On the 21st of June 2017, Boat Services, in partnership with Oasis and Equinix, held the first Nordic Catastrophe Risk Modelling conference.
The event was well attended by the top (re)insurance companies and brokers in the Nordics with excellent points raised by both the speakers and the audience. This article discusses the points raised and highlights the key trends we learned from the conference.
1. DEMAND FOR NEW AND IMPROVED MODELS
(Re)insurers should be looking at a broader suite of models to gain a deeper understanding of risk.
2. TOO LITTLE FOCUS ON VULNERABILITY DATA
Nordic models focus too much on hazard data and not enough on vulnerability.
3. LACK OF TRANSPARENCY IN VENDOR MODEL DEVELOPMENT PROCESS
Cat risk model developers do not supply enough supporting model information.
4. IMPACT OF CLIMATE CHANGE IN THE NORDIC MARKET
We will see more catastrophe related events linked to climate change.
5. BARRIERS TO COLLABORATION
(Re)insurers and brokers are still reluctant to share detailed data.