Insurers Study Aggregate Risk

The record 2004 hurricane season has led to a much greater focus on aggregate risk that will prompt changes in catastrophe risk assessment, an industry executive told a recent gathering of actuaries.

Randall Brubaker, senior vice president of Chicago-based Aon Corp., speaking during the Casualty Actuarial Society's recent spring meeting in Phoenix, said that companies buying reinsurance today are much more interested in aggregate probable maximum losses (PMLs) than they were in the past.

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