Reinsurance News
catastrophe modelling
Catastrophe modelling is a critical piece of the insurance and reinsurance market chain and product offering. Using catastrophe risk models, insurers and reinsurers analyse risks to inform their pricing and risk appetites.
Read our catastrophe modelling insurance or reinsurance related news and analysis below.
Cape Analytics announces AI-driven wildfire risk solution
5th April 2019
Cape Analytics, a re/insurance data analytics provider, has announced an Artificial Intelligence (AI)-driven solution that allows home insurance carriers to systematically assess wildfire vulnerability for properties across the US. The defensible space solution, complementary to leading wildfire risk models and scoring tools, leverages AI and geospatial imagery to provide detailed information ... Read the full article
Risk Frontiers offers Australian hail model on ModEx platform
28th March 2019
Risk management and catastrophe modelling firm Risk Frontiers has announced that its Australian hail model is now available on ModEx, the independent multi-vendor modelling platform for the re/insurance industry. HailAUS 7.0 is a fully stochastic loss model for hail and covers all of Australia, calculating losses for residential, commercial and industrial ... Read the full article
PERILS estimates AU$957m insured property losses from Townsville floods
15th March 2019
Catastrophe loss data aggregator PERILS has pegged the initial property losses for the floods which hit the Queensland city of Townsville earlier this year at AU$957 million (US$678 million). The city of Townsville and the surrounding area in northeastern Queensland experienced torrential rain and flash flooding between January 26 and February ... 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
Machine learning tech can enhance wildfire modelling, says Swiss Re
6th March 2019
There is significant potential for machine learning technologies to enhance the re/insurance industry’s approach to modelling wildfire risk, which has failed to adequately predict the growing frequency of large losses in recent years, according to Swiss Re. The reinsurer stressed the possible advantages in utilising real-time data to complement probabilistic wildfire ... Read the full article
Chubb, Impact Forecasting team up on new terrorism risk model
4th March 2019
Global insurer Chubb has partnered with Aon’s Impact Forecasting on a terrorism risk model, designed for deployment in dense urban environments such as Manhattan, that is able to distinguish between facade and structural damage as well as determine the likelihood that a building will collapse. Risk modelling specialists from both firms ... Read the full article
Study shows how augmented data sets significantly impact flood loss estimates
26th February 2019
Insurdata, in collaboration with speciality insurer and reinsurer Canopius, flood risk modeller Fathom and ModEx, a catastrophe risk modelling platform from Simplitium, has released the findings of a new flood data survey that focuses on altered risk profiles in light of augmented property exposure data. The report highlights a number of ... Read the full article
AbsoluteClimo announces new cat model, predicts $153bn losses in 2019
20th February 2019
AbsoluteClimo, a Hawaii-based climate modelling, forecasting and risk management company, has announced a new catastrophe risk model that is predicting global climate-driven cat losses of $153 billion in 2019. The new model, called Clim๏Cats, utilises AbsoluteClimo’s machine learning predictive engine to link climate physics – such as temperature, rainfall and wind ... Read the full article
PCS enhances U.S catastrophe loss estimates with county-level resolution
20th February 2019
Property Claims Services (PCS), a Verisk Analytics business, is now offering county-level resolution for U.S catastrophe events with insured losses of at least $1 billion. The enhanced level of granularity is available for immediate use and will also be applied retrospectively to Hurricanes Harvey, Irma and Maria, along with five other ... Read the full article
JBA to deliver Sri Lanka Flood Model on Simplitium’s ModEx platform
20th February 2019
Simplitium, a provider of risk analysis services, has announced that the Sri Lanka Flood Model from global flood risk modeller JBA Risk Management is to be delivered on its multi-vendor ModEx platform. It’s hoped the move will broaden accessibility of the Sri Lanka model for both insurers and the wider Disaster ... Read the full article
Ventus Risk partners with property risk modeller HazardHub
23rd January 2019
Commercial property managing general underwriter (MGU) Ventus Risk Management has announced a new partnership with HazardHub, a U.S provider of location-based hazard information. Ventus hopes to use HazardHub’s geospatial property risk databases to improve its risk selection and analysis, allowing it to better underwrite and manage catastrophe-exposed insurance risk. Stuart Mercer, President ... Read the full article
Cat modellers can learn from tech industry: Simplitium’s Lay & Jones
10th January 2019
With recent developments driving the need for ever more efficiency in the re/insurance industry, catastrophe modellers could benefit from emulating the approach of the technology sector, according to Simplitium’s James Lay and Matthew Jones. Lay and Jones noted that cost reduction was a central theme for many re/insurers during 2018, as ... Read the full article
PERILS finalises storm Burglind (Eleanor) industry loss estimate at €756mn
3rd January 2019
Catastrophe loss data aggregator PERILS has released its final re/insured loss estimate for Extratropical Cyclone Burglind, also known as Eleanor, putting the total at €756 million (US $860 million). In keeping with PERILS’ reporting schedule, the final loss figure was released 12 months after the original event, and represents a 4.4% ... Read the full article
Analysts forecast average Atlantic hurricane activity for 2019
17th December 2018
Preliminary forecasts from meteorological experts suggest that the Atlantic will experience average levels of hurricane activity in 2019, although El Niño may add some uncertainty to the outlook. Analysis from Tropical Storm Risk (TSR), a re/insurance industry-backed tropical weather research group, predicts that the 2019 Atlantic hurricane season will be about ... Read the full article
Oasis LMF, Nat Re and WTW to collaborate on new Philippines flood model
28th November 2018
Oasis Loss Modelling Framework (Oasis LMF) is to develop a new open-access catastrophe model for flood in the Philippines in collaboration with the National Reinsurance Corporation of the Philippines (Nat Re) and re/insurance broker Willis Towers Watson (WTW). The two-year project, called the ‘Oasis Platform for Catastrophe and Climate Change Risk ... Read the full article
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