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Reinsurance News

Risk Modelling

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

Typhoon Faxai to mark first catastrophe designated under PCS Japan

24th September 2019

Property Claims Services (PCS), a Verisk Analytics business, has confirmed that Typhoon Faxai will become the first catastrophe loss event to be designated under the firm’s new PCS Japan service. PCS expanded its industry loss data aggregation and index reporting capabilities to include non-marine catastrophe losses in Japan back in ... Read the full article

Willis Research Network partnership to focus on natural air traffic hazards

19th September 2019

Willis Research Network (WRN), the research arm of Willis Towers Watson, has partnered with Mitiga Solutions to help aviation and aerospace clients optimise air traffic management. The partnership aims to help airlines, airports and associated organisation in both the public and private sectors to predict and mitigate the impact of natural ... Read the full article

Jebi sized loss in Japan to hit re/insurers at least once every 20 years, says KCC

17th September 2019

Catastrophe risk modeller Karen Clark & Company (KCC) has revealed that according to its new high resolution Japan Typhoon Reference Model, insurers and reinsurers can expect losses of a similar magnitude to Typhoon Jebi at least once every 20 years, on average. KCC's model shows that re/insurers can anticipate insured losses ... Read the full article

JBA Risk Management develops probabilistic global flood model

16th September 2019

Flood risk modeller JBA Risk Management has announced the launch of a new probabilistic global flood model that will allow re/insurers to model river and surface water flood at 30 metres worldwide. The model, which JBA claims to be the first of its kind, will enable consistent comparisons of loss across ... Read the full article

CoreLogic finds 776,000 US homes at extreme risk of wildfire damage

13th September 2019

A new report from property information and analytics provider CoreLogic has found that nearly 776,000 homes in the US are at extreme risk of wildfire damage this year, representing a potential reconstruction cost value of more than $221 billion. California metropolitan areas comprise a significant portion of the top 15 regions ... Read the full article

PCS to improve granularity on marine & energy loss estimates

9th September 2019

Property Claim Services (PCS), a division of Verisk that collects and aggregates the re/insurance industry loss data, has announced that it plans to offer greater granularity for estimates reported under its Global Marine and Energy platform. From November 1, 2019, PCS will report industry loss estimates for new qualifying loss events ... Read the full article

Munich Re announces new risk analysis services for wildfire & hurricane

8th September 2019

Munich Re has announced two new risk analysis and claims settlement services for wildfire and hurricanes, which aim to accelerate indemnification for policyholders. The reinsurer’s Wildfire Risk Score will support clients in evaluating wildfire risks in North America and in estimating damages following an event. The solution combines loss data from past ... Read the full article

Lack of reliable loss estimates has impaired ILW market in Japan, says PCS

5th September 2019

A lack of access to reliable and independent sources of industry loss estimates has impaired the market for industry loss warranties (ILW) in Japan, according to a new report from PCS, a Verisk business. The report looked at the impact of potential underreporting by informal loss reporting data sources, as well ... Read the full article

CCRIF launches web-based platform to monitor natural hazards

30th August 2019

The Caribbean Catastrophe Risk Facility (CCRIF) has launched a new web-based platform through which its members can monitor natural hazards, analyse their intensity, and assess their impact. The platform, which can monitor earthquakes, heavy rainfall and tropical cyclones, also allows members to check whether an active insurance policy with CCRIF is ... 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

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

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