Aon to demystify risk models in free webinar
Experts from Aon will be demystifying the process that underpins the way risk models are built in a free webinar run by GfK and Intelligent Insurer scheduled for September 3. Details of the event can be found below.
The free session will examine how models are built and the importance of the underlying data and assumptions they are based on including the source of the boundary data used – a parameter that has the potential to increase model uncertainty.
The webinar will specifically focus on three very different perils: European windstorm, flood risk in Calgary, Canada, and hailstorms in South Africa. The case studies will focus on specific recent losses and examine how the risk models performed when using different resolution boundary data.
“We will examine how a catastrophe model is built and how geographic data can be used to improve model accuracy” said Chris Ewing, catastrophe model developer at Impact Forecasting, the catastrophe modelling development team of Aon Benfield.
“Specifically, we will look at the importance of boundary data. If the boundary data used is of poor quality, the rest of the analysis can be equally unreliable. In the South Africa case, we’ve used other GfK geographic data such as roads and urban areas to help improve the modelling of losses for cars. Geographic data is widely used in the industry but often misunderstood. The session will attempt to demystify how data is used and the assumptions that are made.”
GfK is the official supplier of the digital CRESTA zone maps. CRESTA zones, backed by Munich Re and Swiss Re, provide a universal standard for the exchange of aggregated, insurance-related information among insurers and reinsurers. The CRESTA zones underwent a major reform in 2013 and now provide coverage of 137 countries worldwide as well as two resolution levels.
“This event will cover not just the nature of accurate boundary data but also the different ways it can be used depending on the unique requirements of each customer,” said Christopher Guider, marketing manager at GfK.
To register for this free event, please click here.
