hour are expected in portions of Los Angeles, Ventura and San Bernadino counties with gusts up to 60 miles per hour. Relative humidites are forecast to drop to 5 -15 percent ... Continue Reading »
Weather Sentinel: Super Typhoon Hagibis Closes in on Japan
Hagabis, a category 5 Super Typhoon for much of the first half of this week, is forecast to track towards Japan with a potential landfall on Saturday morning October 12. Fortunately, the forecast calls for Hagabis to weaken to a category 3 typhoon by landfall. If the forecast for Hagabis verifies, it would be the sixth typhoon of the 2019 season to directly impact Japan and one ... Continue Reading »
Threat of Cyber Incidents on the Rise
The nature of the terrorism threat facing society has changed considerably in the last 20 years. Previously, governments and (re)insurers structured their mitigation strategies and responses to deal with attacks that were large in scale. ... Continue Reading »
Regional Risks for Doing Business
With heightened economic uncertainty and increasingly decentralized threats, regional understanding of risks – and the opportunity for cooperation – is critical. Results from the World Economic Forum’s 2019 Executive Opinion Survey suggest that the threat of a major economic slowdown is high on the minds of business leaders worldwide, with growing apprehension about a wide ra ... Continue Reading »
