Iowa derecho losses were ‘neither anticipated nor modeled’: Holborn CEO
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Iowa derecho losses were ‘neither anticipated nor modeled’: Holborn CEO

Storm Cleanup Continues in Eastern Iowa
Photo: PA

Claims from the Iowa derecho last summer were another example of natural catastrophe losses that the industry had not anticipated or modeled for, according to the CEO and chairman of reinsurance broker Holborn.

In a market note, Frank Harrison said that while the industry’s understanding of risk had significantly made strides over the decades, existing models fail to calibrate a pricing metric that includes such outlier events.


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