Week’s Top Stories: August 7–13, 2021

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2021 Global Large Loss Activity/COVID-19 Losses: Hailstorms, heavy rains and tornadoes in parts of France, Belgium, the Netherlands, Switzerland, Germany, the Czech Republic and elsewhere in Europe (between June 21 and July 1) could increase the insured loss estimate by over USD 2.5 billion.

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2021 Mid-Year Reinsurance Renewal: A year after the onset of COVID-19 disrupted reinsurance renewals, market stabilization and ample capacity in most lines and regions resulted in balanced mid-year 2021 outcomes. However, market stressors driving shifts in recent loss activity and evolving risk quantification created firmer market conditions in some segments.

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Chart: Guy Carpenter U.S. Property Catastrophe Rate On Line (ROL) Index – 1990 to 2021: The Guy Carpenter U.S. Property Catastrophe Rate on Line Index increased by six percent for January 2021 through July 2021 renewals – approximately half of the increase experienced over the same period in 2020.

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Video: What Lessons Can We Take From the COVID-19 Experience to Globally Mobilize a Whole-of-Society Response?: In this video, Jessica Turner, Managing Director, Catastrophe Advisory, Guy Carpenter, and Josh Darr, Head of North America Peril Advisory, Guy Carpenter, relate how society mobilized and came together in the pursuit of the same goal in response to COVID, demonstrating that we can use the same focus towards the next group of challenges around climate change, biodiversity, environmental and pollution.

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Global Insurance Market Index – Second Quarter 2021: Global commercial insurance prices increased 15 percent in the second quarter of 2021, according to the Marsh Global Insurance Market Index, a proprietary measure of global commercial insurance premium pricing change at renewal, representing the world’s major insurance markets and comprising nearly 90 percent of Marsh’s premium.

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And, you may have missed….

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 (WNPSH), and tropical cyclones Cempaka and In-fa.

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