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AIR updates Tropical Cyclone and Earthquake Models for the Caribbean

31st July 2020

AIR Worldwide has announced the release of two updated catastrophe risk models for the Caribbean region, covering tropical cyclone and earthquake risks. The company said this will provide re/insurers with models which show a comprehensive view of risk across 29 countries and territories in the region. The AIR Tropical Cyclone Model for ... Read the full article

AIR Worldwide updates earthquake model for Australia

30th July 2020

Catastrophe risk modelling firm AIR Worldwide (AIR) announced the release of its updated Earthquake Model for Australia. The updates were prompted by findings in the National Seismic Hazard Model from Geoscience Australia (GA), which challenged established ideas about seismic activity in the country and significantly decreased the view of seismic hazard. The ... Read the full article

KCC puts Hurricane Hanna insured losses at close to $350mn

28th July 2020

Karen Clark & Company (KCC) has estimated that insurance industry losses from Hurricane Hanna, the first hurricane of the 2020 North Atlantic hurricane season, will near $350 million. Catastrophe risk modeller KCC notes that its estimate includes privately insured wind and storm surge damage to residential, commercial, and industrial properties and ... Read the full article

CoreLogic’s Q2 organic revenue up 5% as firm sees $15mn COVID-19 impact

24th July 2020

Risk modelling firm CoreLogic has announced a 4% increase in reported revenues to $477 million in the second-quarter of 2020, and organic revenue growth of roughly 5%, up over 2% from the previous quarter. CoreLogic states that revenues were actually up by 15% once normalised for $28 million of second-quarter 2019 ... Read the full article

Nasdaq adds Global Earthquake Model to risk modelling service

2nd July 2020

The Global Earthquake Model (GEM), a non-profit, public-private partnership for earthquake risk information, has become the latest catastrophe risk model provider to offer its range of models via the Nasdaq Risk Modelling service. GEM serves the public and private sectors in a global collaborative effort to develop scientific risk assessment tools, ... Read the full article

KCC submits flood model for certification in Florida

4th March 2020

Catastrophe risk modeller Karen Clark & Company (KCC) has submitted its flood reference model to be certified by the Florida Commission on Hurricane Loss Projection Methodology. The firm claims that its flood model is the first to be submitted under the state of Florida’s flood model standards The KCC Flood Reference Model ... Read the full article

PCS rolls outs industry loss and index services in LatAm

3rd March 2020

Property Claim Services (PCS), a Verisk Analytics business, has expanded its industry loss index coverage to the Latin America region four months ahead of schedule. The firm explained that the 2019 riots in Chile led to significant insurance and reinsurance activity in the LatAm region, leading to a boost in demand ... Read the full article

Guy Carpenter opts for modelling suite from KCC

24th February 2020

Guy Carpenter, the reinsurance broking arm of Marsh & McLennan Companies, Inc., has agreed to license the catalogue of natural catastrophe models, execution software and analytics from risk modeller Karen Clark and Company (KCC). This multi-year agreement will provide Guy Carpenter’s clients with access to KCC’s suite of natural peril models, ... Read the full article

Understanding today’s risk critical in closing the flood protection gap: Fathom’s Dr. Smith

12th February 2020

Increasingly open and transparent data is vital in order to drive a greater understanding of, and demand for, flood insurance around the world, and will ultimately help to narrow the flood protection gap, according to Dr. Andrew Smith, Chief Operations Officer (COO) of UK-based flood risk modeller, Fathom. Globally, flood exposures ... Read the full article

Climate response requires new products & modelling techniques: Cavaciuti-Wishart, AXIS Capital

4th February 2020

A comprehensive response to the complex challenges posed by climate risk will require reinsurers to adapt business models, develop new products, and improve modelling techniques, according to Ellissa Cavaciuti-Wishart, Head of Cat Modelling – International at AXIS Capital. Faced with the unpredictability of climate-related impacts, reinsurers must develop ever more sophisticated, ... 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

Flood forecasting insurtech Previsico launches in UK

14th November 2019

Previsico, a SpinOut insurtech company from Loughborough University that specialises in flood modelling, has announced its nationwide launch in the UK. The firm aims to support re/insurers, brokers, and their customers with live actionable flood warnings, including uniquely for surface water flooding. Previsico believes that the growing threat of surface water flooding ... Read the full article

RMS estimates Typhoon Hagibis industry loss at up to $11bn

1st November 2019

Global risk modelling and analytics firm RMS has estimated that insured losses stemming from Typhoon Hagibis in Japan will be between US $7 billion and $11 billion. The estimate includes property damage and business interruption caused by wind and flood to residential, commercial, industrial, marine, and automobile lines, and accounts for ... Read the full article

PERILS extends coverage to New Zealand

1st November 2019

Catastrophe loss data aggregator PERILS has announced that it plans to extend its market coverage to include New Zealand. Going forward, PERILS will offer insured property exposure data related to earthquake, flood, and extratropical cyclones in New Zealand via its database. Additionally, PERILS will provide event loss data for any events above ... Read the full article

PCS announces new solution for large onshore property losses

30th October 2019

PCS, a Verisk business, has announced the launch of PCS Global Large Loss, a new specialty lines loss aggregation and reporting solution for large onshore property loss events. Available starting January 1, 2020, the PCS Global Large Loss index will include an industry loss estimate number for qualifying events, including property ... Read the full article

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