The Exposure Food Chain
Exposure data is the fuel that feeds catastrophe models and data quality is important when attempting to adequately assess CAT risk. This session will revisit the Exposure food chain from insurance application forms provided by insurance agents to insurer data verification to broker enhanced checking to reinsurer use. The old adage “garbage in, garbage out” is very applicable when assessing Cat Model results as examples of data quality issues will be explored and discussed.
Nick DiMuzio – AXA/XL & ISCM Immediate Past President
Jon Ward – RLI & ISCM Treasurer
Catastrophe models have become an essential tool to evaluate the potential for large losses of insurance portfolios. Since their early development, these models have continuously evolved in an attempt to include more components that have been proven to contribute to actual losses. Despite this continuing evolution, it is not reasonable to expect these models to include every possible component that might contribute to actual losses. As such, and until the models include everything, Cat Risk Managers need to understand how best to use and augment models to complete the assessment of risk to any given portfolio. This session will include short presentations of select examples defining the impact on losses and the challenges of modeling these elements followed by a brief discussion of alternative solutions.
David Keeton – Avoca Underwriting & ISCM President
Shari Zola – Munich Re & ISCM Vice President
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