A Common Language — New Paper Looks at How to Price International Property Coverage by Individual Risk

The hardest part of insuring properties outside the United States isn’t usually obtaining the proper translation from another language. It’s often trying to get others, from the risk manager and broker, to insurer and reinsurer, to understand a common insurance language relating to pricing international property coverage by individual risk. ISO’s John Buchanan led an international team of actuaries, underwriters, and educators toward a potential solution—a paper designed to serve as a reference guide to help with pricing property by individual risk around the world. The paper, “Analyzing the Disconnect Between the Reinsurance Submission and Global Underwriter’s Needs,” is the result of a working party that John headed over the past two years from the Institute and Faculty of Actuaries’ General Insurance Research Organising Committee (IFoA-GIRO) and the Casualty Actuarial Society’s Casualty Actuaries in Reinsurance (CAS-CARe).

While reinsurance is featured in the title, the paper looks at a wide range of topics in international insurance, including:

  • construction, occupancy, protection, exposures (COPE)
  • amount of insurance definitions
  • loss ratio estimation methods
  • usefulness of historical profiles
  • various price monitors
  • property catastrophe submissions

Please fill out the form to the right to download a free copy of the paper.