Last week, ICMIF Supporting Member Guy Carpenter, announced the launch of the next generation of its catastrophe analytics platform, GC AdvantagePoint®. The updated platform features new technology that will improve the performance and efficiency of underwriting and catastrophe management workflows for its clients.
The enhancement includes key new modules:
Event Impact: Users receive prompt notice of events impacting their portfolio
- Enhanced catastrophe response capabilities so companies can expedite resource planning through pre-event impact assessment and post-event claims management.
- Real-time email alerts, customizable damage functions, a range of geospatial analysis tools and a comprehensive historical event library available for users.
Underwriter+: Users receive critical information to support profitable underwriting
- New capabilities that help drive improved risk selection and underwriting profitability through comprehensive analytics and actionable risk information at the location level.
- Catastrophe modeled loss information delivered from multiple providers, comprehensive accumulation analysis tools, fully customizable data-entry capabilities and a suite of application programming interface (API) calls.
Commenting on the announcement, Dan Becker, CEO of Global Strategic Advisory at Guy Carpenter, said: “In a challenging and rapidly evolving risk landscape, this latest enhancement of GC AdvantagePoint will be a critical tool for companies seeking to drive profitable risk selection and manage catastrophe exposure. This dynamic tool brings new technology, deeper insights and greater efficiency to carriers seeking to modernize their approach to managing catastrophe risk.”
Reinsurance market continues to recalibrate at mid-year 2023 renewals
In July this year, and ahead of this week’s Rendez-Vous de Septembre in Monte Carlo, Guy Carpenter commented on the reinsurance market trends observed at the 2023 mid-year renewals. Compared to 1 January, there were improved timing and concurrence around terms and conditions at the mid-year renewals. While property pricing saw continued risk-adjusted rate increases in many segments, the average change moderated from 1 January.
Additional capacity and increased appetite entered the property market at mid-year. However, the increased capacity remained highly disciplined around attachment points, pricing and coverage. The casualty market continues to trend in a cautious direction. Reinsurers are closely monitoring prior-year loss development as well as the moderating underlying rate environment.
Dean Klisura, President & CEO of Guy Carpenter, said, “Price adequacy across lines and supportable structures are expected to continue to drive sufficient capacity levels. For cedents, higher levels of retained risk across the business in 2023 will most likely impact volatility in 2024, necessitating strategic portfolio management.”
