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Finally, the lag in paying claims provides an insurer with more time to respond to a given level of adverse loss experience compared to short-tailed lines such as catastrophe insurance, thus reducing the likelihood of severe financial distress.
BOSTON -- Karen Clark today announced the formation of a new independent firm--Karen Clark & Company--to help companies better use catastrophe models as sophisticated tools for making important risk management decisions.
However, this time it is by no means certain that the industry will come away from a major catastrophe with the usual goodwill--or that very troubling precedents won't be set by measures imposed on insurers after the fact.
However, we've now gone a full renewal cycle since the catastrophes experienced in 2005.
Insured losses from catastrophes in 2003 totaled $18.
AIR Worldwide Corporation (AIR) is a leading risk modeling company helping clients manage the financial impact of catastrophes and weather.
The consensus is that attempting to predict natural and man-made catastrophes should not be undervalued.
In response to the 2004 and 2005 hurricane seasons and to better manage its catastrophe exposure in 2006, Balboa began non-renewing its voluntary homeowners' business in Florida, and in 2005 entered into a reinsurance agreement to cede its lender-placed flood business and began the process of non-renewing that business.
With state-of-the-art technology and constant communication with weather bureaus and researchers, these trained national catastrophe monitors are continuously developing contingency plans to deal with any and all foreseeable disasters.
According to Munich Re, more than 50,000 people were killed in natural catastrophes worldwide in 2003, up from 11,000 the previous year.
The innovative bond, which is being brought to market by ABN AMRO London, will be the industry's first publicly rated collateralized debt obligation of natural catastrophe risk.
The year's oddest catastrophe struck in mid-August, when a mysterious power outage immediately and unexpectedly crippled much of the Northeast, Midwest and parts of Canada.