NAIC Catastrophe Modeling Issues Group Meeting Report

Recently, the National Association of Insurance Commissioners (“NAIC”) Catastrophe Modeling Issues Group (“CMI”) met to review progress on assigned projects.

The CMI, a subgroup of the NAIC Casualty Actuarial and Statistical Task Force, was formed to examine aspects of how catastrophe computer models are used in policy pricing and how reinsurance and catastrophe costs are allocated.

Chairman John Purple (CT) presided, with CMI Committee members Sarah McNair-Grove (AK), Karen Abrams (AZ), Al Wickman (NE), Tom Hess (OH), Dave Dahl (OR) and Lee Barclay (WA) in attendance.  Committee members Howard Eagelfeld (FL), Sarah Fore (IL), Brent Kabler (MO), Anne Kelly (NY), Carla Griffin (SC) and Leslie Jones (SC) were unable to attend.

Currently, a study and bibliography on ratemaking seminar information are being compiled by CMI members.  When complete, these materials are expected to provide insight on how individual states are using computer modeling for ratemaking. 

The CMI has been tasked with updating the 2001 NAIC Catastrophe Computer Modeling Handbook, a copy of which may be viewed by clicking here.   To view a summary of the Handbook, click here.

Should you have any questions or comments, please do not hesitate to contact Colodny Fass.

 

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