Cat modelling firms open platforms as insurers demand flexibility
In a changing environmental and regulatory climate insurers are demanding greater knowledge of and control over every component of their catastrophe modelling software. And software vendors are responding to this, increasing transparency and sharing data. There are even moves to create an open catastrophe modelling platform. Clive Davidson reports
Catastrophe modelling is undergoing a transformation. The hazards remain as threatening as ever – witness the recent Oklahoma tornado, Hurricane Sandy in 2012, or the Tohoku earthquake and tsunami in 2011. But the industry’s attitude to the risks and the models they use to help manage them is changing fast.
Unlike market risk or non-catastrophe insurance risk modelling, catastrophe risk modelling
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