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Boat Services - 5 key trends in Nordic Cat Risk Modelling

Sunday, 30th July 2017

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.

 

For the full article please visit Boat Services.