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Standardised exposure data on Accord forms for 2004.
(From Insurance Day)
Byline: Stuart Collins
BROKERS, insurers and cedants placing property catastrophe and excess and surplus lines business will increasingly be required to submit standardised exposure data for the 2004 year account.
The majority of underwriters in the London and European markets are expected to insist on standard risk exposure forms drawn up by the insurance and reinsurance standards organisation, Accord.
The body is due to release standard reporting forms for catastrophe exposures and US surplus lines business in May. These will then be voted on by Accord members in June. The main Accord initiative has developed standard data reporting forms for catastrophe property lines. The initial focus has been on reporting US property insurance but the form will be extended to property catastrophe risks in Europe, Japan and the rest of the world.
The catastrophe exposure form captures standard data such as specific location, occupancy and building construction.
The standard exposure form is supported by 41 firms on the working group, including Aon, Marsh, Miller, Swiss Re, Munich Re, XL, AIG and and the catastrophe modelling firms. Following approval by the working group, the form will need to be approved in June by Accord's members, which are said to represent over 90% of the world's carriers.
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