Enhancing tools to understand and assess regional Nat CAT perils will help to create a strong and sustainable CAT excess-of-loss market in the Middle East and benefit both insurers and reinsurers, says Mr Rainer Lehner of Asia Capital Re.
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In the absence of specialised Nat CAT models, companies can start building in worst-case scenarios in their capital models, says Mr Hatim Maskawala of Badri Management Consultancy.
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In the absence of robust CAT models for the region, insurers and reinsurers can start the process of starting to collect high-quality data now to spur the development and use of modeling tools, says Dr Laurent Marescot of RMS.
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Nat CAT damage is relative, and a "quiet" year in terms of losses can still have locally devastating hazard events, says Dr Thomas Jeffery of CoreLogic, citing data from the US market.
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CAT modelling practices are about to become transformed by the impact of more data and better analytics, says Mr Tony Boobier of IBM.
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Despite the competition and various other challenges faced by the property insurance market in MENA, there is much to be optimistic about, says Mr Rohit Carleton of Aon Benfield.
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There is sufficient insurance capacity to meet the boom in airline growth globally and in the Middle East, although the level is dependent on various factors, says Mr Georgios Toulkeridis of Swiss Re.
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