After undergoing actuarial review, two possible flood insurance models are the “most promising” for private-public engagement within the upcoming national flood insurance program, a federal government official suggests.
“I can tell you this because I’m an actuary — for the most part, we like to hide those signals in our price in our proprietary risk models, which really leads to a problem of asymmetric knowledge. We know more than [our clients] do.”
Canada’s seen US$54 billion in economic losses due to weather events since 2010, Steve Bowen, Aon global head of catastrophe insight, told CatIQ’s Feb. 10 webinar, Catastrophes: Past, Present and Innovative Paths Forward.
Urbanization, the increasing popularity of solar panels and a greater awareness of what is covered insurance are among the factors driving an escalation of insured property losses, a speaker suggested at December 2’s CatIQ Connect conference.