Geologists, climatologists, natural catastrophe experts, underwriters, are all working on the deluge of data obtained from 2011’s slew of events. New and improved CAT modelling tools are now available which will help with understanding the risks better.
Experts including reinsurers, modellers and consultants explore the impact and lessons from the various events in Asia: be it the elevated seismic risk in the Tokyo area; the need to quantify supply chain risks; the need for the international reinsurance industry to help the Chinese market improve its data and loss models to be in line with global best practices; and the urgent need for prices to move up.
Mr Thomas Lillelund from Aspen Re’s Asia office in Singapore and Dr Kirsty Styles of Aspen Re, explain the reinsurer’s approach to increased earthquake risk in the Tokyo area.
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It is in the interest of the international reinsurance industry to continue to play a key role in assisting the Chinese market improve its data and loss models and meet CIRC’s push to move China in line with global best practices, says Mr Dustin Fabbian of Aon Benfield China Ltd. Effective earnings volatility management is also important in this large market which is cyclically exposed to CATs.
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Mr Stuart Selden of FM Global looks at how clients in the region have mitigated the effects of catastrophic flooding.
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