Reinsurance News
Risk Modelling
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
CRESTA updates info for geographic zoning system
21st October 2019
CRESTA, the re/insurance industry organisation that provides a standard global system of risk accumulation zones, has released an updated version of its zoning system for 2019. In its 2019 release, CRESTA has updated all 4,901 low-resolution and 242,172 high-resolution zones for the 137 countries covered by the organisation, following consultation with ... Read the full article
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
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