Catastrophes: the clock is ticking

Time is running out to sign up for a free webinar on September 3 where Aon experts will explain the process of how risk models are built.

The session, run by GfK and Intelligent Insurer, is set to examine how risk models are built and the importance of using up-to-date data and accurate data.

Re/insurers are at risk of under-charging for certain perils and being stung by higher than expected claims if they base the assumptions in their catastrophe models on outdated or inaccurate data.

That is the message from executives from GfK, a digital map and data provider, who warns that many big industry players are still basing their assumptions on risk models that use boundary data that is not of an adequate quality.

GfK is also 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.

The webinar will also 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.

To register for this free event, please click here