2023 Membership

2023 Adopted Charges

The Catastrophe Risk (E) Subgroup of the Property and Casualty Risk-Based Capital (E) Working Group will:

1. Recalculate the premium risk factors on an ex-catastrophe basis, if needed.
2. Continue to update the U.S. and non-U.S. catastrophe event list.
3. Continue to evaluate the need for exemption criteria for insurers with minimal risk.
4. Evaluate the RBC results inclusive of a catastrophe risk charge.
5. Refine instructions for the catastrophe risk charge.
6. Continue to evaluate any necessary refinements to the catastrophe risk formula.
7. Evaluate other catastrophe risks for possible inclusion in the charge.

Catastrophe Event List Process

• Interested parties will provide the list of catastrophe events for the current year by October 31. The events should be limited to events with insured losses greater than US $25 million and should be numbered and labeled by source: PCS, Munich Re NatCat Service or Swiss Re Sigma. The following information is required for the submission:
  • Catastrophe Event Year
  • Event Type
  • Event Beginning Date and Ending Date
  • Affected Country/Countries
  • Affected Areas
  • Source of the information
  • Estimated loss in US$
• The Catastrophe Risk (E) Subgroup will expose the list on November 7.
• The Subgroup will either schedule a conference call or conduct an email vote to adopt the list before November 15.
• The Capital Adequacy (E) Task Force will consider adopting the list at the Fall National Meeting.
• The list will be published on the Catastrophe Risk (E) Subgroup’s website after it’s adopted by the Capital Adequacy (E) Task Force.
• Any additional events that happen between October 1 and December 31 will be exposed by the Catastrophe Risk (E) Subgroup on January 2.
• The Catastrophe Risk (E) Subgroup will either schedule a conference call or conduct an email vote to adopt the updated list after the Committee Assignment Meeting.
• The Capital Adequacy (E) Task Force will consider adopting the updated list on or before January 31.
• The updated list will be published on the Catastrophe Risk (E) Subgroup’s website after it’s adopted by the Capital Adequacy (E) Task Force.