Almost every discussion of 2012 reinsurance rates for U.S.property risks touches on major changes in catastrophe models—boththe recently released Risk Management Solutions (RMS) version 11.0U.S. Hurricane Model; and, to a lesser extent, AIR Worldwide'srevisions released last year but only now making their way throughthe system.
James Vickers, chairman of Willis Re International &Specialty, is one of a number of experts who believes the RMSchanges already have had some upward impact on pricing on certainmid-year U.S. property-catastrophe renewals—and he expects thistrend to continue in the Jan. 1, 2012 renewals.
However, he anticipates RMS changes for European windstorm willhave less impact because most buyers there are still assessing howthe model change will affect their holdings “and because modelsother than RMS are widely used” across the Atlantic, Vickersadds.
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