Reinsurance News

Risk Modelling

GeoX partners with Insurity to enhance P&C insurers risk assessments

28th June 2023

Insurity, a provider of cloud-based software and analytics for insurance carriers, brokers, and MGAs, has partnered with GeoX to provide P&C insurance organisations with geospatial property data and first floor elevation data to more accurately classify and assess risk. Insurity suggests that its customers can now leverage GeoX’s proprietary artificial intelligence ... Read the full article

KCC selected by SynchronoSure for risk modeling applications

26th May 2023

Karen Clark & Company (KCC) has announced that the Synchrono Group (SynchronoSure) has licensed KCC’s full suite of US catastrophe models, delivered through the company’s new and advanced underwriting application. The new tool is powered by KCC’s high-resolution modelling analyses that drive the underwriting and decision-making processes for complex commercial policies. The ... Read the full article

We really need to understand what cyber insurance is: Matt Harrison, Moody’s RMS interview

3rd May 2023

As the cyber insurance and reinsurance market continues to develop and expand, with the risk also growing in popularity within the insurance-linked securities (ILS) space, Matt Harrison, Director of Product Management for Cyber at Moody’s RMS, highlights the importance of understanding exactly what cyber insurance is. Read the full article

ZestyAI rolls out analytics solution for convective storms

25th April 2023

Climate and property risk analytics provider ZestyAI has announced that severe convective storms have joined the list of perils addressed by the its risk analytics platform. The company claims that Z-HAIL and Z-WIND are the first AI models to give carriers hail and wind risk assessment that can be used in ... Read the full article

Ceres Imaging releases AI data analytics suite for agri re/insurers

13th March 2023

Ceres Imaging, a data analytics company that builds AI-driven solutions to protect yields and advance climate resiliency, has released its Risk Solutions product suite, designed to power risk models for agriculture re/insurers and lenders. The new product aims to streamline underwriting and improve claims responsiveness, using Ceres data models that analyse ... Read the full article

Reinsurers collaborate on new data standards for risk modelling

23rd January 2023

Reinsurers RenaissanceRe, SCOR, Hannover Re and Swiss Re have come together with broking firm Aon to lead the implementation of the Open Exposure Data (OED) Standard curated by Oasis for the risk modelling of property reinsurance placements. The OED Standard is a non-commercial venture that aims to provide a more effective ... 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

KCC launches climate conditioned catalogs for hurricanes, floods & wildfires

6th December 2022

Karen Clark & Company (KCC) has announced the launch of complete stochastic climate-conditioned catalogs for the weather-related perils most impacted by climate change, hurricanes, floods, and wildfires. There are five associated climate catalogs for each peril, reflecting climate projections out to 2025, 2030, and 2050. Additionally, there are three separate views for ... 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

Praedicat launches Nekomodel X for casualty cat risk

3rd November 2022

Praedicat, the liability emerging risk analytics company, has launched a new probabilistic casualty catastrophe model called Nekomodel X to help facilitate exposure-based pricing and reserving for insurers. Nekomodel X is designed to expand on the underwriting applications of previous model releases, incorporating data on exposure to emerging risks to help drive ... Read the full article

Verisk releases climate projections for US hurricane & Caribbean cyclone

18th October 2022

Global data analytics provider Verisk has announced the release of climate change projections for its U.S. Hurricane and Caribbean Tropical Cyclone Models to help quantify climate-related, extreme event losses and their potential evolution over the next few decades. The climate change projections provide a probabilistic view of future risk in 2030, ... Read the full article

European flood added to PERILS database

12th September 2022

Zurich-based catastrophe loss aggregator PERILS has expanded its market coverage to include exposure and event loss data for European floods. The new service, which comes in the wake of devastating floods across Europe in 2021, will enhance the firm’s existing windstorm coverage across the continent. The expanded coverage means that data for ... Read the full article

Florida insurers could struggle to respond to a $100bn repeat of Hurricane Andrew: RMS

26th August 2022

According to RMS, a Moody’s analytics company, because of significant exposure growth, the impact of social inflation, and climate change complications, Florida’s insurance market could struggle to respond to a repeat of a Category 5 hurricane, such as Hurricane Andrew - which hit southwest Florida in 1992. RMS highlighted that the ... Read the full article

Fathom and Reask announce “strategic” partnership

23rd August 2022

Flood risk modeller Fathom has partnered with Reask, a climate risk analytics firm specialised in atmospheric hazard models, to create combined wind and flood risk models. This “strategic” partnership aims to provide insurers, banks and ESG-focused investors with an unparalleled view of risk data on the combined impact of flood and ... Read the full article

Reinsurers could be underestimating seismicity risk following megathrust events

14th June 2022

Seismic hazard models attempt to predict the long term risk of earthquakes by looking at, among other things, the slowly changing stress that builds on faults. However, there is new evidence to suggest that megathrusts and other very large earthquakes fundamentally alter the nature of the hazard. It seems that these large ... Read the full article