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Risk Modelling

2017’s disaster events show shifting risk landscape, says Chubb’s Greenberg

19th April 2018

Evan Greenberg, Chairman and Chief Executive Officer (CEO) of Chubb, has asserted that the risk landscape is becoming more complex, and that re/insurers must respond to 2017’s costly natural catastrophe events by adjusting their risk-models and doing more to support government programmes. In the Chairman’s letter to shareholders, Greenberg claimed that ... Read the full article

XL Catlin partners with Praedicat to address evolving casualty risks

6th April 2018

XL Catlin has enlisted Praedicat, an InsurTech analytics company, to help address changing liability insurance and reinsurance needs using its emerging risk models and software for casualty re/insurance. The companies have agreed to work together on a multi-year basis, and will utilise Praedicat’s latency risk model and mass litigation scenarios, its ... Read the full article

Typically, re/insurers choose to ‘bend or blend’ their risk modelling needs: GC’s Imelda Powers

23rd March 2018

Insurance and reinsurance industry catastrophe risk models constantly evolve and advance, but when adjustments are required, typically, companies must decide whether to “bend or blend,” according to reinsurance broker Guy Carpenter’s Global Chief Catastrophe Modeler, Imelda Powers. Speaking with Reinsurance News, Powers explained that many insurers and reinsurers utilise a mix ... Read the full article

Re/insurers with own view of risk less impacted by model changes: GC’s Imelda Powers

16th March 2018

Speaking with Reinsurance News, Imelda Powers, Global Chief Catastrophe Modeler at reinsurance broker Guy Carpenter, discussed the management of changes to models and the impact this can have on insurers and reinsurers, while underlining the importance of utilising the latest data and expertise within models to improve the industry's view ... Read the full article

RMS names Adam Sandler as Head of Underwriting, Cyber and Model Solutions

28th February 2018

Risk modeller RMS has named Adam Sandler as Head of Underwriting, Cyber and Model Solutions, set to oversee the expansion of RMS business in cyber, data, underwriting and models solutions with a focus on digital risk and underwriting transformation. Sandler joins from QBE North America, where he was Senior Vice President and ... Read the full article

The Institute of Risk Management issues new insurance guidance framework

21st February 2018

The Institute of Risk Management’s (IRM) Internal Model Industry Forum (IMIF) has announced the release of its eighth guidance document for the insurance market, the Journey from Model Validation to Model Risk Management. Philip Whittingham FIRM, Head of Model Validation and Risk Governance at XL Catlin, who is also the chair ... Read the full article

Swiss Re’s CatNet hazard data integrated into SpatialKey

14th February 2018

Catastrophe peril hazard data from leading reinsurance firm Swiss Re is to be made available to a wider range of re/insurers through a partnership with geospatial insurance data and analytics specialist SpatialKey. The partnership means that Swiss Re's catastrophe peril insights will be made available through SpatialKey’s proprietary underwriting solution, with ... Read the full article

Guy Carpenter CEO Peter Hearn calls for more transparent cat modeling

31st January 2018

Guy Carpenter's Chief Executive Officer, Peter Hearn, made a case for greater industry-wide adoption of the open source catastrophe model, saying it improves firms' management of risk, adding better products and protection to the marketplace and benefiting the entire re/insurance value chain. “For over 25 years, these models have led us ... Read the full article

Hudson Insurance unit to use AIR Worldwide’s Fund Designation Service

9th January 2018

A Hudson Insurance Group unit, Hudson Crop, has selected AIR Worldwide's Fund Designation Service for optimisation of its crop portfolio risk management. The service provides fund designation alternatives to assist companies in choosing the best option for their risk-return target and profile and thus enhance stakeholder value under yield, price, and crop ... Read the full article

Aon’s Impact Forecasting cat model joins ModEx platform

1st December 2017

Impact Forecasting, Aon Benfield’s catastrophe risk model development centre, has become the fourth model vendor to offer its cat risk model solutions on the integrated ModEx platform. Impact has announced a deal on model provision with Simplitium enabling it to add its models to the ecosystem of cat risk modelling services ... Read the full article

Applied Research Associates pairs with Simplitium & Oasis to offer U.S. hurricane risk model

13th November 2017

Applied Research Associates (ARA) has joined forces with Simplitium and Oasis to offer a cost-effective solution for re/insurers' U.S. hurricane risk modelling. ARA and Simplitium have formalised an agreement for ARA’s cat risk modelling software, HurLoss TM, which ensures the availability of the U.S. hurricane model on the catastrophe risk modelling ... Read the full article

FEMA selects AIR Worldwide flood risk model for NFIP

13th November 2017

The Federal Emergency Management Agency (FEMA) has selected AIR Worldwide’s Inland Flood and Storm Surge risk models for the United States to help it to get a better understanding of the National Flood Insurance Program’s (NFIP) loss potential. By taking up the AIR flood risk model, FEMA will benefit from a ... Read the full article

Rates need to reflect changing risk perception, suggests industry execs

3rd November 2017

The pricing of catastrophe risks in the insurance and reinsurance sector needs to reflect the increased severity and frequency of events, and the extremely costly third-quarter could lead to a change in risk perception, according to industry executives. Historically, the occurrence of significant price increases across the reinsurance market happens at ... Read the full article

RMS hires ex-Munich Re board member Ludger Arnoldussen

23rd October 2017

Catastrophe risk modelling and analytics firm RMS has announced the hiring of Dr. Ludger Arnoldussen, previously a board member at reinsurance firm Munich Re, in a move designed to strengthen the firms position in Europe. Dr. Arnoldussen has a long history in business development across both insurance and reinsurance sectors, most ... Read the full article

RMS announces release of Location Intelligence API solution

3rd October 2017

RMS has released a new product offering, dubbed Location Intelligence API, which provides location-based hazard, risk and loss metrics to offer re/insurers a consistent view of risk from underwriting to portfolio management. The risk solution compiles big data simulations of catastrophic events into loss costs, with optional additional details on key ... Read the full article

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