Posts Tagged ‘CASUS’



January 14th, 2010

(Re)Insurance Innovation: Committing to the Leading Edge, Part IV: Staying Out Front

Posted at 12:00 PM ET

mckeown_christopher_bioChris McKeown, CEO of Global Analytical and Specialty Practices
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Innovation must be continual, because of the lifecycle that governs it. If you’re not innovating (or adopting) now, you’re falling behind. The advantages of one innovative solution are quickly outpaced when another is developed or that same solution is adapted to new situations; and if the originator is not doing the work to make those leaps, the reputation of innovation can be quickly lost.

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March 4th, 2009

Risk Modeling Part III: The Synthesis

Posted at 1:00 AM ET

Ryan Ogaard, Global Head of Instrat®

Risk models tend to be a synthesis of data, expert opinion, and technique: The best thinking and information boiled down to a very educated guess. It is essential to understand how this guess was made and to weave that knowledge into decisions about risk-taking. This can be difficult. Risk models are generally complex — sometimes opaque in their workings — and even models that seem transparent can produce unforeseen results due to the interaction of their many moving parts. The components of a risk model encompass the nature of risk events, including frequency, severity, correlation, and probability. Each component must be sound and interact properly with other components. It is no wonder that P&C insurers are employing ever-increasing numbers of modeling specialists.

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March 2nd, 2009

Risk Modeling Part I: Overview

Posted at 1:00 AM ET

Ryan Ogaard, Global Head of Instrat®

The global financial crisis has increased the world’s focus on risk modeling, and for some it has called the very validity of the practice into question. Common themes resonating throughout the popular press include the difficulty of modeling human behavior and the complexity of the intricate webs of financial hedging that imploded to create the current crisis. In-depth investigations into the mechanics of subprime have revealed the existence of known blind spots in the models. Management considered these blind spots either unimportant or unlikely to have an impact on results, but they point to the real culprits in most modeling mishaps - a lack of holistic risk awareness, or what the 9/11 Commission’s report called “a failure of the imagination.”

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June 19th, 2008

Clashing Conventions: Measuring and Managing Exposure

Posted at 6:30 PM ET

Emil Metropoulos, Senior Vice President
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Conventions are fertile ground for risk. With tens of thousands of people in one place, a single act of terror or a natural catastrophe could result in substantial insured losses for workers compensation carriers. But, it has been almost impossible to assign a number to this risk, let alone manage it effectively, since the data and modeling capabilities have not been available until recently. By triangulating among workers compensation, convention and venue databases, the measurement of convention clash risk is becoming a reality.

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May 15th, 2008

Understanding Unknown Convention Accumulations

Posted at 6:33 PM ET

Emil Metropoulos, Senior Vice President
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The continued rise of the convention industry has created a unique clash exposure for workers compensation (re)insurers. Carriers are increasingly familiarizing themselves with “known” accumulations, the risks associated with the day-to-day workplace, since the terror attacks of September 11, 2001. “Unknown” accumulations, on the other hand, have been more difficult to grasp. When employees across an insurance portfolio gather for conventions, additional catastrophic risk exposures begin to emerge.

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