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Climate change could impact US corn yields by 40%: AIR
21st May 2021
In collaboration with data analytics provider Verisk, David Victor and experts from AXIS Capital, explored how climate change may affect agricultural risk in the United States, specifically looking at the impact on corn yield. Verisk’s extreme event modelling business unit, AIR Worldwide (AIR), conducted the research to isolate effects of variation ... Read the full article
‘Class of 2020’ re/insurers opt for AIR as modeller of choice
21st May 2021
Catastrophe modelling firm AIR Worldwide has said that it ranked as the modeller of choice among newly established international insurance and reinsurance companies from the so-called ‘Class of 2020.’ Recently formed re/insurers including Conduit Re, Core Specialty, Inigo Ltd, Integral ILS Ltd, and Vantage Risk have all opted for services from ... Read the full article
Insurers need to increase reinsurance process efficiency: Sequel
16th April 2021
Analysts at Sequel have argued that insurers need to rethink their “highly inefficient approach” to reinsurance buying, alongside the release of the latest version of the Sequel Re system. Sequel, a Verisk business, argues that investing in an end-to-end reinsurance system is now the logical way to manage reinsurance programs efficiently ... Read the full article
Resilience hires Eduard Alpin as Chief Actuary
16th April 2021
Resilience Cyber Insurance Solutions has appointed Eduard Alpin as Chief Actuary. Alpin most recently served as the Director of Cyber Solutions at Verisk Analytics, a data analytics and risk assessment firm. At Verisk he led the ISO Cyber Rating Plan development and launched the Cyber Data Exchange, a first-of-its-kind global data-sharing platform. Over ... Read the full article
Lloyd’s Lab announces its sixth cohort additions
15th April 2021
Lloyd’s of London has announced the next eleven InsurTech start-ups to join the sixth cohort of the Lloyd’s Lab innovation accelerator programme. The program will be focused on creating simpler products for customers, including building solutions related to climate risks. This follows Lloyd’s commitments to reducing complexity and enhancing coverage clarity outlined ... Read the full article
AIR makes CEDE database publicly available
3rd March 2021
Catastrophe modelling firm AIR Worldwide has made its Catastrophe Exposure Data Exchange (CEDE) database model available to insurers. CEDE is the open database standard developed by AIR to facilitate data exchange and to encourage model development. AIR has been a part of open standards for a long time and in 1993 developed ... Read the full article
AIR says winter storm Uri industry loss likely to exceed $10bn
26th February 2021
The damaging impacts of winter storm Uri and associated severe winter weather in the U.S. is expected to result in an insurance and reinsurance industry loss of more than $10 billion, according to catastrophe risk modeller AIR Worldwide. The winter storm arrived on the country’s President’s Day weekend bringing damaging ice ... Read the full article
Insurers need to take on more cyber risk to grow the market: Johansmeyer, PCS
17th November 2020
While it might well be true that there's too much cyber risk out there in the world for the re/insurance industry to handle, insurers need to be willing to assume more risk to help the market grow, says Tom Johansmeyer, Head of Property Claim Services (PCS), part of Verisk. The cyber ... Read the full article
PCS adds elemental Gulf of Mexico losses to Global Marine and Energy platform
14th October 2020
Property Claim Services (PCS), part of Verisk, has expanded its PCS Global Marine and Energy loss data service with the addition of elemental loss reporting for the Gulf of Mexico. In 2017, PCS ventured away from the property catastrophe sector for the first time with the launch of its Global ... Read the full article
PCS launches new data set for cyber risk
7th October 2020
Property Claim Services (PCS), a Verisk Analytics business, has announced the launch of a new data set to help cyber insurers and reinsurers optimise their capital and manage risk more effectively. The first non-loss reporting offering from PCS, this platform will provide insight into the largest affirmative cyber risks in the ... Read the full article
PCS: Market sees hurricane Laura offshore energy loss at up to $250m
8th September 2020
Hurricane Laura's impacts to the offshore energy insurance and reinsurance market may be lower than anticipated, as Property Claim Services (PCS) explained to us that that the market sees the offshore loss from the hurricane at up to $250 million. Catastrophe risk modeller RMS said last week that it expects ... Read the full article
Duck Creek Technologies hires chief strategy officer
12th August 2020
P&C insurance software provider Duck Creek Technologies has announced that Eva F. Huston from Neuberger Principal Holdings has been appointed as Chief Strategy Officer. Huston will be responsible for creating and executing on strategic initiatives designed to build value for the company, reporting to CEO Michael Jackowski whilst working closely with ... Read the full article
PCS designates US riots as a catastrophe in multiple-states
3rd June 2020
For the first time in its history, Property Claim Services (PCS) has designated the rioting and civil commotion across the U.S. as a catastrophe event in multiple-states. The death of unarmed George Floyd last Monday in police custody in Minneapolis has resulted in widespread protesting across the U.S. While many demonstrations started ... Read the full article
AXA UK broadens use of live video to settle commercial property claims
2nd June 2020
AXA UK is set to broaden its use of live video to settle commercial property claims, as the insurer renews its contract with software provider Verisk. The ClaimXperience app is already being used by AXA’s household customers, who can show escape of water damage in real time to their home insurer. The ... Read the full article
PCS designates MN riots a catastrophe, warns of loss potential
1st June 2020
Property Claim Services (PCS), a Verisk Analytics business, has officially designated the riots in Minneapolis, Minnesota (MN) as a catastrophe, and warned of the potential for large industry losses as unrest threatens to engulf other states. Peaceful protests began in Minneapolis last week after the police killing of unarmed African American ... Read the full article