April 2021 Reinsurance Renewals; Japan: At the April 1 reinsurance renewals, property catastrophe pricing increased for the third year in a row. Following the first loss-free year since 2018, there was some consolation for buyers in that the average increase was the lowest of the past three years. Rates moved up on average by a small percentage for mutual buyers.
April 2021 Reinsurance Renewals; Korea: While Korea had not experienced any impactful losses in recent years, a mid-sized typhoon, heavy rain losses and several large single losses occurred in 2020, influencing the pre-renewal expectations. However, capacity was more than sufficient and certain markets were proactive as they sought potential cedents.
Chart; Top 10 Largest Insured Losses Versus Projections for COVID-19: Company-reported COVID-19 losses are near USD 30 billion. When added to 2020 large losses, total loss is approximately USD 110 billion. Using the mid-point of public COVID-19 loss estimates, a number in excess of USD 140 billion is generated.
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.
Address Ergonomic Problems Before Remote Work Becomes a Costly Risk: From flexible working hours to better work-life balance, the benefits of remote work for employees are numerous. Companies can also benefit from a more engaged and productive workforce and reduced costs. But the shift to remote work doesn’t come without potential pitfalls, including the risk of an increase in ergonomic injuries.
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GC Capital Ideas Top Climate Change Insights: The 2021 Global Risks Report posits that climate change impacts cannot be ignored. Here we bring together a roundup of recent GC Capital Ideas posts focusing on climate change. The 2021 Global Risks Report is published by the World Economic Forum with support from Marsh McLennan.