Reinsurance News

Risk Modelling

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

Oasis LMF launches global collaborative risk modelling project, The Wave

20th June 2019

The Oasis Loss Modelling Framework (Oasis LMF) announced the official launch of global collaborative risk modelling effort, The Wave at its London conference held earlier this week. The Wave is an international project that was created in response to an increase of support for open source, cost-effective technology, which, Oasis LMF ... Read the full article

Fractal Industries’ AIDP to host Oasis LMF catastrophe models

18th June 2019

Insurance and reinsurance industry players that utilise Fractal Industries, Inc.'s Fractal Advanced Insurance Decision Platform (Fractal AIDP) will now be able to both access and operate open source catastrophe modelling tool, Oasis Loss Modelling Framework (Oasis LMF). Fractal Industries is a provider of intelligent decision platforms and has been selected by ... Read the full article

CoreLogic’s US quake model to be made available via Nasdaq’s ModEx

12th June 2019

Nasdaq has announced that CoreLogic is the latest catastrophe risk modeller to make its models available via ModEx, the catastrophic modelling ecosystem Nasdaq acquired in January as part of the Cinnober Technology AB deal. CoreLogic offers more than 180 catastrophe risk models across more than 100 regions, and its U.S. earthquake ... Read the full article

RMS launches new risk modelling & data platform, as it sunsets RMS(one)

14th May 2019

Catastrophe risk modelling and analytics firm RMS has announced the launch of a new strategic risk modelling and data platform for the re/insurance industry, called Risk Intelligence. At the same time, RMS said that it is sunsetting the RMS(one) platform, which faced numerous delays in implementation following its 2014 launch and ... Read the full article