Week’s Top Stories: February 13

Chart: Guy Carpenter Global Property Catastrophe Rate-On-Line (ROL) Index – 1990 to 2021: The Guy Carpenter Global Property Catastrophe ROL index was up 4.5 percent year on year, at January 1. The index is a measure of the change in dollars paid for coverage on a consistent program basis and reflects the pricing impact of a growing (or shrinking) exposure base, evolving methods of measuring risk and changes in buying habits, as well as changes in market conditions.

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Reinsurance Industry Capital at Year-End 2020: Overall, traditional dedicated reinsurance capital for year-end 2020 was estimated at USD 397 billion by Guy Carpenter and A.M. Best, a marginal increase on year-end 2019. Favorable valuations of asset levels and capital initiatives saw capital levels recover from the decline witnessed at mid-year 2020. However, reinsurers struggled to achieve positive returns on equity due to the combined impacts of COVID-19 and catastrophe losses. Dedicated capital also benefited from new capital formations.

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Climate Change Impacts Cannot Be Ignored: Global Risks Report 2021:  Environmental concerns gained traction among risks identified by businesses surveyed in the World Economic Forum’s (WEFs) Executive Opinion Survey, which informs the 2021 Global Risks Report, published by the WEF with support from Marsh & McLennan. Four of five environmental risks featured in the top 20 global rankings for the first time. This trend is particularly pronounced in regions that recently faced significant disaster damages, notably Australia (wildfire) and Indonesia (flood). Extreme weather events and human-made environmental catastrophes joined natural catastrophes among the leading concerns for executives in the East Asia and Pacific region.

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Community-Based Catastrophe Insurance: A Model for Closing the Disaster Protection Gap: A new report from Guy Carpenter, Marsh & McLennan Advantage, and the Wharton Risk Management and Decision Processes Center, Community-Based Catastrophe Insurance: A Model for Closing the Disaster Protection Gap, sets out an innovative model to deliver insurance and help communities close the disaster protection gap.

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Video: Heightened Volatility and Prolonged Uncertainty To Drive Reinsurance Demand in 2021: David Priebe, Chairman, Guy Carpenter, highlights how, while the industry is facing a range of new risks in 2021, it is presented with new opportunities.

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And, you may have missed…

Rate Movements Moderated by Availability of Capacity as Negotiations Center on Pricing and Terms at January 1, 2021 Renewals:  Price increases at the January 1, 2021 reinsurance renewals were moderated compared to initial expectations by abundant capital levels and an increased willingness on the part of reinsurers to deploy capacity in several sectors, according to Guy Carpenter.

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