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OLDWICK - SEPTEMBER 15, 2017 02:19 PM (EDT)
In this A.M.BestTV episode at the annual Rendez-Vous de Septembre (Rendez-Vous) conference in Monte Carlo, Monaco, modeling executives, along with Greg Carter, A.M. Best managing director, analytics, assess the long-term costs of recent U.S. storms, particularly amid Florida’s complicated litigious environment, Texas’ complex commercial facilities and the makeup of industry loss warrantees. Click on http://www.ambest.com/v.asp?v=rvs5917 to view the entire program.
“Claims emerging from these catastrophes cover a number of different areas. A.M. Best sees residential property, commercial businesses and business interruption as the likely main categories of claims,” said Carter. “At this point, A.M. Best is not considering these storms to be industry-changing events, although these are some of the largest storms that have occurred for several years and the losses are looking to be potentially quite high numbers.”
Jay Guin, chief research officer, AIR Worldwide, addressed the role catastrophe modeling has played in the industry in predicting these various storms.
“The industry does not expect companies to be in financial trouble this season, and I believe a large part of it is due to the relevance of catastrophe models and how risk is managed today as opposed to several decades ago. The industry has learned a lot of lessons, and while every storm is unique and comes with its own set of complexities, the models have evolved in a very big way whereby we can triangulate some of the challenges and come up with estimates,” he said.
For full video coverage of the Rendez-Vous conference, including exclusive executive interviews, visit http://www.ambest.tv/rvs17 .
Other people that appear in this episode:
Recent episodes of A.M.BestTV include:
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A.M. Best is the world’s oldest and most authoritative insurance rating and information source.