NAIC Catastrophe Modeling Subgroup Meeting Report

The National Association of Insurance Commissioners (“NAIC”) recently held a Catastrophe Modeling Subgroup of the Casualty Actuarial and Statistical Task Force (“Subgroup”) meeting to review progress on the use of catastrophe models in ratemaking assignments.

This meeting was held in place of the cancelled call on September 2, 2008.

Chairman John Purple called the meeting to order with a quorum of members in attendance.

Chairman Purple determined that since those Subgroup members responsible for updating the earthquake and hurricane sections of the 2001 NAIC Catastrophe Computer Modeling Handbook (Sarah Fore and Howard Eagelfeld, respectively) were not in attendance, no progress had been made since the last Subgroup meeting. Chairman Purple urged Subgroup members to submit their revisions for discussion at the meeting scheduled for October 14, 2008.

Subgroup members were provided with an annotated bibliography of selected presentations on catastrophe models at various recent Casualty and Actuarial Society seminars for review. Chairman Purple decided to defer consideration of the document until the next meeting. A copy of the bibliography is attached for your review.

The Subgroup 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.