Guy Carpenter today announced the launch of GC ForCas℠, its new data-driven casualty catastrophe model.
GC ForCas is a stochastic modelling platform developed to help insurance carriers better understand their exposure to casualty catastrophe losses resulting from the accumulation of US Commercial Lines insurance policies. The platform utilizes a variety of industry sources including Advisen’s® large loss database of more than 250,000 historical losses to anticipate the vast number of scenarios and line of business dependencies. The first GC ForCas component has been released and addresses losses resulting from sudden disasters. Successive model components for losses resulting from financial institutions and cyber insurance policies are near completion and will be added to the GC ForCas platform.
“To protect their capital from casualty catastrophe risk, carriers have needed tools and models that can probe a portfolio to apply potential disaster scenarios, identify likely exposures and map how liability may spread from the epicenter to other industries, jurisdictions and lines of business,” said Andrew Marcell, CEO of US Operations. “That is exactly what GC ForCas accomplishes.”
“Casualty catastrophes are among the most formidable threats that casualty (re)insurers face today,” said David Lightfoot, Head of GC Analytics - Americas for Guy Carpenter. “GC ForCas is designed to be simple, transparent and as data-driven as possible.”
“Through the use of GC ForCas, companies will be able to make better risk-informed decisions with respect to managing the accumulation of casualty catastrophe exposures, and share that information with rating agencies and other stakeholders,” said Will Garland, US Head of Specialties at Guy Carpenter.
GC ForCas is another example of Guy Carpenter’s innovative approach to helping clients meet their needs in an evolving marketplace.