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.
Fast-moving Hurricane Michael will be the reverse of Florence: RMS
10th October 2018
Global catastrophe risk modeller RMS has said that, due to the unusual speed with which Hurricane Michael has developed, the potential impacts are likely to be severe yet “almost the opposite of what we saw in Florence.” RMS noted that Michael, which is due to make landfall in Florida today, only ... Read the full article
Nat cat modelling more mainstream and better understood than ever: CoreLogic
9th October 2018
Natural catastrophe modelling has become a more mainstream practice built into the workflow of major insurance companies and moved past being viewed as merely “scientists in a backroom”, according to William Forde, Senior Director of Insurance and Spatial Solutions at CoreLogic. Speaking alongside the firm’s Principal & Chief European Scientist, Ivan ... Read the full article
Simplitium launches fully open data format for cat modelling
9th October 2018
Simplitium, a provider of risk analysis services, has introduced a new exposure data format for catastrophe modelling called Open Exposure Data (OED). Developed in collaboration with the insurance industry, OED delivers a robust and documented exposure framework for Oasis-based platforms and models. The format is fully independent and model-vendor agnostic, making it ... Read the full article
Hurricane Michael storm surge threatens 57,000 homes, says CoreLogic
9th October 2018
Storm surge from Hurricane Michael, which is projected to make landfall in Florida as a Category 3 storm this week, threatens up to 57,000 homes in the state, according to early estimates from catastrophe risk modelling firm CoreLogic. Although CoreLogic has not provided an estimate for insured or reinsured losses, ... 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
Up to $10bn insured flood losses from Florence, estimates CoreLogic
25th September 2018
Catastrophe risk modelling specialist CoreLogic estimates that industry flood losses resulting from hurricane Florence will fall between $6 billion and $10 billion, with the National Flood Protection Program shouldering between $2 billion and $5 billion of that figure. CoreLogic estimates the uninsured flood loss to be between $13 billion and $18.5 ... Read the full article
Insured Florence losses as high as $5bn: RMS
25th September 2018
Global catastrophe risk modeller RMS estimates an insured loss from hurricane Florence of between $2.8 billion and $5 billion; a figure that includes a $800 million to $1.2 billion loss for the National Flood Insurance Program. The estimate includes losses associated with wind, storm surge, and inland flood damage across North ... 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
KCC releases $2.5bn insured loss estimate for Hurricane Florence
17th September 2018
Insured losses resulting from Hurricane Florence, which has battered North and South Carolina with strong winds and intense rainfall since making landfall on Thursday night, are expected to total just $2.5 billion, according catastrophe modeller Karen Clark & Co. (KCC). KCC’s estimate, which is based on the firm’s high-resolution U.S Hurricane ... Read the full article
Japan’s Insured loss from Typhoon Jebi as high as $5.5bn, estimates RMS
17th September 2018
Typhoon Jebi, which hit Japan earlier this month, is expected to inflict between $3 billion and $5.5 billion (¥340 to ¥620 billion) in insured losses, according to the latest estimate from catastrophe risk modeller RMS. Approximately 80% of the loss is said to have come from the Kansai region, where Jebi ... Read the full article
Verisk to offer aerial catastrophe imagery via Geomni
17th September 2018
Data analytics provider Verisk has announced that it plans to offer its customers free access to high-resolution aerial imagery following major loss events via Geomni, a Verisk business with a database of address- and location-based property analytics. Geomni will provide online access to before-and-after imagery of structures and properties inside a ... Read the full article
Tullett Prebon launches Insurance-linked note platform
11th September 2018
Tullett Prebon, part of TP ICAP Group, the world’s largest interdealer broker, has announced the launch of its Insurance Linked Notes (ILN) platform - a new issuance and trading platform initially featuring catastrophe industry-loss instruments that will be fully-securitised The company cites record levels of cat bond issuance and other Insurance-Linked Securities as ... Read the full article
Hurricane Florence could cause insured losses of $20bn, says RMS
11th September 2018
Insured losses from Hurricane Florence, the Category 4 storm currently bearing down on the U.S east coast, could cause insured losses of between $15 billion and $20 billion, according to catastrophe modeller Risk Management Solutions (RMS). Meanwhile, data analysis from CoreLogic shows that storm surge damage from Florence could threaten 758,657 ... Read the full article
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
PCS develops county level U.S property catastrophe loss estimates
5th September 2018
Property Claims Services (PCS), a Verisk Analytics business, has developed a new level of granularity for U.S property catastrophe insured loss data, offering county level industry loss estimates and claim counts for events with insured losses of at least US $1 billion. PCS said it has worked closely with insurers in ... Read the full article
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