Recently, our own Bob Reville and Melissa Boudreau joined our friends at the NAIC Center for Insurance Policy and Research (CIPR) for their webinar, “Casualty Catastrophe Risk in a Time of Social Inflation: Landscape, Modeling, and Action.” If you missed it, click here to watch the recording. Here’s an overview of the session.
Recent U.S. property/casualty (P/C) insured loss estimates for asbestos ($100 billion) and environmental pollution ($46 billion) stemming from the 1970s and 1990s, respectively, would rank at the top of the list of the costliest U.S. insured losses from natural disasters. In addition to these ongoing asbestos-related and environmental claims, other new product and behavioral liability exposures—such as perfluoroalkyl and polyfluoroalkyl substances (PFAS), opioids, and climate liability—are emerging with the potential to result in such casualty catastrophes, especially when combined with the concept of “social inflation.”
Despite this latent casualty catastrophe risk, the Bank of England’s Prudential Regulation Authority recently found that “most firms in our sample were less mature in capturing data, developing tools, and making decisions based on exposure management information for casualty lines compared to property.” During this session, we will explore the casualty catastrophe emerging risk landscape, tools available to understand it, and actions industry and state insurance regulators can take to address it.
Watch the full session, including a live Q&A section, here:
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