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.
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
CoreLogic launches new RQE modelling solution for U.S nat cats
31st July 2018
CoreLogic, a catastrophe risk modelling specialist, has announced the launch of its new Risk Quantification and Engineering (RQE) solution designed to provide accurate, high-resolution models detailing the full-risk spectrum for customers as the economic impact of catastrophes increases. The solution - which includes U.S wildfire and U.S severe convective storm models, as well ... Read the full article
2017 highlights reinsurer modelling and exposure disparities: S&P Global
31st July 2018
Natural catastrophe losses in 2017 highlight disparities in reinsurers' exposures, raising concerns over the industry's ability to handle another costly year effectively, says S&P Global Ratings. S&P found that estimates for aggregate annual losses in 2017 ranged anywhere from between 1-in-10 to 1-in-60. To an extent, S&P believes return period estimates reflect ... Read the full article
Oasis obtains funding for new Philippines and Bangladesh cat models
27th July 2018
Oasis Loss Modelling Framework, the open source catastrophe modelling platform, has begun a new project to co-develop catastrophe models for flood in the Philippines and windstorm in Bangladesh, funded by Germany’s International Climate Initiative (IKI). Oasis will collaborate with the IKI, part of the German Federal Ministry for the Environment, Nature ... Read the full article
Oasis Loss Modelling Framework offered open source and free of charge
23rd July 2018
The not-for-profit catastrophe modelling platform Oasis Loss Modelling Framework has made its software open source and downloadable from GitHub free of charge. Oasis says the modelling system has been made more accessible in an effort to increase the resources available to strengthen resilience to natural disasters. Robert Bentley, President, Global Strategic Advisory ... Read the full article
RMS updates terrorism models to address new trends
18th July 2018
Global risk modelling and analytics firm RMS has updated its Probabilistic Terrorism Model (PTM) and Terrorism Scenario Model (TSM) to address new trends and challenges in the threat landscape, such as the rise of ‘lone-wolf’ attacks and the geographic spread of risks within major cities. Updates to RMS’s Terrorism Target Database ... Read the full article
JBA launches first UK climate change flood risk model
16th July 2018
JBA Risk Management, the global flood risk modeller, has developed the first probabilistic catastrophe model to factor in the effects of climate change on flood risk for insurers and reinsurers in the UK. The launch of the UK Climate Change Flood Model is accompanied by the projection that annual average losses ... Read the full article
Cat models do not account for complex hurricane risks: JLT Re
12th July 2018
Whilst catastrophe models have historically proved accurate for conventional hurricane risks, they have not adequately accounted for events where losses extend beyond wind into areas that are not modelled or well understood, according to a new report by reinsurance broker JLT Re. The report, which examined the precision of modelled market ... Read the full article
Simplitium expands ModEx platform with addition of FloodCat model
5th July 2018
Simplitium, a provider of risk analysis services, is to expand its catastrophe risk modelling platform ModEx to include the Australia flood model, FloodCat. The deal struck with modelling specialist Ambiental Risk Analytics means that the ModEx platform will integrate the most detailed building level flood model produced for Australia, providing re/insurers ... Read the full article
Re/insurers slow to adopt new tech risk being replaced, says Simplitium’s James Lay
26th June 2018
Re/insurance companies who are slow to adopt the numerous benefits offered by new and emerging technologies are likely to be supplanted by more enterprising firms, according to James Lay, Commercial Director of Insurance Business at Simplitium, a financial services solutions provider. Speaking with Reinsurance News, Lay noted that re/insurers have generally ... Read the full article
Average North Atlantic hurricane season forecast in 2018: RMS
26th June 2018
Most agencies and meteorological organisations are forecasting near-average hurricane activity in the North Atlantic in 2018, although variations in individual predictions could lead to a wide range of forecasts, according to risk modelling and analytics firm RMS. Forecasts generally anticipate neutral El Niño-Southern Oscillation (ENSO) conditions, and near-average sea surface temperatures ... Read the full article
Aon launches significantly updated Thai flood modeling system
20th June 2018
Aon has announced significant updates and readjustments to its Thailand flood catastrophe model in an attempt to improve understanding of the peril and help "insurers increase resilience for businesses and communities." Aon highlights Thailand’s increasing exposure to frequent floods as a result of its growing population and economy. The region was ... Read the full article
Texas hailstorm causes almost $1bn in insured damages: KCC
13th June 2018
The June 6th hailstorm that battered the Dallas, Tarrant, and Denton counties of Texas is expected to generate almost $1 billion in insured losses to residential and commercial properties and automobiles, according to catastrophe modeller Karen Clark & Co. (KCC). The storm reportedly brought baseball sized hailstones to some areas, and ... Read the full article
Wide ranges and divergent hurricane loss estimates 2017’s biggest surprise: Karen Clark
11th June 2018
After years without a major U.S. landfalling hurricane, Harvey, Maria, and Irma devastated parts of the region and the Caribbean in the second-half of 2017. But perhaps the biggest surprise of the 2017 storm season was the wide ranges and divergent modelled loss estimates for the events, according to Karen ... Read the full article
Re/insurers must better prepare for unforeseen hurricane risks: Lloyd’s
11th June 2018
Lloyd’s has proposed several measures for re/insurers to better prepare themselves to respond to unforeseen natural catastrophe risks following 2017’s record-breaking hurricane season. Lloyd's 'After the Storms' report observed that 2017 was the costliest year on record for U.S natural catastrophes, and exposed several oversights in the way re/insurers model and ... Read the full article
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