Reinsurance News
AIR Worldwide
Verisk names Rob Newbold President, Extreme Event Solutions as Bill Churney retires
7th December 2023
Verisk, the global data analytics and technology provider, has named Rob Newbold to succeed Bill Churney as the President, Extreme Event Solutions following his retirement. The appointment is effective starting December 31st, 2023. Lee Shavel, President and Chief Executive Officer, Verisk, commented on the appointment, "The Extreme Event Solutions team plays a ... Read the full article
Verisk Extreme Event Solutions names Eric Gesick SVP of Casualty Analytics
22nd November 2022
Verisk Extreme Event Solutions (formerly known as AIR Worldwide) has appointed insurance expert, Eric Gesick, as Senior Vice President of Casualty Analytics, a position based in New Jersey. According to Dr. Jay Guin, Chief Research Officer and EVP at Verisk Extreme Event Solutions, Gesick’s knowledge and expertise will be applied to ... Read the full article
Re/insurers should expect global annual nat cat losses of $100bn+, says AIR
25th October 2021
The insurance and reinsurance industry should anticipate a long-run annual average bill of approximately $106 billion from global catastrophe events, according to analysis by catastrophe risk modeller, AIR Worldwide. Verisk's AIR Worldwide has released its 2021 Global Modeled Catastrophe Losses report, which shows that recent years of natural catastrophe losses are ... Read the full article
AIR raises Ida industry loss range to $30bn
13th September 2021
Verisk’s AIR Worldwide has raised its estimated insured loss range for Hurricane Ida to $20 billion to $30 billion, after adding the impacts of inland flooding to its initial assessment. The catastrophe modeller has maintained its earlier estimate of $17 billion to $25 billion for insured wind and storm surge ... Read the full article
Ida’s insured property hit as much as $25bn, AIR estimates
3rd September 2021
Wind and storm surge damage inflicted by Hurricane Ida to insured onshore property has been estimated by AIR Worldwide to total between $17 billion and $25 billion. Ida’s first landfall was near Port Fourchon, roughly 60 miles south of New Orleans, hitting maximum sustained winds of 150 mph. It then collided southwest ... Read the full article
Germany to see roughly €5bn insured hit from July flooding, AIR says
28th July 2021
Catastrophe risk modeling firm AIR Worldwide has stated that insured losses in Germany from July’s flooding could approach €5 billion. For five days a low pressure system known as “Bernd” sat over central Europe and brought about significant flooding. Germany’s Rhineland-Palatinate and North Rhine-Westphalia regions were particularly affected, experiencing heavy and, in ... Read the full article
AIR Worldwide updates Japanese earthquake and typhoon models
27th July 2021
Catastrophe risk modelling firm AIR Worldwide has updated its earthquake and typhoon models for Japan to help provide re/insurance companies with a more comprehensive view of risk in the region. AIR's earthquake model captures the country's seismicity by generating events along known crustal faults, along and within subduction zones, and within ... Read the full article
AIR’s Scott Stransky to lead MMC’s Cyber Risk Analytics Center of Excellence
18th June 2021
Scott Stransky, formerly of catastrophe risk modeller AIR Worldwide, has joined global brokerage Marsh McLennan (MMC) to lead its new Cyber Risk Analytics Center of Excellence. Stransky leaves AIR after 14 years of service, having joined in 2007 as an analyst. Most recently, he led the Cyber Modelling group, which is ... Read the full article
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
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
Heightened storm frequency, rising sea levels to drive greater losses: report
22nd January 2021
A recent report examining the influence of climate change on hurricane risks in the U.S. shows that increased event frequency and sea level rise will have a significant impact on future damages. The AIR Worldwide-led report, in collaboration with experts from re/insurer AXIS Capital Holdings Limited and the Brookings Institution, explores ... Read the full article
Insured cat losses in 2020 close to $100bn: AIR
16th November 2020
AIR Worldwide's 2020 Global Modelled Catastrophe Losses report estimates that the modelled insured average annual loss from catastrophes worldwide is nearly $100 billion. The 1% percent aggregate exceedance probability insured loss is nearly $301 billion. The new report acquires its loss metrics from the most current suite of global property and crop models ... Read the full article
AIR pegs Hurricane Zeta loss at between $1.5bn – $3.5bn
2nd November 2020
Catastrophe risk modelling firm AIR Worldwide has revealed its estimated losses from Hurricane Zeta’s winds and storm surge to be from USD 1.5 billion to USD 3.5 billion. Included in AIR’s estimates are losses to onshore residential, commercial, and industrial properties and automobiles for their building, contents, and time element coverage. According ... Read the full article
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