Save the date!
The next webinar will be held on
10 September 2020
3.30 - 5pm BST
Adjusting proprietary catastrophe models. What can we really do and what are the impacts?
Tom Larsen - Principal, Industry Solutions Insurance and Spatial Solutions (CoreLogic)
Nigel Winspear - Director (CATRISX)
John Wardman - Senior Science Specialist (AXA XL)
Moderator: Jeremy Hindle - Consultant (Oasis LMF)
This webinar will look at what catastrophe modellers can and should do to test the efficiency and robustness of third-party catastrophe models.
Models have different approaches to quantifying exposure, hazard, and vulnerability, making it hard for insurers to test and adjust them in order to develop their own unique view of risk. Adjusting earthquake models can be challenging, not least due to the lack of frequent/recent loss experience when compared to the perils of wind and flood. When adjusting models for in-house frequency or severity assumptions, does this impact any calibration adjustments that model vendors have performed?
Tom Larsen, using CoreLogic’s North America Earthquake Model (available on the Oasis LMF platform), will test the impacts of changing maximum magnitude, time-dependent frequency, referencing recent examples from Japan, to show the sensitivity in model outputs.
John Wardman will demonstrate why models might need adjusting, how to do it, and what the results are.
Nigel Winspear will examine model calibration for Lower Tail / Higher Tail events, the challenges presented, and how to sense check results output.
Many companies already adjust third-party models, but there are many “Do’s and Don’ts”. This session should provide a fascinating guide from these industry experts to ensure that the output you get can be relied upon.
Subject to change.