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A Study of Major Hurricanes and Subsequent Market Response

A Study of Major Hurricanes and Subsequent Market Response Working Party aims to address educated and inform actuaries on the nature and predictability of hurricanes and how they can cause insured loss in different classes of business. The working party will also discuss how the market is responding to hurricanes through product innovation, reserving, cat modelling and pricing.

Key objectives:

  • To explain in layman’s (or actuarial) terms the science behind hurricane formation and impact (shortest part)
  • To understand the history of hurricanes and how they have shaped the landscape of (re)insurance markets through a series of case studies
  • Discuss the current state of the market, conditions affecting market response and looking to influence how markets react post-event or after a run of clean years
  • Produce a paper outlining a) the basic science behind hurricanes and their drivers (including seasonal and multi-annual impacts), b) case studies on major hurricane years including loss estimation and how the market responded and c) an actuarial perspective on how well the market is responding to these events

Survey

The 'A Study of Major Hurricanes and Subsequent Market Response' Working Party invites you to complete a survey to help them build an understanding of US hurricanes and the historical market response. Further details can be found here.

News

Hurricane Clustering in the North Atlantic: A Discussion
Lloyd’s Library
Thursday, November 29 from 3 – 5pm
Followed by Networking Reception
An ISCM/IFoA Event Hosted by Lloyd’s

The 2017 and 2018 hurricane seasons have again focussed the attention of the catastrophe risk management and insurance community on the topic of hurricane clustering in the North Atlantic. Have the most recent hurricane seasons caused us to update our view of clustering as a meteorological occurrence, and if so, in what ways?

Please join us in the Lloyd’s Library on Thursday, November 29, for a presentation and panel discussion by leading industry experts from AIR, Corelogic and RMS, researchers from Bank of England, and SCOR on this important topic. During the two-hour session, we will hear the latest research and views on the existence of clustering and its interannual variability, the relevance of climate change, its impact on aggregate industry losses, and the extent to which clustering could and/or should be included in modelled views of risk.

The discussion will be followed by a drinks reception at One Under Lime.

Register your interest for the event

Register or email Emma.Watkins@lloyds.com

We look forward to seeing you in November.

Chair Adhiraj Maitra
Membership 15
Established 2018

 

Other outputs

Related documents

Contact Details

If you want more information about this research working party please contact the Communities Team.

professional.communities@actuaries.org.uk

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Events calendar

  • CILA 2022

    23 May 2022 - 24 May 2022

    Spaces available

    We continue to live in a world of global uncertainty. Survival depends on our ability to simultaneously navigate through the diverse root-causes, ranging from: the consequences of Climate Change; transitioning to Net Zero; increased inflationary pressures and supply chain issues; to self-imposed changes in regulatory requirements. CILA 2022 focuses on these challenges to ensure we continue to be informed and remain battle ready, as well as showcasing highlights of recent CMI outputs.

  • Spaces available

    In the spirit of fostering the IFoA’s vibrant, global community and enabling our members to participate, we have decided to hold our AGM virtually again this year. This allows for greater accessibility to this important annual event, and for greater accountability of our organisation.

    The Business of the AGM

  • The IFoA Conference 2022

    133 Houndsditch, London EC3A 7BX and Online
    22 June 2022 - 23 June 2022
    Spaces available

    We’re delighted to welcome you back to our first in-person conference since early 2020, also being delivered virtually in our first-ever hybrid event. The theme of our inaugural two-day conference is ‘Focusing on tomorrow’s actuary’ and will explore the contribution actuarial science is making to some of tomorrow’s biggest issues.