Guy Carpenter: (Re)insurance Sector Remains Resilient Through Challenging Market

Guy Carpenter: (Re)insurance Sector Remains Resilient Through Challenging Market

Guy Carpenter
(Re)insurance continues to demonstrate their ability to adapt and respond to challenging markets caused by COVID-19 and other factors,
Jumlah
Shipping Region
Jumlah Barang
Lokasi Penjual
Shipping to
Harga kirim
Share

WhatsApp Form ×

Guy Carpenter: (Re)insurance Sector Remains Resilient Through Challenging Market

Guy Carpenter: (Re)insurance Sector Remains Resilient Through Challenging Market

Harga :
Ongkos Kirim :




Bayar di Aplikasi

Bayar di Aplikasi OVO & DANA!

Klik tombol Lihat kode QR.
Scan kodenya untuk bayar di app.
Send

Read more

Spesifikasi

Kategori
ID Produk 5467918757443530485

Deskripsi

 

(Re)insurance continues to demonstrate their ability to adapt and respond to challenging markets caused by COVID-19 and other factors, according to a recent virtual media briefing hosted by Guy Carpenter & Company, LLC (Guy Carpenter), global risks and reinsurance and business specialist Marsh McLennan.

The briefing, called “Moving Forward,” explores evolving market conditions, capital developments, the growth of insurance-related securities, and the drivers of change – including technology; environmental, social, and governance (ESG) strategy; and increasing cyber threats.

Lara Mowery, head of global distribution at Guy Carpenter, chaired the panel. He is joined by Sebastian Cook, managing director and head of London Europe; Christopher Ross, managing director of treaty brokers; Shiv Kumar, president of GC securities; Dr Jessica Turner, managing director for disaster advisory; and Erica Davis, managing director and co-head of global cyber.

In the briefing, Mowery claimed that reinsurer's risk appetite and product offerings are constantly evolving in response to emerging market realities. Meanwhile, differentiation remains valuable.

 “Some of the drivers of uncertainty are disappearing. The primary rate is stable, and a lot of traditional, as well as alternative, capital supports the sector,” he continued. "Markets will continue to monitor how COVID-19 claims are resolved and how losses in 2021 develop while also keeping an eye on evolving risks including cyberspace and climate change."

Cook stated that the US Property Catastrophe Rate-on-Line (ROL) Index increased by 6% for the extension from January to July, about half of the increase experienced during the same period in 2020. Meanwhile, in Asia, the increase was about 5%.

Overall, ROL levels are affected by several factors, including some increased retention, particularly on loss-impacting programs, additional caps purchased at the top of the program, and increased prices.

Ross explains that several offsetting factors are affecting the market, with reduced capacity, increased retention, capping coverage and a focus on client risk management strategies influencing the rate at which rates increase.

“The engagement between all parties has been extraordinary during this unprecedented period. Heading into year-end renewal, we expect this positive momentum to continue and lead to a regular renewal period with sufficient capacity to support the cedents reinsurance strategy,” said Ross.

Meanwhile, Kumar highlighted the ongoing resilience of capital markets and disastrous bond growth over the past 12 months.

In addition to the factors mentioned above, 2021 will be an “ESG year” as climate change and other environmental risks remain a key concern for CEOs around the world regarding their likelihood and impact, according to Dr Turner. As a result, Guy Carpenter and Marsh McLennan work with clients to help them overcome the various ESG challenges they face.

“We can advise investors, rating agencies and regulators on ESG-related expectations, identify what it looks like and help companies develop strategies to manage the transition to their own net zero target,” said Dr Turner.

Meanwhile, Davis points to the growing and evolving impact of cyber risk as a further driver for change in the (re)insurance sector.

“Across the industry, the assumption of loss development for cyber risk is revisited in 2021 to reflect the effects of current claims activity,” he said.

“For the impact of attrition, the trend towards higher cyber incidents, particularly ransomware attacks, is likely to hinder the reversal of the claims fee trend in the near term. In response to the continuous increase in frequency and severity, this is the year for cyber underwriters to take action.”

Translated from: https://www.insurancebusinessmag.com/uk/news/breaking-news/guy-carpenter-reinsurance-sector-stays-resilient-through-challenging-market-309722.aspx

Written By: Roxanne Libatique

Read more Sembunyikan

Barang Terkait

barbar