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.
Typhoon Faxai to mark first catastrophe designated under PCS Japan
24th September 2019
Property Claims Services (PCS), a Verisk Analytics business, has confirmed that Typhoon Faxai will become the first catastrophe loss event to be designated under the firm’s new PCS Japan service. PCS expanded its industry loss data aggregation and index reporting capabilities to include non-marine catastrophe losses in Japan back in ... Read the full article
Total industry losses from Dorian could reach $8.5bn: RMS
16th September 2019
Catastrophe risk modeller RMS has estimated that insured losses driven by Hurricane Dorian in the US, Canada and the Caribbean will total between US $4 billion and $8.5 billion. The firm previously released an industry loss estimate of between $3.5 billion and $6.5 billion for the impact of Dorian in ... Read the full article
PCS expands catastrophe loss index service to Mexico
4th September 2019
Property Claim Services (PCS), a division of Verisk that collects and aggregates the insurance industry loss data widely used by reinsurers, has announced the launch of its catastrophe loss index for Mexico. PCS Mexico will provide full coverage for natural and man-made events across Mexico with total re/insurance industry loss estimates ... Read the full article
CCRIF launches web-based platform to monitor natural hazards
30th August 2019
The Caribbean Catastrophe Risk Facility (CCRIF) has launched a new web-based platform through which its members can monitor natural hazards, analyse their intensity, and assess their impact. The platform, which can monitor earthquakes, heavy rainfall and tropical cyclones, also allows members to check whether an active insurance policy with CCRIF is ... Read the full article
China Re launches nation’s first commercial earthquake cat model
27th August 2019
China Reinsurance Corporation (China Re) has launched a new proprietary commercial earthquake catastrophe model for China, which aims to benefit the country’s re/insurance sector through improved costs and accuracy. China Earthquake Catastrophe Model v2.0, which has been certified by the Seismological Society of China, is also expected to fundamentally change the ... Read the full article
PERILS raises Townsville flood loss estimate to AUD 1.2bn
12th August 2019
Catastrophe loss data aggregator PERILS has raised its property loss estimate for the floods that hit the Australian city of Townsville earlier this year to AUD 1.217 billion (USD 822 million). PERILS’ third estimate, which does not include losses from motor and other lines of business, represents a AUD 176 ... Read the full article
CoreLogic puts private market Barry losses at up to $600mn, NFIP at $200mn
19th July 2019
Catastrophe risk modeller CoreLogic has estimated that insured wind and flood losses resulting from Hurricane Barry are between $300-600 million, with National Flood Insurance Program (NFIP) losses representing a further $100-200 million. Uninsured flood losses are also expected to reach $100 million, putting CoreLogic’s total loss estimate at $500-900 million. CoreLogic’s estimates ... Read the full article
Hurricane Barry insured losses will not exceed $500mn: RMS
19th July 2019
Insurance and reinsurance industry losses from Hurricane Barry, which made landfall in Louisiana on Saturday, will not exceed $500 million, according to estimates from catastrophe risk modeller RMS. The estimate represents losses associated with wind, storm surge, and inland flood damage, including losses to the National Flood Insurance Program (NFIP). Read the full article
AIR Worldwide releases catastrophe exposure database schema to public
3rd July 2019
AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics, has published its Catastrophe Exposure Data Exchange (CEDETM) database schema publicly. AIR says the release will facilitate accurate and transparent data exchange throughout the insurance value chain more efficiently, and encourage more analytics on a greater number of exposures. "The (re)insurance industry ... Read the full article
RMS expands Risk Intelligence platform
1st July 2019
Catastrophe risk modelling and analytics firm RMS has made available two new solutions hosted on its Risk Intelligence platform. The company says its Location Intelligence API and the SiteIQ applications enable primary underwriters to quickly gain an understanding of all hazards facing any property in their global portfolio. More specifically, RMS states ... Read the full article
AIR Worldwide updates earthquake risk model for New Zealand
21st June 2019
AIR Worldwide, the catastrophe risk modelling firm owned by Verisk, has announced the release of its updated Earthquake Model for New Zealand, which incorporates the latest scientific research from the 2010-11 Canterbury and 2016 Kaikoura quakes. The model also factors in research from other earthquakes around the world, and captures the ... Read the full article
Cat 5 storm landfall near Miami would drive residential losses of over $200bn, says KCC
19th June 2019
A new risk model from Karen Clark & Company (KCC), which contains over 90,000 hurricanes, estimates that a strong Category 5 storm making landfall near Miami would drive re/insured residential losses of more than $200 billion. KCC explains that one of the worse-case scenarios for the state of Florida is a ... Read the full article
Fractal Industries’ AIDP to host Oasis LMF catastrophe models
18th June 2019
Insurance and reinsurance industry players that utilise Fractal Industries, Inc.'s Fractal Advanced Insurance Decision Platform (Fractal AIDP) will now be able to both access and operate open source catastrophe modelling tool, Oasis Loss Modelling Framework (Oasis LMF). Fractal Industries is a provider of intelligent decision platforms and has been selected by ... Read the full article
CoreLogic’s US quake model to be made available via Nasdaq’s ModEx
12th June 2019
Nasdaq has announced that CoreLogic is the latest catastrophe risk modeller to make its models available via ModEx, the catastrophic modelling ecosystem Nasdaq acquired in January as part of the Cinnober Technology AB deal. CoreLogic offers more than 180 catastrophe risk models across more than 100 regions, and its U.S. earthquake ... Read the full article
Fathom launches updated US flood model via ModEx platform
5th June 2019
Flood risk modeller Fathom has announced the launch of its updated US flood model, Fathom-US, via multi-vendor catastrophe risk modelling platform ModEx. Fathom-US incorporates the latest datasets available in order to model flood risk across river channels of all sizes, and for both fluvial and pluvial perils. The model has also been ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
