A few weeks after revising its economic capital models, Standard & Poor's yesterday issued an explication for how it assesses emerging risks for property/casualty insurers. S&P said in a release that a significant part of its ratings services' analytical efforts is based upon capturing emerging risks in its enterprise risk management (ERM) reviews, capital assessments and overall credit opinions for the property/casualty insurers.
In its article, "Assessing Emerging Risks For Property/Casualty Insurers," S&P views the consideration of emerging risks as vital because of the broad-based, risk-accepting nature of property/casualty insurers. Furthermore, capital modeling can have some limitations when looking at risks that have an uncertain probability of occurring, are likely to occur but with unknown magnitude, or simply have never occurred before.
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