The Need for Casualty Catastrophe Models : A Way to Prepare for the "Next Asbestos"

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      <subfield code="a">The Need for Casualty Catastrophe Models</subfield>
      <subfield code="b">: A Way to Prepare for the "Next Asbestos"</subfield>
      <subfield code="c">Matthew Ball, Yi Jing, Landon Sullivan</subfield>
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      <subfield code="a">Insurers bound by Solvency II will be required to explicitly estimate the potential impact of mass torts, casualty catastrophes or "binary events" as part of insurers' technical provisions. Even where it is not currently a regulatory requirement, many casualty insurers are already aware that understanding their potential exposures to mass torts is critical for continued financial integrity and an important consideration within a sophisticated enterprise risk management framework. While natural catastrophes are normally the primary threat to a non-life insurer's short-term solvency, casualty catastrophes can also pose a risk too serious to ignore. The increased sophistication of natural catastrophe modeling over the past 20 years has allowed property insurers to better measure and manage their catastrophic exposure. Now, recently developed models are available to help casualty business writers exposed to mass torts evaluate and understand their risks. Approaches used to model these risks and some interesting results from case studies are described in this article. </subfield>
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