Reinsurance News
Risk Modelling
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
RMS upgrades weather & terror models to high def
20th May 2022
RMS, the Moody’s-owned risk modelling and solutions company, has announced it will release four new high definition risk models, including for Europe Windstorm, North America Winterstorm (WT), North America Severe Convective Storm (SCS), and Terrorism. The HD probabilistic models incorporate a high-fidelity, simulation-based framework for modelling event frequency and severity, which ... Read the full article
RMS launches cloud-based application, UnderwriteIQ
18th May 2022
RMS, a risk modelling and solutions company has announced that it will be launching a new application – UnderwriteIQ, which will be hosted on the cloud-based RMS Intelligent Risk Platform. The application will enable underwriters to have greater control of risks by bringing hazard, exposure, and loss data together in the ... Read the full article
Skyfora updates Tropical Storm Seasonal Forecast model
5th April 2022
Skyfora has updated its Tropical Storm Seasonal Forecast model, a solution which provides probabilistic predictions for the likelihood of various events in different categories for the upcoming tropical cyclone season. The categories consist of tropical cyclone (TC) intensity, TC genesis by region, and TC landfall by region. In addition to pre-season forecasts ... Read the full article
Xceedance enters into partnership with Ultimate Risk Solutions
21st March 2022
Re/insurance service provider Xceedance has announced a partnership with Ultimate Risk Solutions (URS) to deliver risk management, modelling and actuarial and analytics services to insurance organisations worldwide. The partnership combines URS’s expertise in risk and financial modelling with the actuarial and analytics capabilities from Xceedance, enabling insurance organisations to optimise reinsurance ... Read the full article
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