Guy Carpenter has launched a new data-driven casualty catastrophe model, GC ForCas, developed to help insurers better understand their exposure to casualty catastrophe losses resulting from the accumulation of U.S. commercial lines policies.
GC ForCas utilizes a variety of industry sources including Advisen’s large loss database of more than 250,000 historical losses to anticipate the vast number of scenarios and line-of-business dependencies, according to a company statement.
GC ForCas will initially address losses resulting from sudden disasters, but Guy Carpenter said that future components will add losses resulting from financial institutions and cyber insurance policies.
“To protect their capital from casualty catastrophe risk, carriers have needed tools and models that can probe a portfolio to apply potential disaster scenarios, identify likely exposures and map how liability may spread from the epicenter to other industries, jurisdictions and lines of business,” said Andrew Marcell, CEO of U.S. Operations. “That is exactly what GC ForCas accomplishes.”