Ernst & Young and Oxford Analytica have bought into the UN’s view of climate modeling, and in their new report, Strategic Business Risk 2008, they reckon potential climate change as the greatest strategic risk currently facing the property and casualty insurance industry. More interesting still is an appendix to their new report. Candidly leading the short list of “five additional emerging risks” with the potential to become as significant during the next five years is “over reliance on model-based risk management.”
Source : Canadian Underwriter
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