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
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
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.