In comments made this afternoon during the second-quarter earnings call of Bermuda based reinsurance and third-party capital management specialist RenaissanceRe, the companies CEO Kevin O’Donnell said the catastrophe modelling vendors are failing to robustly capture the effects of climate change.
O’Donnell’s comments suggest a lack of confidence in the commercially available vendor catastrophe models at one of the largest underwriters of property catastrophe risk.
That could be a concern for model vendors, as typically if one underwriting ethos loses confidence, others could follow.
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