Data challenges for cat risk ‘threatens standard formula usage’
Lack of data could force insurers with non-standard catastrophe risks to use internal model, warns Insurance Europe
The standard formula's calibration for catastrophe risk may be unworkable for some insurers, despite concessions made by policy-makers, insurance trade body Insurance Europe has warned.
Representatives of the insurance industry have been involved in lengthy discussions with European policy-makers over the treatment of catastrophe risk by the standard formula.
But while some changes have been secured by insurers, a satisfactory agreement has yet to be reached on all of the industry's concerns
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