Reinsurance News
AIR Worldwide
AIR Worldwide releases catastrophe exposure database schema to public
3rd July 2019
AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics, has published its Catastrophe Exposure Data Exchange (CEDETM) database schema publicly. AIR says the release will facilitate accurate and transparent data exchange throughout the insurance value chain more efficiently, and encourage more analytics on a greater number of exposures. "The (re)insurance industry ... Read the full article
AIR Worldwide updates flood models for Central Europe & UK
25th June 2019
AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics, has released an update to its inland flood model for Central Europe and coastal flood model for Great Britain. The domain of the inland flood model for Central Europe has been expanded to include the country of Poland. This model features rainfall-runoff ... Read the full article
AIR Worldwide updates earthquake risk model for New Zealand
21st June 2019
AIR Worldwide, the catastrophe risk modelling firm owned by Verisk, has announced the release of its updated Earthquake Model for New Zealand, which incorporates the latest scientific research from the 2010-11 Canterbury and 2016 Kaikoura quakes. The model also factors in research from other earthquakes around the world, and captures the ... Read the full article
Sompo International to utilise casualty analytics platform from AIR Worldwide
19th June 2019
Bermuda-based property and casualty re/insurer Sompo International has begun using Arium, the casualty analytics platform from AIR Worldwide, to better understand and quantify its liability and loss potential across multiple commercial liability lines. As part of the collaboration, AIR is also offering portfolio data coding services to Sompo International that include ... Read the full article
Eberhard insured loss could reach €1.5bn, says AIR Worldwide
14th March 2019
AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics, has pegged the insured losses from Winter Storm Eberhard at between €900 million and €1.5 billion, the majority of which is expected to be shouldered by Germany. Eberhard lashed parts of the UK, Ireland, Benelux, Poland and Germany this month with ... Read the full article
TigerRisk to adopt AIR’s cyber risk modelling platform
14th December 2018
Reinsurance brokerage, risk and capital strategic advisory firm TigerRisk Partners LLC has announced that it plans to adopt catastrophe risk modeller AIR Worldwide’s cyber risk analytics platform, ARC. TigerRisk intends to grow its cyber risk reinsurance offering using the platform, which is designed to inform risk selection, pricing, portfolio management and ... Read the full article
AIR Worldwide puts insured Camp Wildfire losses at up to $9 billion
6th December 2018
Catastrophe risk modelling firm AIR Worldwide has estimated that insured losses from the Camp Wildfire, which burnt through California’s Butte County last month, will be in the range of $6 billion to $9 billion. The Camp Wildfire became the deadliest and most destructive wildfire in California’s history after devastating the town ... Read the full article
$2.5 billion industry hit from Woolsey wildfire: AIR
3rd December 2018
Catastrophe risk modeller AIR Worldwide has estimated the insured loss from the Woolsey fire, which tore through Southern California for 13 days last month, at $2.5 billion. This estimate is based on the assumption of nearly 100% take-up rates as damage from fire, including wildfire, is included in standard homeowners' policies ... Read the full article
Annual insured cat losses now average $87 billion: AIR Worldwide
27th November 2018
Catastrophe risk modelling firm AIR Worldwide has estimated that annual global catastrophe losses now average around $86 billion for the insurance and reinsurance industries. AIR’s ‘2018 Global Modeled Catastrophe Losses’ report also estimated that the 1% aggregate exceedance probability insured loss (or the 100-year return period loss) from catastrophes worldwide is ... Read the full article
Arch Insurance to use AIR’s catastrophe risk modelling solution
5th November 2018
Arch Worldwide Insurance Group has announced that it plans to use Touchstone, the catastrophe risk modelling solution from Verisk’s AIR Worldwide, to help manage its catastrophe risk. Touchstone is designed to perform advanced analytics that help companies understand their risk, and has recently been updated to include enhancements that allow users ... Read the full article
AIR develops advanced probabilistic cyber model
22nd October 2018
Global catastrophe risk modeller AIR Worldwide has announced the development of a probabilistic model for cyber risk, which is capable of accounting for security breaches and cloud server provider downtime for global insurance portfolios. The new cyber model from AIR will be included in the firm's latest release of ARC (Analytics ... Read the full article
Insured Hurricane Michael losses may reach $10bn, says AIR Worldwide
15th October 2018
AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics, has estimated that industry insured losses resulting from Hurricane Michael’s winds and storm surge will be between $6 billion and $10 billion. Michael made landfall in Florida last week as a Category 4 storm, with sustained wind speeds of up ... Read the full article
Insured Typhoon Mangkhut losses as high as $2bn: AIR
26th September 2018
Typhoon Mangkhut - which made landfall in the Philippines before passing close enough to Hong Kong and Macau to inflict widespread damage to infrastructure - is estimated to cause between $1 billion and $2 billion in insured losses, according to catastrophe risk modelling firm AIR Worldwide. AIR states that, after causing ... Read the full article
Hurricane Florence insured losses between $1.7bn & $4.6bn: AIR
18th September 2018
AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics, estimates that insured losses inflicted by Hurricane Florence’s winds and storm surge will range from $1.7 billion and $4.6 billion; though these figures do not include a range of factors including the ongoing flooding that is expected. “Hurricane Florence, once a ... Read the full article
Insured losses from Japan’s Typhoon Jebi may reach $4.5 billion: AIR Worldwide
10th September 2018
Typhoon Jebi, which made landfall in Japan on September 4, could cause industry insured losses of between JPY 257 billion (US $2.3 billion) and JPY 502 billion ($4.5 billion), according to estimates from AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics. As the equivalent of a Category 3 hurricane, ... Read the full article
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