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.
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
7.3m homes along US Gulf, Atlantic coasts at risk to storm surge: CoreLogic
30th May 2019
A report released today by global catastrophe risk modeller CoreLogic has identified more than 7.3 million single and multi-family homes along the Gulf and Atlantic Coasts with the potential for storm surge damage. The total estimated reconstruction cost value (RCV) - calculated using the combined cost of construction materials as well ... Read the full article
$1bn+ economic damage from this week’s US severe weather, largely insured
24th May 2019
The extensive outbreak of severe storms that hit the central and eastern parts of the U.S. from May 16th - May 23rd, is expected to result in economic losses of at least $1 billion, according to analysis from Impact Forecasting, the catastrophe risk modelling arm of insurance and reinsurance broker ... Read the full article
Flood Re & Lighthill Risk Network partner with re/insurers on flood modelling report
14th May 2019
Flood Re, the UK’s government-backed reinsurance scheme, has partnered with researchers at Lighthill Risk Network, as well as a number of re/insurers and brokers, to produce a collaborative report on ways to improve flood risk understanding and management. The research project compiles input from Swiss Re, SCOR, Allianz, Aspen, Lloyds TSB, ... Read the full article
CoreLogic offers new property exposure solution for tornadoes
3rd May 2019
Global catastrophe risk modeller CoreLogic has announced the launch of Tornado Path Maps, a new solution that promises to deliver precise damage exposure data from a tornadic event in minutes. CoreLogic claims that the solution will allow insurers to anticipate claims volume and adjuster deployment for streamlined claims processing, offering quicker ... Read the full article
RMS launches model updates for Asia Pacific earthquake, North Atlantic hurricane
29th April 2019
Catastrophe risk modelling and analytics firm RMS has released an updated suite of modelling tools, providing new views of earthquake risk in Taiwan and in six countries across Southeast Asia, as well as hurricane risk across the North Atlantic basin. The updates incorporate RMS’ latest methodologies and reflect the latest in ... Read the full article
KatRisk enhances cat modelling engine, financial model
15th April 2019
Catastrophe risk modeller, KatRisk LLC has announced updates to its SpatialKat 2.0 and SoloKat+ software and data, further enhancing its sophisticated cat modelling engine and financial model. KatRisk has revealed a range of updates, noting the firms' ability to quantify U.S. flood risk, both inland and storm surge, by leveraging its ... Read the full article
World Bank eyes updated pandemic risk transfer facility for 2020
10th April 2019
The World Bank Group has reached out to catastrophe risk modelling firms as it prepares to begin development on the next phase of its Pandemic Emergency Financing Facility, PEF 2.0. In response to the high financial, social and economic loss driven by outbreaks of infectious disease, such as the 2014 Ebola ... Read the full article
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