Sept. 11 Exposed Insurer Modeling Flaws
Tucson, Ariz.
The Sept. 11 terrorist attacks on the United States exposed a flaw in the insurance industrys modeling process, an industry executive told a meeting of captive insurers here.
Indeed, a post-catastrophe review revealed that the industrys models for the aggregation of different types of risk "were actually inadequate," according to John Alfieri, executive vice president at Munich-American RiskPartners in Princeton, N.J.
"For the first time in our history, we had aviation risks correlating with fine arts floaters, correlating with business interruption losses, correlating with excess [workers'] comp accumulations," he said during a panel discussion here at the Captive Insurance Companies Association annual conference.
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