NatCat such as floods and earthquakes - the main topics discussed in Baden-Baden

22 October 2013 — Vlad BOLDIJAR
inundatii_europa6Natural catastrophes, such as the German floods, as well as the losses and other implications they generate, with a particular focus on the companies' predictions and estimates, represent the main subjects debated these days in Baden-Baden.

"By the looks of it, some companies have done a superb job on the floods. (...) They made certain predictions based on improved information and improved underwriting and low and behold the flood is what they said it would be which is very impressive", declared Andrew BARNARD, Managing Director and Head of International Property-Catastrophe Reinsurance, MARKEL - quoted by BADEN-BADEN Today - an insurance magazine issued by INTELLIGENT Insurer.

BARNARD said that the floods hit the reinsurance programs as the specialists expected and he anticipates that any price increases resulting from flood losses will be restricted to quite narrow geographical areas.

Regarding the rates in the context of earthquakes, BARNARD considers that "it is a very difficult product to price effectively, and I think that's a huge challenge".

Share |