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Insurance companies rely on catastrophe models to provide reliable estimates of loss, whether for managing risk over the long term or for understanding their loss potential in real time as an actual event unfolds.

Insurance companies rely on catastrophe models to provide reliable estimates of loss, whether for managing risk over the long term or for understanding their loss potential in real time as an actual event unfolds.

Insurance industry representatives are raising concerns about possible plans by the National Association of Insurance Commissioners to develop its own natural catastrophe models.

Catastrophe modeling firm AIR Worldwide Corporation announced here earlier this week it has added a service to modeling of industrial and energy facilities, including offshore platforms and networks to its system.

Specialty writers seek exposure intelligence to produce better pricing

"The market has really grown in the last few years. It's actually the original form of reinsurance before treaty was invented," explained Elliot Richardson, chief executive officer of the Aon Re

Reacting to an expert's negative comments about insurance companies' use of catastrophe models, industry representatives said carriers have improved their use and understanding of models since Hurrica

NEW YORK--Insurers have become too reliant on catastrophe models when deciding which risks should be cancelled and which ones are acceptable, a pioneer in the modeling field told an industry gathering