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.
One of the biggest problems we have as an industry is coverage: ConnectUW CEO
17th September 2024
There are numerous issues from the soft market era that have not been addressed in the current market, and until they’ve been properly attended to, the re/insurance industry is going to end up where it started, according to Group CEO and CUO of Connect Underwriting, Jamil Elbahou. ConnectUW is a specialist ... Read the full article
Consumer Watchdog opposes proposal for black-box models in wildfire risk prediction
1st May 2024
Consumer Watchdog opposes Californian Insurance Commissioner Ricardo Lara's proposal to allow insurance companies to use black-box catastrophe models and artificial intelligence (AI) for predicting catastrophic wildfire risks, citing concerns that this approach will increase home insurance rates without transparency or accountability. These concerns were voiced during Consumer Watchdog's testimony at the ... Read the full article
Verisk launches Next Generation Models to help re/insurers mitigate losses
8th April 2024
Global data analytics and technology provider Verisk has launched its Next Generation Models (NGM), which will be implemented by insurers and reinsurers to evaluate risks and anticipate insured losses from extreme events more accurately. According to Verisk, this suite of 100+ models is now available on its catastrophe risk management software ... Read the full article
Verisk names Rob Newbold President, Extreme Event Solutions as Bill Churney retires
7th December 2023
Verisk, the global data analytics and technology provider, has named Rob Newbold to succeed Bill Churney as the President, Extreme Event Solutions following his retirement. The appointment is effective starting December 31st, 2023. Lee Shavel, President and Chief Executive Officer, Verisk, commented on the appointment, "The Extreme Event Solutions team plays a ... Read the full article
Risk modeling more responsive, but there’s still challenges & opportunities: Convergence
12th October 2023
The catastrophe risk modeling community is now much more responsive to the insurance and reinsurance business, although there's clearly still challenges and opportunities to further refine the models, according to industry experts. Speaking on a panel earlier today at the 2023 Bermuda Convergence event, moderated by Peter DiFiore, Managing Director, Neuberger ... Read the full article
Barents Reinsurance adopts Moody’s RMS models for property portfolio
7th August 2023
Barents Reinsurance SA, part of the Barents Re Group, has selected Moody’s RMS to provide natural catastrophe modelling services for its expanding property portfolio. As part of the multi-year agreement, data enhancement and modelling will be executed by Moody’s RMS Analytical Services team to cover multiple perils, including Europe earthquakes, windstorms, ... Read the full article
NOAA & NSF to combine climate & catastrophe models at new research center
19th May 2023
The National Oceanic and Atmospheric Administration (NOAA) and the National Science Foundation (NSF) have announced the creation of an Industry-University Cooperative Research Center (IUCRC) focused on modelling catastrophic impacts and risk assessment of climate change to "help better support the needs of the insurance sector." NOAA Chief Scientist, Sarah Kapnick, PhD, ... Read the full article
Moody’s RMS integrating Nasdaq’s NRMC service into its Intelligent Risk Platform
11th May 2023
Catastrophe risk modeller Moody’s RMS is integrating Nasdaq’s Risk Modelling for Catastrophes (NRMC) service into its Intelligent Risk Platform. The integration will provide consolidated access to over 300 risk models offered through Nasdaq’s platform, in addition to more than 400 existing risk models already provided by Moody’s RMS. A recent preview of ... Read the full article
With catastrophe losses on the rise, Swiss Re issues guidelines for underwriting
31st March 2023
According to a report published by Swiss Re, there has been an upward trend in natural catastrophe-insured losses over the past six years. The data shows a rise of about 5‒7% in average annual losses established over the last 30 years with the possibility of growth in this trend. This has ... Read the full article
Industry should “absolutely” move to less model dependency, says Amwins’ Bernacki
24th January 2023
Given the continued ‘model miss’ of the recent catastrophes, Mark Bernacki, Chief Underwriting Officer of Amwins, has suggested that the industry should “absolutely” move to less model dependency. In his interview with Reinsurance News, Bernacki gave a definitive “yes”, when asked whether it was time to move on, citing the increased ... Read the full article
Moody’s RMS Intelligent Risk Platform passes 100 clients landmark
20th January 2023
Catastrophe risk modeller Moody’s RMS has announced that over 100 active clients across insurance and finance markets have adopted applications and services on the Moody’s RMS Intelligent Risk Platform (IRP). According to the firm, the platform has gained significant traction among brokers, insurers, reinsurers, managing general agents (MGAs), and Lloyd’s syndicates ... Read the full article
BMA finds uptick in Bermuda insurers buying cat reinsurance
7th December 2022
A new study by the Bermuda Monetary Authority (BMA) on catastrophe modelling practices on the island has found a significant uptick in the proportion of insurers purchasing external catastrophe reinsurance. The BMA asked insurers how their cat risk modelling reflects their reinsurance and retrocessional purchases, and found that the number of ... Read the full article
TigerRisk warns of inconsistent climate conclusions from cat model indexing
2nd December 2022
Analysts at re/insurance risk, capital and strategic advisor TigerRisk Partners have warned that methods of indexing in catastrophe models can skew perspectives on recent loss trends and lead to “inconsistent conclusions” when it comes to the impact of climate change. In a recent report, the broker noted that there has been ... Read the full article
Aon acquires ERN to drive cat modeling & consultancy in LatAm
9th November 2022
Global professional services firm, Aon, has acquired ERN (Evaluación de Riesgos Naturales), a Mexico-based leader in risk assessment modeling. The acquisition will help drive and expand Aon’s catastrophe modeling and consultancy capabilities in Latin America. Founded in 1996, ERN has developed modeling capabilities that are specific to Latin America and backed by ... Read the full article
Cutbacks in capacity & price hikes to follow Ian: Risk Strategies
7th November 2022
A recent report from Risk Strategies suggests property insurance buyers with locations exposed to climate change-related events will see significant reductions in coverage capacity, as well as higher deductibles and pricing well into 2023 following Hurricane Ian, as reinsurers grow increasingly concerned about inadequate values and peril losses. The report observes ... Read the full article
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