Experts from Marsh & McLennan Companies, Inc. (MMC) To Host Media Briefing on Property Insurance Availability, Claims Management, and Reinsurance Coverage
What: At the start of what is expected to be a near-normal or above-normal hurricane season in the Atlantic Basin this year, a panel of experts from Marsh Inc. and Guy Carpenter & Company, LLC will discuss what the coming hurricane season – which starts on June 1 – may hold.
How can I make sure my claims are paid? Properly preparing for the hurricane season is the first step in coping with any claims. Before hurricane season, businesses should assemble a loss management team and conduct a complete review and analysis of their insurance policies. These steps – and others that will be laid out during the discussion – can ease the challenging claims process. Outstanding claims by several Fortune 500 firms stemming from Hurricane Katrina still have not settled, typically because they involve disputes over coverage or lack of appropriate supporting financial and operational information.
As businesses purchase insurance to protect themselves against hurricane risks, what's the current state of the commercial property insurance market? Commercial property insurers have already been hit by more than 20 major insured losses totalling nearly $5 billion so far this year. While these events haven’t directly impacted U.S. businesses yet, insurers are already looking more carefully at their overall exposures and some affected insurers may become more conservative as the year progresses.
Have pricing and capacity shifted dramatically since the 2007 season? Will the capital markets continue to play a role? Reinsurers' capacity has grown, and the gap between supply and demand has widened. Nevertheless, insurers continue to be interested in supplemental products, such as catastrophe bonds and hedge fund capacity.
How can insurance companies better manage their own exposures? New technologies and products have redefined the idea of catastrophe preparedness so that companies now know more about their exposures than ever before. Although reinsurers do not know if a loss will occur or what the market environment will be during an event, new products can help companies become more flexible when dealing with potential losses during the season.
Where: Guy Carpenter & Company, LLC One Madison Avenue at 23rd Street, 4th Floor, New York City
When: May 29, 2008 8:30 AM – 10:00 AM
Registration begins at 8:00 AM; breakfast will be served.
Who: MMC experts, including:
· Robert F. Howe, global leader of Property Operations for Marsh, who has direct oversight of property operations around the world, including functional responsibility for North American Property Operations. · Ken Giambagno, global leader of Marsh Risk Consulting’s Forensic Accounting and Claims Services Practice, who specializes in forensic accounting and has participated in the review and measurement of numerous damage claims and financial investigations. · Kevin Stokes, leader of Guy Carpenter's Global Property Specialty Practice, who specializes in designing reinsurance programs for national insurers and regional carriers. He also leads Guy Carpenter's Florida Operating Committee. · Ryan Ogaard, global practice leader of Instrat®, which is Guy Carpenter's risk and financial modeling services group.
RSVP: To register for this event, please contact: Lisa Tibbitts, Edelman 212-819-4843 or
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