Adam Podlaha, head of Aon Benfield’s catastrophe model development centre, Impact Forecasting, tells Intelligent Insurer how the increased use of open models is paving the way for new perils, while bringing transparency and regulatory benefits to clients.
How will modelling support the forthcoming renewals?
As we approach this year’s renewals, modelling will play a very important role. As European windstorm is the biggest peril in Europe, and it has been a busy season during 2013/2014, this particular peril will continue to attract a lot of attention.
The past winter was a perfect example of clustering of smaller events—having so many was rare, but the total loss was not particularly large. As a result, there is more loss data from which we can learn lessons and use to further validate our windstorm model.
Adam Podlaha, Aon Benfield, Impact Forecasting
