Reinsurance News

Risk Modelling

Global Parametrics partners with supercomputing experts on climate risk modelling

4th February 2019

Global Parametrics, a parametric and index-based risk transfer start-up that’s backed by the UK and German governments, has partnered with the Barcelona Supercomputing Centre (BSC) to improve the speed and scale of its climate-related risk modelling. The BSC is a member of the Partnership for Advanced Computing in Europe (PRACE) and ... Read the full article

Cat modellers can learn from tech industry: Simplitium’s Lay & Jones

10th January 2019

With recent developments driving the need for ever more efficiency in the re/insurance industry, catastrophe modellers could benefit from emulating the approach of the technology sector, according to Simplitium’s James Lay and Matthew Jones. Lay and Jones noted that cost reduction was a central theme for many re/insurers during 2018, as ... Read the full article

European reinsurers identify benefits of internal models

9th January 2019

The Insurance Europe Reinsurance Advisory Board (RAB), a special representative body consisting of some of the largest European reinsurers, has published a new report outlining the benefits of the use of internal models. The group claimed that internal models make the risk profile of re/insurance companies more transparent and enrich their ... Read the full article

Analysts forecast average Atlantic hurricane activity for 2019

17th December 2018

Preliminary forecasts from meteorological experts suggest that the Atlantic will experience average levels of hurricane activity in 2019, although El Niño may add some uncertainty to the outlook. Analysis from Tropical Storm Risk (TSR), a re/insurance industry-backed tropical weather research group, predicts that the 2019 Atlantic hurricane season will be about ... Read the full article

Simplitium introduces reinsurance capabilities to ModEx platform

26th November 2018

Simplitium, a provider of risk analysis services, has introduced reinsurance capabilities to its multi-vendor ModEx platform. ModEx is the multi-peril catastrophe risk modelling platform operated on the Oasis Loss Modelling Framework (LMF), offering a hosted and fully managed service that removes the need for any client-side installation. This new introduction expands the ... Read the full article

Asia Pacific region to experience even more destructive cat events, says RMS

29th October 2018

Catastrophe risk modelling and analytics firm RMS has said that the Asia Pacific region can expect to experience even more destructive events at the 1% level of annual probability, which could have a major impact on both governments and re/insurers. The Asia Pacific region has already experienced several disasters over 2018, ... Read the full article

Ed to utilise URS’ Risk Explorer modelling software

24th October 2018

Ed, the global reinsurance, wholesale and specialty brokerage, has licensed Ultimate Risk Solutions’ (URS) financial risk modelling software to help design bespoke risk mitigation solutions for its clients. The broker said that using URS’ Risk Explorer software will allow it model its clients’ portfolios and evaluate potential re/insurance structures more quickly ... Read the full article

Verisk launches new flood underwriting tool WaterLine

23rd October 2018

Leading data analytics provider Verisk has announced the launch of WaterLine, a new underwriting tool that scores flood risk for all properties in the contiguous United States, helping insurers keep up with the growing number of homes and businesses vulnerable to flood. WaterLine was developed by Verisk businesses ISO and AIR ... Read the full article

JBA launches high-resolution Florida flood maps

23rd October 2018

JBA Risk Management, the global flood risk modeller, has announced the launch of its new high-resolution state-wide flood map for Florida, part of a wider rollout for the continental U.S. Managing Director of JBA Matt Reid stated that the flood map provides “a comprehensive understanding of all three principal types of ... Read the full article

Named peril casualty cover is $90bn per year opportunity, says Praedicat CEO

17th October 2018

Robert Reville, Chief Executive Officer (CEO) of Praedicat, an InsurTech risk modelling and analytics firm, has claimed that developing named peril casualty cover is currently the biggest opportunity in re/insurance, representing a potential $90 billion annual growth opportunity. Praedicat analyses scientific literature to model more than 60,000 potential disease litigation scenarios, ... Read the full article

Risk modeller Kovrr develops new silent cyber product

4th October 2018

Kovrr, an Israel-headquartered cyber risk modeller, has developed a new silent cyber risk offering that enables insurance and reinsurance carriers to identify uncalculated capital at risk and quantify policy clauses that may leave them liable in the event of a cyber-attack. The product, which Kovrr claims is the first fully integrated ... Read the full article

Willis Towers Watson develops new multi-peril property loss modelling tool

19th September 2018

Insurance and reinsurance broker Willis Towers Watson has developed a new technology platform to help organisations analyse potential property losses, called Property Quantified. Set to be launched during the RIMS Canada 2018 Conference on September 23, the Property Quantified platform will enable clients analyse losses across a global portfolio and optimise ... Read the full article

Verisk to offer aerial catastrophe imagery via Geomni

17th September 2018

Data analytics provider Verisk has announced that it plans to offer its customers free access to high-resolution aerial imagery following major loss events via Geomni, a Verisk business with a database of address- and location-based  property analytics. Geomni will provide online access to before-and-after imagery of structures and properties inside a ... Read the full article

PERILS to assume management of CRESTA Secretariat

10th September 2018

Zurich-based catastrophe loss data aggregator PERILS has announced that it has taken over responsibility for the ongoing management of the CRESTA Secretariat, the global standard for managing natural perils insurance data. Established by the insurance and reinsurance industry in 1977 as an independent body, the Secretariat has previously been managed on ... Read the full article

PCS develops county level U.S property catastrophe loss estimates

5th September 2018

Property Claims Services (PCS), a Verisk Analytics business, has developed a new level of granularity for U.S property catastrophe insured loss data, offering county level industry loss estimates and claim counts for events with insured losses of at least US $1 billion. PCS said it has worked closely with insurers in ... Read the full article

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