Cover Story

Nat CATs

Nat CATs including earthquakes and floods are less well modelled for the region. The perils have largely been underestimated by insurers and there is a protection gap. But things are changing for the better with new active models coming out.

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When CAT floodgates open

Nat CATs have the potential to significantly deplete (re)insurers’ capital positions. GCC insurers cover a relatively benign earthquake zone but are exposed to flood risk. Floods events can result in losses to insurers both through their property portfolios and motor books. Mr Michael Dunckley of S&P Global Ratings suggests ways to mitigate the risks.

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A new model for the Middle East

For insurance to play its full potential in mitigating and transferring earthquake risk in the Middle East, insurers need better earthquake models. Mr Trevor Maynard of Lloyd’s and Dr Mohammad R Zolfaghari of CATRisk Solutions draw a bespoke seismotectonic source model for accurate assessment of earthquake risk in the region.