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Tremor to launch weekly online ILW auctions
26th March 2020
Programmatic insurance and reinsurance risk transfer marketplace Tremor is set to open weekly online Industry Loss Warranty (ILW) auctions in an effort to ensure the market continues operating during the unfolding coronavirus pandemic. Auctions begin on April 2 and will leverage catastrophe loss estimates for the US, Canada, Japan, and the ... Read the full article
Retailer insured losses from Chile riots could hit $1bn, says PCS
5th March 2020
Property Claim Services (PCS), a Verisk Analytics business, estimates that around 33% of the insured losses from the 2019 Chilean riots will come from retailers, and could reach as high as USD 1 billion. Earlier this week, PCS announced the expansion of its industry loss index coverage to the Latin ... Read the full article
PCS rolls outs industry loss and index services in LatAm
3rd March 2020
Property Claim Services (PCS), a Verisk Analytics business, has expanded its industry loss index coverage to the Latin America region four months ahead of schedule. The firm explained that the 2019 riots in Chile led to significant insurance and reinsurance activity in the LatAm region, leading to a boost in demand ... Read the full article
Hippo expands reinsurance panel, establishes captive
19th February 2020
California-headquartered, homeowners focused InsurTech firm, Hippo, has announced the expansion of its reinsurance panel and the establishment of its own captive as it eyes continued growth. Founded in 2015, Hippo looks to transform home insurance and ownership by providing a more efficient and affordable service to U.S. homeowners. The InsurTech company first ... Read the full article
AIR puts storm Ciara insured losses at up to €1.9bn
14th February 2020
The insurance industry loss from last weekend's European windstorm Ciara (also known as Sabine) is expected to be between €1.1 billion (USD 1.2 billion) and €1.9 billion (USD 2.1 billion), according to catastrophe risk modeller AIR Worldwide, a Verisk business. Known as windstorm Ciara in the UK, or windstorm Sabine in ... Read the full article
AkinovA facilitates parametric cyber purchase for Asian tech firm
5th February 2020
AkinovA, the electronic marketplace for the transfer and trading of re/insurance risk, has announced that it recently facilitated the purchase of a parametric Cloud Outage product for an Asia-based technology company. Completed on January 30, 2020, this transaction will provide protection in the event that a named Cloud Service Provider (CSP) ... Read the full article
Hiscox comments on new cyber parametric transaction
21st January 2020
Specialist re/insurer Hiscox has released a statement commenting on its recent cyber parametric risk transfer deal, which was completed with help from Guy Carpenter and PCS. Announced earlier this month, the trade was transacted electronically on the AkinovA marketplace, with full regulatory oversight from the Bermuda Monetary Authority (BMA). The product ... Read the full article
PERILS extends coverage to New Zealand
1st November 2019
Catastrophe loss data aggregator PERILS has announced that it plans to extend its market coverage to include New Zealand. Going forward, PERILS will offer insured property exposure data related to earthquake, flood, and extratropical cyclones in New Zealand via its database. Additionally, PERILS will provide event loss data for any events above ... Read the full article
PCS announces new solution for large onshore property losses
30th October 2019
PCS, a Verisk business, has announced the launch of PCS Global Large Loss, a new specialty lines loss aggregation and reporting solution for large onshore property loss events. Available starting January 1, 2020, the PCS Global Large Loss index will include an industry loss estimate number for qualifying events, including property ... Read the full article
PCS expands industry loss and index services to Australia, NZ, Southeast Asia
29th October 2019
Property Claim Services (PCS), a Verisk Analytics business, has announced the extension of its catastrophe loss aggregation methodology used in Japan to cover Australia, New Zealand, and Southeast Asia. PCS notes that the extension is driven by strong global reinsurance market demand, and following rapid adoption of PCS Japan, launched ... Read the full article
AIR puts Typhoon Hagibis insured loss at up to USD 16 billion
22nd October 2019
Global catastrophe risk modeller AIR Worldwide has provided an industry insured loss estimate of between USD 8 billion (JPY 865bn) and USD 16 billion (JPY 1,730bn) from Typhoon Hagibis, which made landfall in Japan on October 12th, 2019. According to AIR, typhoon Hagibis made landfall along Japan’s east coast as an ... Read the full article
P&C insurers’ surplus hits record $800bn amid unremarkable results
11th October 2019
Private property and casualty insurers in the US saw surplus levels hit a record $802.2 billion in the first half of 2019, driven by insurer income and unrealised capital gains, says data analytics provider Verisk and the American Property Casualty Insurance Association. Despite a significant downturn at the end of last ... Read the full article
Typhoon Faxai could drive industry loss of up to $9bn: RMS
27th September 2019
Global risk modelling and analytics firm RMS has estimated that insured losses resulting from Typhoon Faxai will be between $5.0 billion and $9.0 billion (¥ 500 billion to ¥950 billion). The estimate includes property damage and business interruption caused by typhoon and coastal flooding to residential, commercial, industrial, marine, and automobile ... Read the full article
Typhoon Faxai to mark first catastrophe designated under PCS Japan
24th September 2019
Property Claims Services (PCS), a Verisk Analytics business, has confirmed that Typhoon Faxai will become the first catastrophe loss event to be designated under the firm’s new PCS Japan service. PCS expanded its industry loss data aggregation and index reporting capabilities to include non-marine catastrophe losses in Japan back in ... Read the full article
PCS to improve granularity on marine & energy loss estimates
9th September 2019
Property Claim Services (PCS), a division of Verisk that collects and aggregates the re/insurance industry loss data, has announced that it plans to offer greater granularity for estimates reported under its Global Marine and Energy platform. From November 1, 2019, PCS will report industry loss estimates for new qualifying loss events ... Read the full article