Major insurance companies in London will review catastrophe risk management developments over the last decade, the International Underwriting Association (IUA) has announced.
The industry body will hold a meeting on October 4 to examine how catastrophe risk modelling has developed in the past 10 years and how it would look like in the next decade.
First hosted 10 years ago, the meeting aims to explore how risk modelling techniques can be applied across a range of underwriting disciplines.
“When we first held a catastrophe risk management event in 2006, it was a fairly novel concept,” said IUA chief executive Dave Matcham. “The London Market’s modelling community was relatively small and dedicated events were not common.”
“Now many IUA members have quite extensive in-house modelling teams, the use of such techniques is widespread and models themselves are ever more sophisticated,” he added.
Matcham said the annual meeting has covered “everything from flood to solar risks by way of climate change and cyber security.”
For this year’s meeting, IUA will look at business interruption losses in recent global catastrophes. A panel discussion comparing models from the industry’s major service companies will also be held.
Speakers include Frank Nutter, president of the Reinsurance Association of America and Lewis Pugh, United Nations patron of the oceans.
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