This big insurance brokerage head thinks so
Natural catastrophes have driven hundreds of billions of dollars in insured losses so far this decade, and some have questioned the adequacy of catastrophe models used by insurers to underwrite risks. But actuarial and risk modeling experts are confident that they can and will catch up.
In a Sunday interview with the FT, Aon CEO Greg Case (pictured below) pointed to a need for better modeling to keep up with losses from weather events like severe convective storms and wildfire. The chief exec of the world’s second largest insurance broker underscored that reflecting “history to predict the future” won’t cut it when it comes to catastrophe, cyber or AI-related claims.
Globally,