Artificial intelligence (AI) has embedded itself into the business landscape. No longer the purview of Big Tech companies alone, firms across various industries are actively integrating AI into their processes, acquiring tech startups and scouting opportunities to deploy the technology in the near future. COVID-19 has only accelerated this trend as businesses have had to ... Continue Reading »
risk management
Better Pathways Are Available To Manage Risks and Enhance Resilience
Despite some remarkable examples of determination, cooperation and innovation, most countries have struggled with aspects of crisis management during the global pandemic. While it is early to draw definitive lessons, the 2021 edition of the Global Risks Report, published by the World Economic Forum in partnership with Marsh & McLennan, reflects on global preparedness by ... Continue Reading »
Future Preparedness for Global Risks
While global risks outlined in the Global Risks Report, published by the World Economic Forum with support from Marsh & McLennan, are dire, lessons from COVID-19 offer an opportunity for mitigation. Global risks — pandemics among them — crystalize differently, but cross-cutting capabilities and systemic approaches to strengthen the overall resilience of countries, ... Continue Reading »
Global Risks Report 2021: Reflections on COVID-19 – Risk Financing
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 strategies and a response mechanism for future pandemic events. ... Continue Reading »
GC Capital Ideas Top Climate Change Insights of 2020
Here we highlight the top stories of 2020 that GC Capital Ideas has presented on managing risks associated with climate change. ... Continue Reading »
It’s Time for Insurance to Catch Up to the Intangible Asset Revolution
The COVID-19 pandemic and social unrest in 2020 remind us that the insurance industry’s challenges might change on a year-to-year basis, but they will never end. COVID-19 may represent the vanguard of a series of public health crises arising out of climate change, income inequity, fraying social safety nets, demographic imbalances, resource shortages and increasingly stressed ... Continue Reading »
Why We Need Community-Based Catastrophe Insurance
The impacts of COVID-19 on individuals, communities and insurers are continuing to unfold and no doubt present uncertainty. However, the current disruption also serves to highlight the importance of lessening reliance on federal financial relief and, instead, creating financial resilience at the community level. ... Continue Reading »
Wildfire – Understanding and Modeling the Risk: Part II
A pattern has emerged related to the joint concept of greater precipitation in winter months coupled with greater evaporation in summer months, both driven by a warming climate. A wet winter allows grasses to grow, which dry out during excessively hot summers, and become receptive fuel for fire, especially during offshore wind events like the Santa Ana Winds. The 2017 and 2018 ... Continue Reading »
Wildfire – Understanding and Modeling the Risk: Part I
A confluence of excessive heat and lack of precipitation has led to a dangerous wildfire situation in the western United States. As of late September, 75 percent of the western region is in a state of moderate to exceptional drought. The drought, combined with high winds and lightning activity, precipitated the ignition and rapid spread of over 70 large fires in California, ... Continue Reading »
The Changing Nature of Risk: Part V
The opportunities that lie ahead for the insurance sector are vast and complex and will require thinking about risks in terms beyond what is currently known and measurable. Intangible risk exposure is different: it is not geographically contained like a natural catastrophe and is not as explicitly calculable as a burning building. Once-in-a-lifetime innovation like this comes ... Continue Reading »
