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  5. Catastrophe Modeling - A Snap Poll for the Celent Executive Panel

Catastrophe Modeling - A Snap Poll for the Celent Executive Panel

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1 August 2024
Karlyn Carnahan
Andrew Schwartz

Available Only for Members of the NA Celent Insurance Executive Panel

Abstract

Snap polls reflect questions posed by members of the Celent Executive Panel, a group of C level executives in the insurance industry. This comes from an insurer wanted to get insights from others on how they handle cat modeling. This deck provides a summary of the responses to a Snap Poll conducted July 24– July 29, 2024.

Questions for a snap poll come from one of the other members of the panel. The snap poll was fielded to select members of the Celent Executive Panel, a group of C level executives in the insurance industry. 11 insurers responded to this survey. In addition to those respondents, multiple insurers responded that they were unable to respond to this snap poll due to the proprietary nature of the questions

If you are an insurer and are interested in participating and receiving these snap polls, please email kcarnahan@celent.com to verify eligibility.

The question that was posed was:

Background:

This insurer is looking into how they handle cat modeling capabilities and are interested in how others have operationalized this capability. They’re interested in whether others have dedicated teams and if so, whether it affects the cat loss ratio.

Questions:

Who in your company is responsible for catastrophe modeling?

  • CAT Modeling Team
  • Actuary
  • Data Science
  • A third party – e.g. our reinsurance broker
  • We don’t do catastrophe modeling
  • Other: _________

If you have a dedicated team, how many staff members are there and what are their qualifications?

Do you have any team members with niche backgrounds, like Meteorology?

  • If yes, describe their contribution to the team,
  • If no, do you seek additional consultative support from third parties?

What are the main objectives of catastrophe modeling in your company:

  • Profitability
  • Risk management)
  • Other: _____________

Where do you get your cat models?

  • We license from 3rd party.
  • If so, which vendors?
  • We build in house.

If so, what data sources do you use (e.g., exposure, hazard, vulnerability, loss)?

  • Our reinsurer or reinsurance broker provides this.

Who do you report the results of catastrophe modeling to (select all that apply)?

  • Senior management
  • Underwriters
  • Regulators
  • Clients
  • Other: _______________

How does catastrophe modeling affect your risk management and decision making processes?

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