Reinsurance News
AIR Worldwide
AIR Worldwide reduces Hurricane Maria estimates to $27-$48 billion
7th December 2017
Catastrophe modelling firm AIR Worldwide has updated its loss estimates for Hurricane Maria to between $27 billion and $48 billion, a stark reduction from initial estimates of $40 billion - $85 billion. Losses in Puerto Rico are estimated at between $25 billion and $43 billion, in line with previous estimations that ... Read the full article
AIR says California wildfires to cost re/insurers up to $10.5 billion
17th November 2017
Catastrophe risk modelling firm AIR Worldwide has updated its estimate for insurance and reinsurance market losses from the recent California wildfires, saying they are expected to be in a range from $8 billion to $10.5 billion. Having completed a recent damage survey, received new information about policy terms, and re-examined the ... Read the full article
FEMA selects AIR Worldwide flood risk model for NFIP
13th November 2017
The Federal Emergency Management Agency (FEMA) has selected AIR Worldwide’s Inland Flood and Storm Surge risk models for the United States to help it to get a better understanding of the National Flood Insurance Program’s (NFIP) loss potential. By taking up the AIR flood risk model, FEMA will benefit from a ... Read the full article
AIR puts California wildfires insured loss at up to $3 billion
27th October 2017
Global catastrophe risk modeller, AIR Worldwide, has provided an insurance industry loss estimate for the California wildfires, of between $2 billion and $3 billion. The fires started in early October, 2017, and AIR's estimate includes insured losses from the Tubbs, Pocket, Nuns, Atlas, Redwood, and Sulphur fires in California, and includes damages ... Read the full article
AIR launches inland flood model for Japan
24th October 2017
Global catastrophe risk modeller, AIR Worldwide, has launched a new inland flood model for Japan and enhanced the Japan typhoon model, providing a more comprehensive view of the country's flood risk. The models are available through Version 5.1 of AIR's catastrophe risk modelling software, Touchstone, and CATRADER Version 19.1 catastrophe risk ... Read the full article
3,500+ buildings destroyed by California wildfire
13th October 2017
California is being evacuated in a state of emergency as multiple wildfires that started on Sunday continue to spread across eight counties. The wildfires' death toll has risen to 31, making it the deadliest fire to sweep through California since 1933. Catastrophe risk modeller, AIR Worldwide, said the fires have already consumed ... Read the full article
ERN International puts Mexico quake insured loss at $4.8 billion, RMS & AIR’s much lower
25th September 2017
Mexico's Evaluacion de Riesgos Naturales (ERN International) has provided an insured loss estimate of up to $4.8 billion for the Magnitude 7.1 earthquake that struck central Mexico on September 19th, 2017, while AIR Worldwide and RMS have both produced a lower insurance industry loss estimate for the event. ERN International is ... Read the full article
“Significant damage” from Mexico City earthquake: AIR
21st September 2017
The magnitude 7.1 earthquake that struck Mexico two days ago around 75 miles from the capital city has caused "significant damage" according to catastrophe risk modeller AIR Worldwide. Once losses are tallied the international reinsurance market is expected to take a significant proportion of the claims. It was the second major ... Read the full article
AIR puts Mexico M8.1 earthquake insured loss at over $1 billion
20th September 2017
Global catastrophe risk modeller, AIR Worldwide, has provided an insurance industry loss estimate from the impacts of the Magnitude 8.1 earthquake that struck off the coast of the Mexican state of Chiapas, of between MXN14 billion (US$790 million) and MXN20 billion (US$1.13 billion). The quake, of which the epicentre struck on ... Read the full article
U.S. insured Irma loss up to $40 billion: AIR Worldwide
11th September 2017
International catastrophe risk modeller, AIR Worldwide, has released an insurance industry loss range estimate for the U.S. for hurricane Irma, of between $20 billion and $40 billion. AIR underlines that the estimates are based on the NHC's Sunday, September 10th, 5pm EDT forecast. Exposure value in coastal counties along the Gulf Coast ... Read the full article
Insurance industry loss from Irma could reach $65 billion: AIR Worldwide
9th September 2017
Global catastrophe risk modeller, AIR Worldwide, has released an estimate for the insurance industry loss for Hurricane Irma for the U.S. and selected Islands in the Caribbean, of between $20 billion and $65 billion, combined. For the U.S., AIR Worldwide estimates an insurance industry loss of between $15 billion and $50 ... Read the full article
Harvey’s wind & storm surge insured losses at $1.2 bn to $2.3bn: AIR Worldwide
29th August 2017
AIR Worldwide has estimated Hurricane Harvey’s initial Texas wind and storm surge insured losses will range from $U.S. 1.2 billion to $U.S. 2.3 billion. This figure doesn't include the growing impact of the increasing levels of catastrophic flooding or business interruption losses resulting from the closure of oil refineries in the ... Read the full article
Hurricane Andrew would cost $56 billion today: AIR
22nd August 2017
If Hurricane Andrew recurred today expected insured losses would reach $56 billion with nearly 95% coming from Florida properties, costs would ripple up through the industry to hit the alternative capital market with around $6.3 billion losses, according to AIR Worldwide. The insured loss figure nearly triples to a record ... Read the full article
Entire value chain must be on the same page to close protection gap: AIR Worldwide
15th August 2017
If the risk transfer sector is serious about closing the global protection gap (disparity between economic and insured losses post-event) it requires the efforts of the entire insurance value chain and, must be tackled on both a macro and micro level, according to the Vice President of AIR Worldwide's Marketing ... Read the full article
Severe weather to increase in frequency & intensity: AIR Worldwide
30th June 2017
Catastrophe risk modeller AIR Worldwide compiled the latest findings of climate science in a report on the potential impact of climate change to extreme weather; bringing attention to tropical cyclones, extratropical cyclones, severe storms, wildfire, and floods and warning of an overall increase in frequency and intensity of severe weather phenomena ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
