Week’s Top Stories: July 24 – 30, 2021 – GC Capital Ideas

Post Event Report, Henan Flood – July 17-21: During the period of July 17 to 21, catastrophic flooding affected Zhengzhou, Henan in Mainland China. The flooding was driven by historic intense rainfall caused by the combination of air-flow around the Western North Pacific Subtropical High and tropical cyclones Cempaka and In-fa.  

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Growing Cyber Threat Demands a United Response: Until July 2, many cybersecurity experts knew little about Kaseya, a privately owned provider of IT management software services. That is the scariest thing about the hack of one of the firm’s software packages, which enabled thieves to encrypt the data of as many as 1,500 companies and demand USD 70 million in ransom to date. 

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Workers Compensation Insights for Remote Work: The health threat of COVID-19 is fading in the United States, but the pandemic will likely drive lasting change, including in how we work. Employers need to be ready to manage associated risks, including the prospect of compensable injuries occurring in employees’ homes. 

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Decrypting the Misconceptions Around Ransomware: Ransomware has progressively become a loss trend across the cyber industry, with pricing strategies being recalibrated to account for this growing risk. Guy Carpenter is working closely with our clients to share updates on the threat landscape, deliver cyber industry insights, construct relevant modeling scenarios, and design reinsurance placements to protect these portfolios. The industry is also adopting new risk mitigation, pricing and underwriting tactics in order to course-correct from the impact of this expanding cyber risk. 

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Video, Dean Klisura, President, Guy Carpenter, On the Reinsurance Landscape: Guy Carpenter President, Dean Klisura, speaks with The Insurer on a wide-ranging set of topics that include the Changing Nature of Risk, the COVID-19 excess of loss claims arena, broker consolidation and race for talent, public-private structures for systemic cyber, future pandemic (re)insurance solutions and the insurance-linked securities renaissance.   

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And, you may have missed…. 

Can the Insurance Industry Bridge the Pandemic Insurance Protection Gap? Pandemic insurance has suffered from both supply and demand limitations. The pay-outs, while sporadic, can be so enormous that they dramatically exceed insurers’ capacity to bear them. And it’s always harder to convince a company to buy insurance that protects against something that hasn’t happened in a hundred years and seems theoretical, according to Ruth Lux, Head of Public Sector, EMEA, Guy Carpenter. 

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