Vysvetlenie z Insurance Europe (Angus Scorgie, Policy Advisor, Prudential Regulation):
“I wanted to let you know that, following the recent discussion on the (re)calibrations of the catastrophe parameters, the CAT WS will propose a country factor of 0.16% for the Slovakian Earthquake scenario.
Further information on the input data and recalibration process, along with the CRESTA level calibrations and aggregation matrices, will be made available in due course. The zonal calibrations of the Slovakian Earthquake scenario in particular are being discussed at present and we hope to be able to update you on the impact this will have on the Slovakian market very soon.
I also asked a couple of the modellers on the CAT WS about the relationship of the Slovakian Earthquake risk with that of the neighbouring countries. They noted that the two main factors which drive the country factor calibration are the seismic hazard and the concentration of exposure. The following link (http://www.preventionweb.net/files/10049_10049ESCSESAMEposterA41.jpg) gives a seismic hazard map of Europe which shows that seismic activity is higher in Slovakia than in the Czech Republic and Poland. With regard to the relationship with Austria, the modellers noted that they thought it was likely that the concentration of risk was higher in Slovakia (concentrated in Bratislava) than in Austria where they expected the exposure to be more widespread, thus justifying the higher country factor for Slovakia.
As I mentioned above, we hope to be able to update you on the revised zonal calibrations/aggregation matrics for Slovakian Earthquake risk shortly and the impact this will have on the Slovakian market.”