Managing agents should ensure syndicates maintain appropriate control of catastrophe risk (from natural and non-natural perils) in line with business strategy.
To support this, managing agents should ensure their syndicates:
Managing agents should ensure syndicates maintain appropriate control of catastrophe risk (from natural and non-natural perils) in line with business strategy.
To support this, managing agents should ensure their syndicates:
Manage catastrophe exposure in line with their agreed risk appetites and tolerances
Employ appropriate tools to support effective and efficient exposure data capture, management and use
Adopt a robust risk-based framework for exposure quantification and monitoring, to support downstream decision making
Have the teams and expertise in place to meet the business needs, including strategic projects, regular deliverables and research and development
Define and maintain an appropriate cat view of risk methodology
Implement appropriate risk-based validation of the cat view of risk
Maintain a materially complete representation of cat in the syndicate view of risk
Adopt a robust risk-based framework for managing changes to cat view of risk and exposure management methodologies
Maintain consistent understanding, use and continual development of cat view of risk outputs
Have robust governance and oversight of risk aggregations
The Maturity Matrix for Catastrophe Exposure is available within the Principles and Maturity Matrix document, which can be found on our Principles for doing business at Lloyd’s page.