Catastrophic losses in the first quarter and Solvency II are driving the need for insurers to boost their understanding of non-modeled perils, according to Aon Benfield, a global reinsurance intermediary and capital advisor of Aon Corp.

Of the many illustrations of why insurers need to better understand how non-modeled perils could impact their portfolios, Aon Benfield points to the tsunamis generated by the Japan and Chile earthquakes, plus the disruption caused by the Icelandic and Chilean volcanic eruptions. According to Aon Benfield, estimates of risk must include how these perils contribute to insurance losses and how they link to modeled perils, such as earthquake and windstorm.

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