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NATCAT Modeling |
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Natural Catastrophe Risk analysis is a process where the loss estimates due to the Natural catastrophic Perils like EQ, Hurricane or Tornado/Hail is computed for the Insurance Property or worker compensation lines of businesses. The loss estimation is computed using proprietary vendor models.
The Natural Catastrophe models helps insurers, reinsurers and risk managers to determine the most accurate risk management and pricing strategies. It is required more so for building the Premium to be charged for the property and worker compensation line of business. It is even important to ensure that individual companies have sufficient resources to withstand one or more major disasters.
Vehere has 15 man years experience in modeling deals for (Re) Insurance companies. It works on use of vendor model for loss estimation and provides deeper understanding of the pricing variations and insurance and reinsurance portfolios underwritten.
The output is estimation of the losses that the model predicts with using stochastic event or set of events generated using the financial and hazard modules of the cat model. Probable maximum losses (PMLs) and average annual losses (AALs) are calculated from the loss distribution of Probabilistic Model. Deterministic model is used to calculate losses from a specific event |
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| The Process Includes: |
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- Understanding the insured's data and interpretation
- Converting the data into Cat modelable format
- Nat Cat Data Modeling
- Inference of modeled results
- Explanation for the observed variation in losses over period of time
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