Closing the Protection Gap: Natural Disasters and Property Insurance Holes
Talk of the protection gap tends to focus on developing nations, but a recent report from global reinsurance intermediary Aon Benfield found that almost 50 percent of the losses sustained from natural disasters in the United States remained unprotected. It’s noteworthy considering the U.S. is one of the most insured countries in the world. The protection […]
Terrorism Risk Modeling: Premium Protection for Organizations
Catastrophe risk modeling began in the late 1980s and has evolved over the years to provide accurate calculations for organizations to estimate losses against a weather event like hurricanes, tornadoes or severe thunderstorms. Over time, the thinking behind this type of modeling has grown to envelop other types of catastrophes posing the potential to present […]
Catastrophe Modeling (CAT Modeling): A Benchmark for Determining Risk
Increasingly, complex software programs for catastrophe (CAT) modeling are serving as a benchmark for insurers to determine risk across various geographical areas of the United States. While not all property and casualty insurers initially rushed to adopt this approach, dramatic rises in loss estimates and other challenges led to catastrophe modeling’s rapid, widespread adoption. As […]
The Property Data You Need for Hurricane Season
Atlantic Hurricane Season starts June 1st of each year, but it’s never the wrong time to make sure your properties’ COPE data is complete and up-to-date. When used in conjunction with a catastrophe modeling tool like AIR or RMS, thorough COPE data can help ensure you have the right coverage whenever a risk event pays […]