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.
Munich Re and Marsh collaborate on pandemic risk solution
18th May 2018
Munich Re and re/insurance broker Marsh have collaborated on a new pandemic risk insurance solution in conjunction with health analytics firm Metabiota, which aims to protect U.S-based businesses from outbreaks of infectious disease. The new solution, called PathogenRX, will use triggers like Metabiota’s new Pathogen Sentiment Index to help businesses more ... Read the full article
Guy Carpenter commissions Simplitium’s ModEx cat risk platform
17th May 2018
Reinsurance broker Guy Carpenter & Company, LLC has commissioned Simplitium, a global financial services solutions provider and subsidiary of Cinnober Financial Technology, to deliver a catastrophe risk modelling solution using its ModEx platform. ModEx, formerly known as Boat Oasis, is the first independent multi-vendor catastrophe risk modelling platform for the re/insurance ... Read the full article
Malaysian Re adopts AIR Worldwide’s risk modelling platform
8th May 2018
Malaysian Reinsurance Bhd (Malaysian Re) has licensed AIR Worldwide's catastrophe risk modelling platform to help it manage its existing portfolio and assess new risks. Malaysian Re, which is a wholly-owned subsidiary of MNRB Holdings Bhd, will deploy the catastrophe modelling solution to enhance its risk pricing and portfolio management capabilities, and ... Read the full article
RMS develops new risk model for Japanese Earthquakes and Tsunamis
3rd May 2018
Risk modelling and analytics firm RMS has developed a new high definition risk model for Japanese Earthquakes and Tsunamis in collaboration with local experts, scientific agencies, and re/insurers. RMS's Japan Earthquake and Tsunami High Definition (HD) model leverages detailed damage statistics and claims data from recent events, and considers research from ... Read the full article
Reinsurance blindspot in Florida as roof remodels double, reports BuildFax
27th April 2018
BuildFax, a provider of property condition and history insights, has found that there has been a 110.6% increase in residential roof remodels in Florida over the last 10 years, which has not been considered in recent reinsurance negotiations and catastrophe risk models. The findings were based on in-depth analysis of more ... Read the full article
Asia-Pacific catastrophe losses could exceed $160bn per year, reports UN
26th April 2018
The United Nations (UN) has reported that economic losses due to disasters in the Asia-Pacific region could exceed US $160 billion annually by 2030, and it has called for greater innovation in disaster risk financing to confront the issue. The UN Economic and Social Commission for Asia and the Pacific (ESCAP) ... Read the full article
Hayward quake scenario warns of $170bn damages to San Francisco area
23rd April 2018
Property analytics company CoreLogic has assessed the financial implications of the HayWired earthquake scenario, a study that modelled the impact of a hypothetical magnitude 7.0 earthquake along the Hayward fault, finding that property damage could total US $170 billion – most of which would be uninsured. The Haywired scenario calculated the ... Read the full article
2017’s disaster events show shifting risk landscape, says Chubb’s Greenberg
19th April 2018
Evan Greenberg, Chairman and Chief Executive Officer (CEO) of Chubb, has asserted that the risk landscape is becoming more complex, and that re/insurers must respond to 2017’s costly natural catastrophe events by adjusting their risk-models and doing more to support government programmes. In the Chairman’s letter to shareholders, Greenberg claimed that ... Read the full article
PERILS’ updated IEDs show European windstorm as the biggest exposure
13th April 2018
Catastrophe data loss aggregation and estimation firm, PERILS AG, has released the 2018 update of the PERILS Industry Exposure Database (IED), which shows that the biggest exposure in the industry database is European windstorm. PERILS explains that the updated country IEDs for 2018 have once again been produced from scratch, and ... Read the full article
AIR Worldwide partners with RenRe to model long-tail casualty risk
9th April 2018
AIR Worldwide, the catastrophe modelling arm of Verisk Analytics, has announced that it will partner with RenaissanceRe (RenRe) to develop the re/insurance industry’s first probabilistic model for extreme liability events. As part of the collaboration, AIR Worldwide plans to use Arium, its exposure management application, to measure portfolio-specific loss potential and judge ... Read the full article
Typically, re/insurers choose to ‘bend or blend’ their risk modelling needs: GC’s Imelda Powers
23rd March 2018
Insurance and reinsurance industry catastrophe risk models constantly evolve and advance, but when adjustments are required, typically, companies must decide whether to “bend or blend,” according to reinsurance broker Guy Carpenter’s Global Chief Catastrophe Modeler, Imelda Powers. Speaking with Reinsurance News, Powers explained that many insurers and reinsurers utilise a mix ... Read the full article
Re/insurers with own view of risk less impacted by model changes: GC’s Imelda Powers
16th March 2018
Speaking with Reinsurance News, Imelda Powers, Global Chief Catastrophe Modeler at reinsurance broker Guy Carpenter, discussed the management of changes to models and the impact this can have on insurers and reinsurers, while underlining the importance of utilising the latest data and expertise within models to improve the industry's view ... Read the full article
Swiss Re’s CatNet hazard data integrated into SpatialKey
14th February 2018
Catastrophe peril hazard data from leading reinsurance firm Swiss Re is to be made available to a wider range of re/insurers through a partnership with geospatial insurance data and analytics specialist SpatialKey. The partnership means that Swiss Re's catastrophe peril insights will be made available through SpatialKey’s proprietary underwriting solution, with ... Read the full article
Global insured losses from natural disasters hit $134bn in 2017: Aon Benfield
24th January 2018
Impact Forecasting, the catastrophe risk modelling unit of reinsurance broker Aon Benfield, has said that total natural disaster losses in 2017 reached $353 billion, while insured losses reached $134 billion. Of the $353 billion, a huge 97%, or $344 billion was due to weather-related events, which includes the impacts of hurricanes ... Read the full article
Aon’s Impact Forecasting cat model joins ModEx platform
1st December 2017
Impact Forecasting, Aon Benfield’s catastrophe risk model development centre, has become the fourth model vendor to offer its cat risk model solutions on the integrated ModEx platform. Impact has announced a deal on model provision with Simplitium enabling it to add its models to the ecosystem of cat risk modelling services ... Read the full article
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