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19 October 2015
London
Reporter Becky Butcher

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Willis Re enhances approach to cat risk modelling

Willis Re has unveiled an enhanced approach to catastrophe risk modelling that enables insurers to more accurately measure, mitigate and articulate their catastrophe risk exposure for all major perils and territories globally.


The need for the approach comes as insurers are under increasing pressure from regulators and rating agencies to demonstrate a full, independent understanding and more reasoned quantification of their own catastrophe risk exposure, according to Willis Re.


This isn’t always straightforward given the multiple catastrophe models in existence, each with their own unique methodology and perspective.



Willis Re takes a ‘best of both worlds’ approach, for perils and regions covered by vendor models, Willis Re enhances and validates these models, where no vendor models exist, it builds new proprietary models.


In both aspects of the approach, the Willis Re View of Catastrophe Risk draws directly on the broader external academic resources of the Willis Research Network.



Willis Re has global licences for all the main third-party commercial vendor catastrophe models to help reinsurers and insurers work through a range of models and complex scientific views currently available.


John Cavanagh, global CEO of Willis Re, commented: “Risk quantification and risk management are high priorities within the boardrooms of insurers across the globe, and analytics plays a vital role in supporting these activities.”



“The integrated approach through the Willis Re View of cat risk methodology helps clients to establish their own objective view, using what is best for individual needs, not what is simply available off-the-shelf.”

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