Reinsurance News
AIR Worldwide
AIR launches new severe thunderstorm model for Europe
10th September 2018
Verisk’s catastrophe risk modeling firm AIR Worldwide has launched a new severe thunderstorm model Europe that captures the effects of straight-line winds and hail. AIR says the model enables companies to assess their risk from the local scale to the macro level on insured properties, including residential, commercial, automobiles, and specialty ... Read the full article
Capsicum Re partners with AIR Worldwide on silent cyber risk models
5th September 2018
Specialist reinsurance broker Capsicum Re has announced that it is collaborating with AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics, in order to enhance the re/insurance industry’s modelling of silent cyber incidents. As part of the arrangement, Capsicum Re has also adopted AIR’s cyber modelling and analytics platform, ARC, ... Read the full article
AIR pegs insured property/auto damage from Japan floods at up to $4 billion
20th August 2018
Global catastrophe risk modeller, AIR Worldwide, has estimated that the intense rainfall and flooding that hit southwest Japan in June and July of 2018, claiming the lives of at least 200 people, will drive an insurance industry loss of as much as JPY 423 billion (US$4 billion). AIR Worldwide notes that ... Read the full article
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
Malaysian Re adopts AIR Worldwide’s risk modelling platform
8th May 2018
Malaysian Reinsurance Bhd (Malaysian Re) has licensed AIR Worldwide's catastrophe risk modelling platform to help it manage its existing portfolio and assess new risks. Malaysian Re, which is a wholly-owned subsidiary of MNRB Holdings Bhd, will deploy the catastrophe modelling solution to enhance its risk pricing and portfolio management capabilities, and ... 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
Tropical Cyclone Marcus hits Australia’s Darwin and northern coast: AIR
20th March 2018
Catastrophe risk modelling firm AIR Worldwide has assessed the scale of Category 2 Tropical Cyclone Marcus, which made landfall in Darwin, the capital of Australia’s Northern Territory, on March 17th, 2018, and reviewed the damage it caused. AIR reports that Marcus was the strongest tropical cyclone to hit the region in ... Read the full article
AIR appoints Dr. Roger Grenier to lead Global Resilience practice
5th February 2018
AIR Worldwide (AIR) has appointed Dr. Roger Grenier as Senior Vice President of Global Resilience, an AIR practice that aims to help close the gap between insured and uninsured economic losses by assisting social risk resilience initiatives worldwide. Grenier said; "I'm extremely excited to join AIR to further develop the company's public ... Read the full article
AIR puts European windstorm Friederike insured loss at up to €2.6bn
25th January 2018
European windstorm Friederike, which struck parts of Ireland and the United Kingdom before moving towards continental Europe where the impacts from the storm were seen as more severe, is expected to result in an insurance industry loss of between €1.3 billion (US$1.6bn) and €2.6 billion (US$3.3bn), according to catastrophe risk modeller, ... Read the full article
Cloud service provider failure could cost $15bn, says Lloyd’s
23rd January 2018
A new report from the Lloyd's of London insurance and reinsurance market in collaboration with catastrophe risk modeller, AIR Worldwide, reveals that businesses in the U.S. could lose as much as $15 billion were a leading cloud service provider to experience a downtime of at least three days. The new report, ... Read the full article
Winter storm Eleanor/Burglind insured loss EUR 1.1bn – 1.6bn: AIR Worldwide
11th January 2018
AIR Worldwide has placed Winter Storm Eleanor / Burglind insured loss estimates at between EUR 1.1 billion and EUR 1.6 billion with the majority of losses expected in Germany, France, the United Kingdom, Belgium, Switzerland, and the Netherlands. Lower levels of loss are also expected in Austria, the Czech Republic, Denmark, Estonia, Finland, ... Read the full article
Hudson Insurance unit to use AIR Worldwide’s Fund Designation Service
9th January 2018
A Hudson Insurance Group unit, Hudson Crop, has selected AIR Worldwide's Fund Designation Service for optimisation of its crop portfolio risk management. The service provides fund designation alternatives to assist companies in choosing the best option for their risk-return target and profile and thus enhance stakeholder value under yield, price, and crop ... 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
Global insured average annual cat loss at $80 billion: AIR Worldwide
15th December 2017
AIR Worldwide's 2017 Global Exceedance Probability (EP) report estimates that the 1% aggregate exceedance probability insured loss (or the 100-year return period loss) from catastrophes worldwide is nearly $250 billion, and the global insured average annual loss (AAL) is at about $80 billion. Average annual insured losses from the aggregate insured ... Read the full article
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