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November 16, 2005

American Insurance Association supports catastrophe modeling technology

The American Insurance Association has expressed its support for catastrophe modeling technology but has warned regulators against a hasty implementation of restrictions to the mananagement of catastrophe funds.

By CBR Staff Writer

In a recent summit of regulators in San Francisco, the need for new catastrophe management solutions was universally acknowledged. Tammy Velasquez, AIA vice president of state affairs recognized the potential usefulness of computerized catastrophe modeling.

It is envisioned that such technology could measure risk, and identify catastrophe exposures. The technology could also potentially provide solutions to reduce and manage catastrophe exposures from hurricanes, earthquakes, seasonal storms, and other natural catastrophes.

The main concern expressed by the AIA was a potentially expanded role for the federal and state governments, which, if asserted without due consideration, could damage the entire system.

Although it is too early to predict the shape of a computerized catastrophe modeling system, or the extent to which it will prove useful, it is clear that technology will play a major role in the development of catastrophe management across the US.

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