In spite of the advances in cat risk modelling tools, there are some material limitations in the current suite of risk models. Mr Paul Nunn of SCOR Global P&C discusses the challenges that remain in quantifying these non-modelled risks.
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With CATs occurring more frequently and severely, more stringent underwriting and risk controls are needed to deal with the increasingly complex risks, said Standard & Poors (S&P) in a report “Asia-Pacific Non-Life Insurance Outlook: Tighter Risk Controls Are Crucial As The Markets Continue To Grow”.
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AIR Worldwide said they have expanded their suite of Catastrophe Risk Engineering (CRE) solutions to add the ability to better quantify, mitigate, and manage the risk associated with the impact of catastrophes on supply chain networks.
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The one-day seminar on the Critical Lessons from the Thai Floods organised by Asia Insurance Review within a short span of five weeks, with the active support of the Office of the Insurance Commission of Thailand and the General Insurance Association of Thailand, drew more than 250 delegates, with more than half coming from overseas, and made a clear call for more data and greater preparedness for the risks faced. The Thai government and authorities are paying greater strategic attention to water and flood management. The seminar issued a dire warning to all not to return to old ways, but to move forward with data and the science of risk management. There certainly is a decisive and dynamic move within insurance and reinsurance circles to do something about covering these exposures in a responsible way and with greater awareness of the risks involved. But will the determination hold?
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Despite greatly improved safety records 100 years since the sinking of the Titanic, the maritime industry faces new challenges driven by the continued growth of worldwide shipping, specialist marine insurer Allianz Global Corporate & Specialty (AGCS) has advised.
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