New versions of catastrophe models probably won't be in place soon enough to directly impact June and July 1 property reinsurance renewal pricing, a catastrophe modeling firm executive warns.
And while Karen Clark, president and CEO of AIR Worldwide in Boston, said she is not yet ready to put out any early indications of how far loss estimates based on the next version of her firm's model will jump, she did sit down with NU to provide a glimpse of the types of changes on the drawing board and to amplify some concerns about model usage.
Ms. Clark remembers what the world of catastrophe modeling was like years ago, when the climate was in a “cool” phase and senior executives at insurance and reinsurance companies scrutinized model results to make sure they made sense.
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