Modeling Capabilities in Europe: Insurance-related catastrophe modeling has undergone a constant evolutionary drive for the past 25 years. The impetus behind the development of cat models began with the realization that large-scale events needed tracking to provide better means of managing insurance exposures to natural disasters.
Casualty Catastrophe Implications of the Deepwater Horizon Oil Release Disaster: There has been no shortage of media coverage and discussion of the Deepwater Horizon oil spill and attendant insurance implications. The media has reported up to 300 lawsuits filed against BP and other defendants involved in the Deepwater Horizon oil release disaster.
Guy Carpenter’s CasCat® Named “Insurance Initiative of the Year”: Guy Carpenter & Company, LLC announced that its CasCat® model has been named “Insurance Initiative of the Year” at the Insurance Day 2010 London Market Awards. The annual awards, presented December 2 at London’s Grosvenor House Hotel, are selected by a distinguished panel of independent judges and recognize outstanding work in the London (re)insurance market.
Solvency II Update: QIS5 Windstorm Scenarios Are Within Range of Industry Models: European insurers and reinsurers will face requirements for full compliance with the new Solvency II capital regime requirements in just over two years. Even if this introduction is phased in - as the European Commission has reportedly indicated it could be - these requirements will have a wide-ranging and profound impact on the insurance industry throughout Europe.
Modeling the Impact of a Casualty Catastrophe: Look no further than today’s headlines to see how a single catastrophic event or lawsuit can have far-reaching effects. Over the past few years, several incidents, seemingly isolated, have ballooned into cross-border, cross-industry and cross-business line catastrophes. Chain reactions of liability - such as the Deepwater Horizon oil spill, the collapse of Lehman Brothers and the Chinese Drywall product recall - have led insurers to ask: How do I assess the impact of a major legal liability catastrophe on my portfolio? And it’s not just the industry waiting for an answer: stockholders, analysts, rating agencies and regulators are listening, too.