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Additional info for Catastrophic Risks And Insurance: Policy Issues in Insurance No.8
While, initially, this will be at the new attractive pricing, very quickly, the competition will force prices down. CATASTROPHIC RISKS AND INSURANCE – ISBN 92-64-00994-9 – © OECD 2005 45 CHAPTER 3. RECENT TRENDS IN THE CATASTROPHIC RISK INSURANCE / REINSURANCE MARKET In the past, this has lead to prices being forced down below that which is sustainable causing the withdrawals and company failures as mentioned earlier. As the insurance industry has been increasingly more transparent, especially to the Rating Agencies who are becoming more disillusioned at this perceived lack of discipline and are therefore recommending to the shareholders to insist on a business model that can deliver value in a more consistent way than even before.
RECENT TRENDS IN THE CATASTROPHIC RISK INSURANCE / REINSURANCE MARKET to apply the modelling techniques used to predict and price catastrophe risk. While some terrorism models try to provide a return period for terrorist events and any losses, others focus more on quantifying the likely impact of an attack rather its probability, such as Benfield’s EXPECT5 (EXPosure Evaluation and Control Tool), which enables insurers to monitor concentrations of terrorism risk in their property portfolios. While commercial capacity now appears adequate to meet relatively low levels of demand in most markets, most industry observers continue to see commercial capacity as inadequate for catastrophic terrorism exposures.
The sector with the highest level of terrorism insurance is energy companies, with more than 40% buying coverage1. However, buyers’ lack of enthusiasm for terrorism coverage could prove misplaced, as recent analyses suggest that the financial impact of future terrorist attacks could dwarf the estimated US$40bn loss generated by 9/11. For example, Risk Management Solutions (RMS)2 estimates that a major anthrax attack in a US city killing more than 100,00 people could generate an insured loss of nearly US$55bn to life, accident, health, and workers compensation (re)insurers alone, excluding related property losses.