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Regulators are developing a more sophisticated view of catastrophe risk to match the increasingly nuanced techniques used by the markets they oversee. Milliman can provide essential support to regulators and other governing bodies on the topic of catastrophic risk.
Milliman has extensive experience participating in financial examinations under the NAIC’s Risk-Focused Examination framework. For larger (re)insurers, catastrophes often represent one of the larger solvency risks, thus requiring significant attention during the course of the exam. Milliman’s catastrophe expertise in both pricing and reserving makes it an ideal partner for the actuarial aspects of a financial exam review.
State insurance departments have taken a variety of approaches when confronted with output from unfamiliar models, particularly natural catastrophe models, as part of a rate filing. Some states, such as Florida, have undertaken full reviews of certain major catastrophe models and created a list of “acceptable” models which may be used in rate filings. Others have taken a more as-necessary approach in these situations.
In either case, Milliman can assist regulators in the exercise of reviewing and testing catastrophe models or reviewing rate filings in catastrophe-heavy geographies and lines of business.
Aaron Koch is a principal and consulting actuary based in Northern Virginia. He joined Milliman in 2011.