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Reinsurance News

Risk Modelling

Oasis obtains funding for new Philippines and Bangladesh cat models

27th July 2018

Oasis Loss Modelling Framework, the open source catastrophe modelling platform, has begun a new project to co-develop catastrophe models for flood in the Philippines and windstorm in Bangladesh, funded by Germany’s International Climate Initiative (IKI). Oasis will collaborate with the IKI, part of the German Federal Ministry for the Environment, Nature ... Read the full article

CoreLogic partners with Esri to expand geospatial content offering

20th July 2018

CoreLogic, a global property information, analytics and solutions provider, has partnered with spatial analytics company Esri to expand the availability of its geospatial content using Esri’s online ArcGIS Marketplace. The online marketplace will allow users to more easily integrate CoreLogic’s content into their workflow, by providing access to more than 200 ... Read the full article

RMS updates terrorism models to address new trends

18th July 2018

Global risk modelling and analytics firm RMS has updated its Probabilistic Terrorism Model (PTM) and Terrorism Scenario Model (TSM) to address new trends and challenges in the threat landscape, such as the rise of ‘lone-wolf’ attacks and the geographic spread of risks within major cities. Updates to RMS’s Terrorism Target Database ... Read the full article

Comprehensive RMS risk model update strengthens Asia Pacific capabilities

17th July 2018

Global risk modeling and analytics firm RMS has launched Version 18, the latest version of its leading catastrophe risk management software. V18 provides a host of modelling updates across the Asia Pacific region and North America, as well as an updated terrorism scenario model. Post Loss Amplification (PLA) - which allows the impact ... Read the full article

JBA launches first UK climate change flood risk model

16th July 2018

JBA Risk Management, the global flood risk modeller, has developed the first probabilistic catastrophe model to factor in the effects of climate change on flood risk for insurers and reinsurers in the UK. The launch of the UK Climate Change Flood Model is accompanied by the projection that annual average losses ... Read the full article

Cat models do not account for complex hurricane risks: JLT Re

12th July 2018

Whilst catastrophe models have historically proved accurate for conventional hurricane risks, they have not adequately accounted for events where losses extend beyond wind into areas that are not modelled or well understood, according to a new report by reinsurance broker JLT Re. The report, which examined the precision of modelled market ... Read the full article

Simplitium expands ModEx platform with addition of FloodCat model

5th July 2018

Simplitium, a provider of risk analysis services, is to expand its catastrophe risk modelling platform ModEx to include the Australia flood model, FloodCat. The deal struck with modelling specialist Ambiental Risk Analytics means that the ModEx platform will integrate the most detailed building level flood model produced for Australia, providing re/insurers ... Read the full article

Understory launches post-event claim volume and indemnity estimation solution

5th July 2018

Weather network and analytics firm, Understory, has launched a new solution that provides auto-generated assessments following hail events to help insurers and reinsurers better understand policyholder behaviour post-storm, called Weather Intelligence Storm Estimates (WISE). As well as improving re/insurers' understanding of policyholder post-storm behaviour, WISE is also designed to help market ... Read the full article

Brokers relying on more granular data in challenging property market: AmWINS

3rd July 2018

Property market brokers are increasingly relying on more granular data and risk models to obtain better results as 2018's underwhelming pricing environment looks set to extend into the second half of the year, according to specialty insurer AmWINS. A report by the company observed that advanced risk modelling was leading to greater ... Read the full article

Re/insurers slow to adopt new tech risk being replaced, says Simplitium’s James Lay

26th June 2018

Re/insurance companies who are slow to adopt the numerous benefits offered by new and emerging technologies are likely to be supplanted by more enterprising firms, according to James Lay, Commercial Director of Insurance Business at Simplitium, a financial services solutions provider. Speaking with Reinsurance News, Lay noted that re/insurers have generally ... Read the full article

JBA updates UK Flood Model for nationwide analysis at building level

25th June 2018

Insurers are now able to analyse floods at individual property level across the whole of the United Kingdom (UK) thanks to JBA Risk Management’s newly updated Flood Model. The model is underpinned by JBA’s widely-used 5m UK Flood Map and enables the re/insurance industry to more effectively manage flood risk by ... Read the full article

Cape Analytics raises $17mn in Series B round of funding

22nd June 2018

A swell of new investors has helped Cape Analytics raise $17 million in its Series B round of funding. The start-up was founded in 2014 and utilises geospatial imagery, computer vision, and machine learning to provide accurate and up-to-date property data for re/insurers. The new round of financing was led by ... Read the full article

Information and education critical to tackling U.S flood risk, says Swiss Re’s Junge

6th June 2018

Tackling the challenge of U.S flood risk will require re/insurers to focus on educating property owners while at the same time developing more detailed resources, such as flood maps and risk models, according to Swiss Re Senior Treaty Underwriter Matt Junge. Although floods cause around $15 billion of economic damage every ... Read the full article

Simplitium partners with UK academics on catastrophe risk assessment

1st June 2018

Simplitium, a provider of risk analysis services, has partnered with Fathom, a global flood model provider formed out of the University of Bristol Hydrology Research Group, and has commissioned the wind hazard maps of UCL Space & Climate Physics researchers. The flood and wind hazard data sets provided by the teams ... Read the full article

China Re launches new earthquake catastrophe model

25th May 2018

State-backed reinsurer China Re Group has launched a new earthquake catastrophe model with independent intellectual property rights to improve the accuracy of earthquake loss assessment in China’s re/insurance industry. The new model was developed in collaboration with state-level scientific research institutions and factors in China’s unique geological structure, seismic activity characteristics, ... Read the full article

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