Insurers are keeping flawed data on the value of properties they insure, which leads them to underestimate reinsurance needs and improperly evaluate their risk portfolios, the head of a catastrophe modeling firm warned today.
Karen Clark, AIR Worldwide Corp. president and chief executive officer, made her comments in an interview with National Underwriter, discussing her firm's report that found quality issues with insurers' calculations of their loss exposures.
The Boston-based firm's analysis determined that the quality and completeness of most insurers' commercial policy data is insufficient for a detailed and accurate assessment of their catastrophe risk.
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