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.
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
RMS launches U.S Inland Flood HD Model
1st November 2018
Catastrophe risk modelling and analytics firm RMS has announced the release of its U.S Inland Flood High Definition (HD) Model, which accounts for all types of inland floods including those induced by both tropical cyclone and non-tropical cyclone rainfall. The model is coupled with the RMS North Atlantic Storm Surge Model ... Read the full article
Asia Pacific region to experience even more destructive cat events, says RMS
29th October 2018
Catastrophe risk modelling and analytics firm RMS has said that the Asia Pacific region can expect to experience even more destructive events at the 1% level of annual probability, which could have a major impact on both governments and re/insurers. The Asia Pacific region has already experienced several disasters over 2018, ... Read the full article
PERILS rolls out Wind-Jeannie platform in Australia, updates Europe model
22nd October 2018
Catastrophe data loss aggregation and estimation firm PERILS has announced the launch of Wind-Jeannie Australia, and has updated the underlying loss model for its European forecasting platform with new data. First launched in 2015, Wind-Jeannie is a website that provides real-time loss forecasts for approaching windstorms, and aims to help re/insurers ... Read the full article
IAG to utilise RMS’ HD New Zealand earthquake model
19th October 2018
Multinational insurer Insurance Australia Group has licensed the RMS High Definition New Zealand Earthquake Model, strengthening its ability to perform granular risk quantification as perform strategic risk management decisions. The RMS High Definition (HD) New Zealand Earthquake model is the world’s first earthquake model to benefit from the RMS HD model ... 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
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
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