Catastrophe management is at the head of the agenda for a new event being organised by Aon Benfield on Bermuda in May.
Aon Benfield’s Impact Forecasting Revealed event will look at the best ways with which those in or involved with the re/insurance industry can maximise their expertise in managing catastrophes.
According to the company catastrophe modellers are playing an increasingly diverse and strategic role as re/insurers innovate to create growth, while protecting their businesses from natural and man-made events.
Recent years have seen the US hit by a number of billion-dollar riverine and flash flood events in Louisiana, South Carolina, North Carolina, and Texas. These events were spawned by slow-moving weather systems that led to substantial rainfall which led to widespread inundation in densely populated regions. 2016 alone saw around $6 billion in insurable losses from non-tropical cyclone spawned flood events in the US.
In wake of events such as this, Aon Benfield said that its Impact Forecasting Revealed event will bring together industry experts to provide catastrophe modellers, risk managers and re/insurance underwriters with an end-to-end solution to support the critical workflows of their clients.
Speakers at the event include Christian Dunleavy from Aspen on underwriting private market solutions for emerging perils and products and Paul Gamm from Assurant on hurricane risk.
Other topics will include real-time US flood modelling, creating a comprehensive flood modelling solution for Canadian floods, the increasing threat of wildfires and finally the perils of portfolio catastrophe accumulation.
"Insurers and reinsurers have to respond quickly to their impacted clients," said Dan Dick, global head of catastrophe management at Aon Benfield. "For insurers, arming their claims team with information about the affected properties that they insure can help the claims professional identify and contact the homeowner, often before the insured has even reached out to the company. The flood extent maps can also assist the adjuster in understanding the potential severity of the loss. Some severe losses may need engineers and other professionals to assist in the loss assessment.
"At the end of the day, helping people who have been so adversely impacted by these events is the number one priority and helping insurers provide the appropriate resources and technical expertise to get them back on their feet is a differentiator."
The event will be held on May, 4 at the Hamilton Princess. You can register for the event here.
Aon Benfield, Catastrophe management, US, Dan Dick, Bermuda, North America