NAIC Catastrophe Modeling Subgroup Meeting: April 2
Apr 2, 2009
The National Association of Insurance Commissioners’ (“NAIC”) Catastrophe Modeling Subgroup (“Subgroup”) of the Casualty Actuarial & Statistical (C) Task Force met via teleconference on Thursday, April 2, 2009.
A quorum of Subgroup members was not present, so discussion was limited to issues that did not require consensus votes.
In its most recent meeting, Subgroup members discussed the possibility of holding a series of regulator-only Webinars in conjunction with AIR Worldwide Corporation to detail the catastrophe modeling process. The NAIC has expressed willingness to absorb the cost of the Webinars and a final decision is expected on this in the next two months.
Subgroup members were updated on the NAIC Property and Casualty Insurance Committee’s March 27, 2009 Request for Proposal to secure national catastrophe modeling consultants to aid in developing a recommendation on the scope, timeline and potential costs of building a national catastrophe multi-peril model for personal lines. The pilot project will involve several states, including Florida.
April 10 is the application deadline for RFP responders, who would then have a deadline of June 1, 2009 for completing their work. Pilot states would then be prepared to proceed in July, 2009.
Subgroup members had been asked to submit revisions to certain questions listed in the NAIC 2001 Catastrophe Computer Model Handbook (“Handbook”) relating to the effect of computer models on individual States’ insurance rates. The Handbook explores issues arising from the use of computer catastrophe models and includes detailed information about specific modelers, state and modeler contacts, enacted state legislation, the Florida Hurricane Catastrophe Fund and the California Earthquake Authority.
The Subgroup had been scheduled to review a draft of revised handbook questions, but members discussed the possibility of holding a 90-minute teleconference dedicated strictly to dealing with the Handbook questions that would include participation of members from Alaska, Florida, Missouri, Oregon and Washington, among others. An e-mail will be sent to Subgroup members to determine a specific late-April date.
The Subgroup will schedule its next meeting date after the aforementioned Webinars are completed.
With no further business, the meeting adjourned.
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