Current State of the Market - icmif
Current State of the Market - icmif
Current State of the Market - icmif
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Catastrophic losses<br />
- What have we learned?<br />
• Insured losses still a small percentage <strong>of</strong> economic loss<br />
– An long-term <strong>the</strong>me that commercial insurers struggle to address<br />
– Opportunity for <strong>the</strong> cooperative movement<br />
• The “tail is always bigger than we think<br />
• It’s easy to understate “time element” losses<br />
– Denial <strong>of</strong> access<br />
– Business Interruption<br />
– Contingent Business Interruption<br />
• A global contagion?<br />
Sendai Airport, source; National Geographic<br />
• Catastrophe models have under-performed<br />
– Coverage<br />
– Secondary and contributing perils<br />
Source; NOAA<br />
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