Hanover Plans Catastrophe Rethink After Models Come Up Short
Whacked by Midwestern storms, the insurer admits that its catastrophe risk and modeling approach is “insufficient” across all perils.
Whacked by Midwestern storms, the insurer admits that its catastrophe risk and modeling approach is “insufficient” across all perils.
CEO Peter Zaffino says that after the RMS model review, and the Validus Re sale, AIG will be a “different company.”
With a federal agency exploring the risk of natural disasters to US credit unions, the usual climate science “debate” is happening and the role of risk modeling is center stage.
Carriers and state regulators are updating their existing catastrophe models, but more work needs to be done as a changing climate upends loses.