A report released by the Bermuda Monetary Authority found that while Bermudian insurers exhibit sophistication in their use of models--particularly with catastrophic risk--there is room for improvement in other areas, including governance.
Only 45 percent of surveyed models have been reviewed by outside experts, with the extent of external review varying significantly, the report found.
The Authority's first comprehensive survey for research and analysis of capital modeling practices within the Bermuda market, released earlier this week, examined economic capital modeling tools and techniques being used by (Class 4) large insurers and reinsurers in the Bermuda market. The survey returns were then augmented by discussions with companies.
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