Insight and Intelligence on the London & International Insurance Markets

22 January 2018

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US Property CAT Rankings - Definitions

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Risk Service Providers

- Catastrophe modelling firm: modelling firms that help insurance firms prepare for the financial impacts of catastrophes before they occur by assessing the likelihood and severity of losses.

- Weather tool / service: a weather tool or service that provides prediction, measurement or analysis on significant weather events.


Attributes of Brokers

i) Risk knowledge: Level of preparation and understanding of the risk in order to select the most appropriate markets and present the risk effectively to underwriters.

ii) Honesty/Integrity: Quality of being trustworthy and holding high work and personal standards.

iii) Reasoning: Capacity to provide winning arguments and communicate effectively across a variety of contexts.

iv) Analytical skills: Knowledge of which markets will provide best value cover for a given risk.

v) Diligence: Year-round attention to the account throughout its the whole cycle; good record-keeping.

vi) Ownership: Willingness to respond when things go wrong for the client. Quality of interaction with the claims team.

vii) Consistency: Focus on long-term value for the client as opposed to short-term price gains.

viii) Creativity: Ability to work around a problem with the underwriter and/or client. Ability to improvise and to go outside of the usual to meet client needs.


Attributes of Underwriters

i) Knowledge/Experience: Deep technical and regulatory knowledge of the risk. Can provide on-the-spot advice and guidance.

ii) Negotiating skills: Effective negotiator across a variety of contexts, can come up with solutions that leave both sides feeling that they have not lost.

iii) Work ethic: Praised for his/her availability, fast response. A "no stone unturned" philosophy.

iv) Communication skills: Good at explaining their reasoning/decision.

v) Creativity: Ability to improvise, to go outside of the usual to meet client needs.

vi) Consistency: In step with the market. A consistent behaviour or treatment of risks and relationships.

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