Guy Carpenter launches data-driven casualty catastrophe modelReprints
Guy Carpenter & Co. L.L.C., wholly owned subsidiary of Marsh & McLennan Companies Inc. has launched GC ForCasSM, its new data-driven casualty catastrophe model, the company said in a statement Monday.
The new model was developed to help insurance carriers better understand their exposure to casualty catastrophe losses resulting from accumulations of risks in U.S. commercial lines coverage.
The first component of the model, which addresses losses resulting from sudden disasters, has been released, while successive model components for losses resulting from financial institutions and cyber insurance policies are near completion and will be added to the GC ForCas platform, the company said in its statement.
The platform utilizes a variety of industry sources including Advisen Ltd.'s large loss database of more than 250,000 historical losses to anticipate the vast number of scenarios and line of business dependencies, added Guy Carpenter.
“Through the use of GC ForCas, companies will be able to make better risk-informed decisions with respect to managing the accumulation of casualty catastrophe exposures, and share that information with rating agencies and other stakeholders,” Will Garland, U.S. head of specialties at Guy Carpenter, said in the statement.