Houston, 18th September – Hurricane Harvey demonstrates the need for catastrophe modelling to move beyond property losses.
That was the key message from Russell Group managing director, Suki Basi speaking at the Houston Marine Insurance Seminar on the Port Accumulation.
“What Harvey reinforced is that the insurance industry needs to understand their exposures from such events in each of the sub-classes.
Furthermore, whilst the insurance industry’s initial focus is on all risk exposure, they also need to understand their exposure from other connected risks such as the supply chain, cyber and political violence” said Mr Basi.
Russell Group’s innovative approach to port accumulation covers all trade to and from G20 countries, political risk watch zones and countries prone to flood. By adopting this holistic approach, Mr Basi commented, will underwriters and insurers get a better understanding of their underlying port accumulation risk prior to capital commitment.