Reinsurance News
risk modeller
RMS releases first version of the Risk Data Open Standard
7th February 2020
Global catastrophe risk modeller RMS has announced that its modern data schema for the risk modelling community, the Risk Data Open Standard (RDOS), was made publicly available for download on January 31st, 2020. The firm's RDOS was built specifically for the industry and represents the new, open standard for holding all ... Read the full article
KatRisk adds treaty reinsurance capabilities to cat modelling engine
25th November 2019
Catastrophe risk modeller KatRisk has released an updated version of its SpatialKat modelling suite and FMKat financial model, which include the ability to model treaty reinsurance. As with previously released facultative modelling capabilities, the updated SpatialKat 3.0 and FMKat releases will allow treaties to be applied at the site, policy or ... Read the full article
CRESTA updates info for geographic zoning system
21st October 2019
CRESTA, the re/insurance industry organisation that provides a standard global system of risk accumulation zones, has released an updated version of its zoning system for 2019. In its 2019 release, CRESTA has updated all 4,901 low-resolution and 242,172 high-resolution zones for the 137 countries covered by the organisation, following consultation with ... Read the full article
New RMS hurricane solution to inform pre-landfall response
4th October 2019
Global risk modelling and analytics firm RMS has announced the release of a new forecasting product to support proactive event response strategies for North Atlantic hurricanes ahead of landfall. Available as part of the RMS HWind Real-Time Analysis Solution suite, RMS HWind will deliver five-day forecast track scenarios, hazard footprints, and ... Read the full article
CoreLogic updates RCT Express solution to include valuations for large tract homes
25th September 2019
Catastrophe risk modeller CoreLogic has released its updated RCT Express reconstruction estimating and risk assessment solution, which now provides re/insurers with the ability to provide valuations for large tract homes (LTH). CoreLogic says that the available update provides users with more powerful coverage adequacy tools, which ultimately enables insurers to better ... Read the full article
Karen Clark & Co highlights vast loss potential from large Tokyo quake
28th August 2019
Analysis by catastrophe risk modeller Karen Clark & Company (KCC) claims that a large magnitude earthquake event impacting Tokyo could drive overall property losses of more than $3 trillion. Japan's positioning at the juncture of four tectonic plates means it is one of the most seismically active areas of the world. Over ... Read the full article
Reviving the private US flood market could generate $41.6bn in premiums: Verisk
23rd August 2019
Recent analysis from data analytics provider Verisk suggests that reviving the private flood insurance market in the US could generate $41.6 billion in written premiums for insurers from owner-occupied homes. The figure came as part of a study that concluded 62 million residential locations in the US could be at moderate ... Read the full article
Hurricane Barry private market loss at almost $300mn: KCC
16th July 2019
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that Hurricane Barry will drive an insurance industry loss of close to $300 million, excluding National Flood Insurance Program (NFIP) losses. Barry made landfall 160 miles west of New Orleans on Sunday as a Category 1 hurricane, reaching maximum sustained winds ... Read the full article
RMS’ North Atlantic hurricane models approved by Florida Commission
25th June 2019
Catastrophe risk modelling and analytics firm RMS has announced that the Florida Commission on Hurricane Loss Projection Methodology (FCHLPM) has approved its Version 18.1 North Atlantic Hurricane Models for use on residential rate filings with the Florida Office of Insurance Regulation (FOIR). The certification was received on June 13th, 2019 and ... Read the full article
AIR Worldwide updates flood models for Central Europe & UK
25th June 2019
AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics, has released an update to its inland flood model for Central Europe and coastal flood model for Great Britain. The domain of the inland flood model for Central Europe has been expanded to include the country of Poland. This model features rainfall-runoff ... 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
RMS launches new risk modelling & data platform, as it sunsets RMS(one)
14th May 2019
Catastrophe risk modelling and analytics firm RMS has announced the launch of a new strategic risk modelling and data platform for the re/insurance industry, called Risk Intelligence. At the same time, RMS said that it is sunsetting the RMS(one) platform, which faced numerous delays in implementation following its 2014 launch and ... 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
AbsoluteClimo announces new cat model, predicts $153bn losses in 2019
20th February 2019
AbsoluteClimo, a Hawaii-based climate modelling, forecasting and risk management company, has announced a new catastrophe risk model that is predicting global climate-driven cat losses of $153 billion in 2019. The new model, called Clim๏Cats, utilises AbsoluteClimo’s machine learning predictive engine to link climate physics – such as temperature, rainfall and wind ... Read the full article
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