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Property Catastrophe Insights

Keep reading for essential info on program conceptualization, marketing, placing and servicing programs.

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Posts tagged with model - model

How to secure greater price reductions in the softening property-cat market

Author SamanthaKimball , 5/9/2014
As detailed in our previous post, we’ve entered a softer market for catastrophe-exposed property insurance, as companies are reducing prices due to an abundance of capital to be deployed and recent profitability. But brokers may be able to secure even greater price reductions for their clients. To do so, you should consider potential ways to restructure the programs, drive carrier competition, and obtain the most complete and accurate data possible for underwriters. Becoming more granular with construction detail can often reduce “modeled expected loss” and drive down prices even further.

Updates to severe thunderstorm model help us understand tornadoes

Author SamanthaKimball , 3/17/2014

Guest post by Colin Morris, Analytics Coordinator at NAPCO

Foter / Public domain
I recently visited risk modeling firm AIR Worldwide to learn about the latest updates to their severe thunderstorm model. This model covers straight line wind storms, tornadoes and hail storms and had last been updated five years ago. There was a lack of historical data on these types of storms. Until recently, we didn’t have the technology to properly document and use information about a tornado or severe thunderstorm outbreak. In the past ten years, science has been able to generate new ways to better track wind storms, including tornadoes.