NAIC Announces Special Session On Casualty Catastrophe Risk

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The NAIC Center for Insurance Policy and Research (CIPR) will host a two-hour special session during the NAIC 2021 Summer National Meeting. The special session titled “Casualty Catastrophe Risk in the Time of Social Inflation: Landscape, Modeling and Action” takes place Tuesday, August 17, 2021, from 8:30 a.m. – 10:30 a.m. Eastern Time.

The Bank of England’s Prudential Regulation Authority recently found that insurance firms under their purview had less mature exposure management frameworks for casualty lines compared to property, urging firms to address this casualty risk assessment gap. The special session will provide an overview of the casualty emerging risk landscape, followed by insights from leading vendors on how to address this risk landscape utilizing catastrophe models. The event will conclude with a panel discussion amongst modelers, industry, and NAIC regulators on taking action regarding casualty emerging risk from a U.S. regulatory perspective.

CIPR anticipates strong participation for this session given this exploration.

All NAIC Summer National Meeting attendees are welcome to attend.

About the NAICAs part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. For more information, visit www.naic.org.