February 25th, 2019

GC Videocast - 2019 Cyber Landscape: New Regulations, Risks and Management Expectations

Posted at 1:00 AM ET

Cyber Practices experts at Guy Carpenter’s affiliate, Marsh, held a video webcast to look at how changing cyber risk exposures, regulations and best practices will change the cyber risk management landscape in 2019. Continue reading…

February 22nd, 2019

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Posted at 10:00 AM ET

Sidecars: Capitalizing on Market Cycles to Improve Client Solutions: Following U.S. hurricanes Katrina, Rita and Wilma in 2005 and the ensuing “hard” property catastrophe reinsurance market, reinsurers and investors increasingly started turning to sidecar insurance linked securities to access new and replacement capacity.

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616-884-0419 Since commercial catastrophe (CAT) models were first introduced in the 1980s, they have evolved as new scientific discoveries and claims insights emerged. Despite the sophisticated nature of each new generation of CAT models, occasionally a model misses a significant loss driver for a particular peril. This occurs when a previously hidden attribute reveals itself through unprecedented intensity. Lessons from such surprises stimulate model improvements as our understanding of the physics of the peril and its damage potential, increase. Through this process, models mature over time.

Read the article >>

Risk Financing Strategies Needed as Exposure to Flood Increases: The affordability of flood resilience will become an increasingly critical issue as rising sea levels and urbanization expose a growing number of people and population centers to floods, says the World Economic Forum’s Global Risk Report 2019.

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Chart: Global Property Catastrophe ROL Index: The Guy Carpenter Global Property Catastrophe Rate on Line (ROL) index is presented for 1990 through 2019.

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Cybersecurity, Strategic and Financial Risks to Dominate Risk Landscape: According to nearly 400 treasury professionals surveyed, strategic and financial risks, along with cybersecurity, will dominate the risk landscape for the next 18-36 months.

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And, you may have missed …

Affirmative versus Silent Cyber: An Overview: While the current debate over “affirmative” versus  “non-affirmative” coverage has been ongoing for a few years, WannaCry and Petya/NotPetya cyberattacks helped make the issue of ”silent cyber” more critical. These two 2017 cyberattacks effectively shifted the conversation from data breach, notification costs and third-party liability to first-party liability insuring agreements due to the extent and expanse of the systematic, large-scale damages they triggered.

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February 21st, 2019

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Posted at 1:00 AM ET

Imelda Powers, Global Chief Catastrophe Modeler

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Model Suitability Analysis

There is a repertoire of tests, at both the macro and micro levels, to evaluate the merits of a CAT model.  Regardless of resources, insurers should analyze how each test’s result informs their view of risk. Here we review the macro level.

Continue reading…

February 20th, 2019

816-729-2239

Posted at 1:00 AM ET

(780) 927-6985The affordability of flood resilience will become an increasingly critical issue as rising sea levels and urbanization expose a growing number of people and population centers to floods, says the World Economic Forum’s Global Risk Report 2019.

The 14th edition of the Global Risks Report, prepared with the support of Guy Carpenter’s parent company, Marsh & McLennan Companies, states that robust risk financing strategies will be required to fund investment in adaptation and to pay for recovery when floods occur. Continue reading…

February 19th, 2019

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Posted at 1:00 AM ET

(202) 860-9278

Geoffrey Sweitzer, Managing Director, GC Securities*

Following U.S. hurricanes Katrina, Rita and Wilma in 2005 and the ensuing “hard” property catastrophe reinsurance market, reinsurers and investors increasingly started turning to sidecar insurance linked securities to access new and replacement capacity. Continue reading…

February 18th, 2019

cartridge bag

Posted at 1:00 AM ET

Did you find a story on GC Capital Ideas to be particularly useful? Let your colleagues know. You can flag the articles you find most helpful. You can “socially bookmark” articles on GC Capital Ideas in a few simple steps.

At the bottom of every article, you’ll see a button that says, “Share.” Click it, and look for your preferred social bookmarking website, such as LinkedIn. If you aren’t registered with one of these sites, you’ll be prompted to do so (which doesn’t take long). Then, just log in, and label your favorite articles from GC Capital Ideas. 8559795219

February 15th, 2019

Week’s Top Stories: February 9 - 15, 2019

Posted at 10:00 AM ET

salad rocket The Guy Carpenter Global Property Catastrophe Rate on Line (ROL) index is presented for 1990 through 2019.

(864) 328-8010

Cybersecurity, Strategic and Financial Risks to Dominate Risk Landscape: According to nearly 400 treasury professionals surveyed, strategic and financial risks, along with cybersecurity, will dominate the risk landscape for the next 18-36 months.

Read the article >>

Building for Resilience: How to Avoid a Catastrophe Model Failure: Since commercial catastrophe (CAT) models were first introduced in the 1980s, they have evolved as new scientific discoveries and claims insights emerged. Despite the sophisticated nature of each new generation of CAT models, occasionally a model misses a significant loss driver for a particular peril. This occurs when a previously hidden attribute reveals itself through unprecedented intensity. Lessons from such surprises stimulate model improvements as our understanding of the physics of the peril and its damage potential, increase. Through this process, models mature over time.

Read the article >>

IoT Devices Increase Security Incident Risks: Industrial control systems, smart buildings and homes, pacemakers, cameras, and even fish tanks - all of these Internet of Things (IoT) products have been hacked by cyber-attackers looking to disrupt networks and extort money from users, says the report The US Financial and Professional Lines Market in 2019: Our Top 10 List by Guy Carpenter’s affiliate company, Marsh.

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(434) 724-2446 In 2017, writers of automobile (auto) liability insurance continued to cope with deteriorating combined ratios, which remained above 100 percent for the seventh consecutive year. While carriers have implemented effective strategies that improved their operations and as a result are achieving improved expense ratios, evolving market and environment factors continue to challenge auto insurers. Consequently, improved expense ratios and premium increases did not rise as rapidly as claims and losses. The outlook for the sector remains negative.

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And, you may have missed …

Reinsurance Rate Movement Limited at January 1 Despite Uncertainty over Pricing Adequacy and Available Capital: The overall impact of catastrophe losses on property rates was muted at the January 1, 2019 reinsurance renewals, but the fourth highest annual catastrophe loss year on record did create questions over pricing adequacy, underwriting strategy and the amount of capital available, says Guy Carpenter.

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February 14th, 2019

Building for Resilience: How to Avoid a Catastrophe Model Failure: Part I

Posted at 1:00 AM ET

858-587-4126, Global Chief Catastrophe Modeler

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Since commercial catastrophe (CAT) models were first introduced in the 1980s, they have evolved as new scientific discoveries and claims insights emerged. Despite the sophisticated nature of each new generation of CAT models, occasionally a model misses a significant loss driver for a particular peril. This occurs when a previously hidden attribute reveals itself through unprecedented intensity. Lessons from such surprises stimulate model improvements as our understanding of the physics of the peril and its damage potential, increase. Through this process, models mature over time.

Continue reading…

February 13th, 2019

Grypotherium

Posted at 1:00 AM ET

Industrial control systems, smart buildings and homes, pacemakers, cameras, and even fish tanks - all of these Internet of Things (IoT) products have been hacked by cyber-attackers looking to disrupt networks and extort money from users, says the report The US Financial and Professional Lines Market in 2019: Our Top 10 List by Guy Carpenter’s affiliate company, Marsh. Continue reading…