The 16th edition of the Global Risks Report, published by the World Economic Forum with support from Marsh & McLennan, highlights the disruptive implications of major risks, including the COVID-19 pandemic, that may reshape our world in 2021 and over the next decade. ... Continue Reading »
Regulation
The Changing Nature of Risk – Casualty Dynamics: Part III
History shows that the insurance market is cyclical, and this is especially true for casualty lines of business. Now, in 2020 we are experiencing the impact of COVID-19, which has acted as an accelerant in terms of both the pricing and capacity usage trends previously sought, according to Christopher Ross, Managing Director, Guy Carpenter. ... Continue Reading »
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 USD 25 billion, much of which is incurred but not reported. At this time, there are many steps ... Continue Reading »
Why 2020 Has Made the Ever-Evolving Cyber Landscape Even More Dynamic: Part III
The business community is evaluating risk through a transformed lens, in light of COVID-19. The (re)insurance sector is also identifying the lessons learned about unforeseen aggregated exposure. The systemic nature of both affirmative and silent cyber risk has long been one of its most defining, and challenging, characteristics, according to Guy Carpenter colleagues Will ... Continue Reading »
How Overlooking Climate Change Could Become a Personal Liability
Reinsurers are well-placed to advise clients on responding to climate change risk. As climate change and the associated increase in natural catastrophe events alters the contemporary risk landscape, there is now an opportunity for companies to partner with the (re)insurance market and put its expertise to work. Climate change is complicating two of the most important board ... Continue Reading »
Risk-Based Capital Stress Testing: Part III
As companies continue to navigate the repercussions of COVID-19, it is important that they understand the pandemic’s impact on risk-based capital (RBC). ... Continue Reading »
Privacy First: Is Your Firm Seeing The Big Picture?
As a sector intrinsically tied to digital technology, cyber insurance is known for its dynamic and evolving nature. In 2019, the cyber insurance industry began to grapple with multiple headwinds including record General Data Protection Regulation (GDPR) fines, the introduction of new privacy regulations and systemic ransomware claims. In this fast paced digital age, ... Continue Reading »
New Affordable Care Act Affordability Limit and Top 10 Compliance Issues for 2021
As the human and economic costs of COVID-19 continue to mount, reinsurers are working with healthcare executives on how to mitigate the impacts of the virus on the sector. The (re)insurance industry, policyholders and governments throughout the world must come together on an approach that offers relief to those who need it now and develop a plan to implement mitigation ... Continue Reading »
Silent Cyber – No Longer Silent: Part Three
As companies depend more on technology to conduct business, they are also increasingly subject to technology’s unique vulnerabilities. These are wide-ranging and can include system or supply chain disruption or failures, distributed denial of service, hacking and ransomware attacks that may result in increased costs and lost revenue, according to Guy Carpenter colleagues S ... Continue Reading »
CARES Act Boosts Telehealth, Makes Other Health, Paid Leave Changes
As the costs stemming from COVID-19 continue to climb, reinsurers are collaborating with healthcare executives on how to mitigate the impacts of the virus on the sector. Virtual health care options are becoming increasingly commonplace, and the growing use of telemedicine and capacity constraints within our healthcare system will potentially dull utilization ... Continue Reading »
