Taking the next step in hurricane modeling

Article Abstract:

The property and casualty insurance industry should share new hurricane modeling data with regulators and the public in order to mitigate hurricane damage. So far, the industry has chosen to protect its short-range financial interests by reducing exposures and raising premiums in hurricane-prone areas. The industry and the public would benefit more, in the long run, from hurricane modeling information applied to improved building codes and consumer education about property protection.

Direct Property and Casualty Insurance Carriers, Property & Liability NEC, Economic aspects, Column, Property and casualty insurance industry, Hurricane protection

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In defense of rate regulators

Article Abstract:

Many property and casualty insurers believe that their problems are the result of rate regulation. Insurers claim that regulators have political motives for keeping rates low, but regulators base nearly all rate revisions and denials on sound actuarial principles. The process of setting rates is subject to error because several variables are considered. Regulators must consider possible biases when evaluating rates. Solvency regulation is an essential part of rate regulation.

Evaluation, Rate regulation

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Cycles and crises

Article Abstract:

The underwriting cycle of the property and casualty insurance industry is a function of economic and institutional forces. Studies funded by the National Association of Insurance Commissioners focused on hard and soft markets and price/availability crises. The research determined that the causes of underwriting cycles are independent to control by regulation and industry. Measures which might effect these cycles are also discussed.

Research

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