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AIR Worldwide releases updated U.S Wildfire Model
15th August 2018
AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics, has released an updated Wildfire Model that provides a comprehensive view of the risk of wildfire to properties within the 13 westernmost conterminous U.S states. The updated model uses an event-based approach to account for the variability in weather in the ... Read the full article
AIR releases new reinsurance catastrophe modelling software Touchstone Re
1st August 2018
AIR Worldwide, the catastrophe modelling arm of Verisk Analytics, has announced the launch of Touchstone Re, a new catastrophe modelling software application that replaces its long-standing CATRADER product. "With over 20 years of experience with CATRADER and its predecessor products, we're excited to see the next generation features available now in ... Read the full article
Analysis shows U.S. tax reform has prompted shift in reinsurance utilisation
19th July 2018
Recent U.S. tax reforms have prompted many of the country’s insurers to significantly reduce the portion of premiums ceded to their non-U.S. affiliates, according to Analysis by ISO, a Verisk business, and the Property Casualty Insurers Association of America. Concerns about possible tax implications under the new law was said to ... Read the full article
U.S. P&C insurers return to underwriting gains in 2018: ISO, PCI
13th July 2018
After suffering underwriting losses for seven quarters in a row, private U.S. property and casualty (P&C) insurers recorded net underwriting income of $4.2 billion in the first-quarter of 2018, according to analysis by ISO, a Verisk business, and the Read the full article
Mixed 2018 outlook for domestic P&C industry, reports KBW
22nd May 2018
Keefe, Bruyette & Woods (KBW) has updated its 2018 Property and Casualty (P&C) industry earnings model, concluding that the outlook for the sector is mixed, with improved ratios and investment yields offset by earned premiums and catastrophe losses that were worse than previously projected. KBW’s revised industry model, which factors in ... Read the full article
P&C surplus continued to grow in 2017 despite drop in net income
17th May 2018
Industry surplus grew $51.7 billion to an all-time high of $752.5 billion for U.S Property and Casualty (P&C) re/insurers in 2017 despite a 15.8% drop in net income, according to ISO, a Verisk business, and the Property Casualty Insurers Association of America (PCI). Net investment income, which increased from $46.6 billion ... Read the full article
Insured losses from Canada’s April ice storms reach $190mn, reports CatIQ
14th May 2018
The ice storms which ravaged Canada’s eastern provinces of Ontario and Quebec in mid-April will cost re/insurers around CAD $190 million (USD $149 million), according to Catastrophe Indices and Quantification (CatIQ), a loss index and estimates provider. Strong winds, flooding, heavy snow, and ice build-up affected the provinces’ southern regions over ... Read the full article
AIR Worldwide partners with RenRe to model long-tail casualty risk
9th April 2018
AIR Worldwide, the catastrophe modelling arm of Verisk Analytics, has announced that it will partner with RenaissanceRe (RenRe) to develop the re/insurance industry’s first probabilistic model for extreme liability events. As part of the collaboration, AIR Worldwide plans to use Arium, its exposure management application, to measure portfolio-specific loss potential and judge ... Read the full article
ISO’s cyber insurance programme implemented in 42 states and U.S. territories
9th April 2018
Verisk ISO's new cyber insurance programme, which features rating information and advisory loss costs along with an array of cover options, has been implemented in 42 states and U.S. territories. The programme is designed to help insurance companies expand into the growing cyber market, which is forecast by Verisk analytics to ... Read the full article
Written premium for commercial cyber liability to reach $6.2 billion by 2020
9th March 2018
Written premium for the commercial cyber liability market is estimated to reach $6.2 billion by 2020 with annual take-up rates forecast to grow by 20 to 30% over the next several years, according to Verisk Analytics. Maroun Mourad, President of commercial lines at Verisk's ISO business, said cyber liability risk is rapidly ... Read the full article
Repeatability of innovative solutions needed to expand risk transfer: PCS
21st February 2018
The traditional and alternative reinsurance industry has a solid track record of innovation, but as seen with risks like cyber and terror, sustainability and adoption has proved more challenging, suggesting a need for risk transfer solutions that support repeatability, according to Property Claim Services (PCS), a Verisk Analytics business. PCS has ... Read the full article
Collaboration needed to support reinsurance market revolution: Johansmeyer, PCS
17th January 2018
The current dynamics of the global reinsurance market suggests a "revolution is brewing," but in order for the market to take advantage of the opportunities ahead, a collective mentality might be what's needed, according to Tom Johansmeyer, Assistant Vice President (AVP), PCS Strategy and Development. "The global reinsurance market shows all ... Read the full article
PICC Re & AIR Worldwide partner to better manage reinsurer’s growing portfolio
18th December 2017
Chinese reinsurer PICC Reinsurance Company Limited (PICC Re) has partnered with catastrophe risk modeller, AIR Worldwide, to better manage its expanding portfolio of catastrophe risk reinsurance business. Following approval by the China Insurance Regulatory Commission (CIRC) to operate as a stand-alone reinsurer, PICC Re has been eager to work with entities that ... Read the full article
If cyber insurance were bigger, 2017 would really hurt
27th November 2017
As the market for cyber insurance grows the amount of exposure in the re/insurance industry is increasing, so reinsurance companies are also finding their portfolios more exposed making the ability to hedge that exposure vital, according to Tom Johansmeyer, Assistant Vice President, PCS Strategy & Development at ISO. While you were ... Read the full article
RMS appoints Pete Dailey VP, Global Flood Models team
25th September 2017
International catastrophe risk modeller, RMS, has named Pete Dailey Vice President (VP), to oversee the impending launch of the company's U.S. Inland Flood Model, which is scheduled for spring 2018. Dailey brings more than 15 years of industry experience to the role, and will lead flood model development in RMS' California ... Read the full article