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Introduction

Ovum recently completed a study with the aim of gaining an accurate picture of the catastrophe exposure management landscape and how carriers are developing their exposure management capabilities for the future.

Highlights

  • Today's exposure management landscape is a fragmented mix of commercial and in-house-developed models, with 19% of carriers using more than 10 different models.

Features and Benefits

  • Identifies the drivers and challenges facing insurers in today's cat modeling landscape.
  • Assesses the strategies being used by insurers to overcome these challenges.

Key questions answered

  • Are catastrophe models meeting the needs of insurers?
  • What strategies are insurers using to best leverage their catastrophe models?

Table of contents

Summary

  • Catalyst
  • Ovum view
  • Key messages

An assessment of today's catastrophe model landscape

  • The current exposure management landscape is a fragmented mix of commercial models and models developed in-house
  • Exposure management objectives are operationally focused
  • UK carriers are strong advocates of COTS models, but the US remains more ambivalent
  • Identifying the drivers of losses is a key challenge for all carriers
  • Lacking the expertise to customize and not being seen as a priority are hindering the potential of COTS models
  • Carriers' investment in expertise and new models will see strong growth in 2017

Recommendations for carriers

  • "Buy" COTS models should be the default option
  • Evaluate a vendor's willingness to share model insights and development roadmaps
  • Identify a comprehensive set of models within a consistent platform framework
  • Cloud/SaaS should be considered for all new models

Appendix

  • Author

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