Several regions in Europe have experienced significant and costly SCS activity in recent years, with high levels of insured and economic losses. Data shows that the contribution of SCS to total losses from all perils has increased in recent years — with SCS contributing nearly 60% of total losses in the last five-year period, compared to just 50% across the last 20 years.
As a result, carriers needed access to latest, and most advanced, analytics to adequately understand their reinsurance, capital, exposure management and underwriting needs.
This is why Gallagher Re is collaborating with experts at the European Severe Storms Laboratory (ESSL) to develop the next iteration of advanced probabilistic model, capturing the full extent of SCS risk at a pan-European scale.
Our latest whitepaper explores this new partnership, as well as key insights into European SCS risk, including:
- The historical loss profile of SCS in Europe
- Main drivers of loss from SCS, including the importance of sub-perils
- The evolution of Gallagher Re's European hail offering
- How the new partnership with ESSL will lead to innovation in risk modeling and a market-leading first pan-European model for all SCS sub-perils
- How clients will be able to use this new model to support their needs