NU Online News Service, June 6, 2:45 p.m. EDT
NEW YORK—"Geographic diversity is not a hedge against loss," a Chartis executive says—a lesson amplified for the industry after it suffered more than $100 billion in losses from events in 2011.
Sanjay Godhwani, property product-line executive for Chartis, speaking at Advisen's Property Insights Conference here yesterday, said, "Mispricing exposure offsets diversification," and the industry had limited or poor data for many of the events in 2011 because the events were not modeled. Therefore, the industry had no secondary viewpoint of risk as it does with hurricanes or earthquakes.
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