Loss leaders
Operational risk is potentially the biggest risk faced by insurers – and also one of the most difficult to model. However, as a number of loss data aggregation initiatives globally either emerge or mature, insurers are much better placed to quantify their op risk exposure – but challenges remain.Clive Davidson reports
insurance is at heart a simple business. Analyse the likelihood of a certain event occurring, aggregate a pool of this risk from different sources, charge a premium for your services and wait for the profits to emerge. Of course, life is not that simple, and while it is possible to run a Monte Carlo simulation that demonstrates the impact movements in interest rates will have on insurers’
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