Current State of the Market - icmif
Current State of the Market - icmif
Current State of the Market - icmif
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Model change<br />
• Catastrophe models change frequently<br />
– New science, new loss experience<br />
– RMS v11 Europe Windstorm<br />
• Hazard increases<br />
• Explicit clustering<br />
– RMS v11 US Hurricane<br />
• Medium Term Rates<br />
• Storm surge<br />
• In-land filling<br />
• 2011 saw an unprecedented level <strong>of</strong> change<br />
– Especially in Europe & USA<br />
– Around 250 new or upgrades from a total <strong>of</strong> 450 territory peril<br />
combinations<br />
• Model change affects<br />
– Underwriting & business planning<br />
– Portfolio management<br />
– Reinsurance purchasing<br />
– Capital management<br />
– Regulatory<br />
v10<br />
v11<br />
11
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