Risk modelling news

Verisk’s recent launch of its updated U.S. Tropical Cyclone model, delivered via the firm’s new cloud-native Synergy Studio platform, represents a major milestone built on years of deliberate work, and according to Gayatri Natarajan, SVP of Product Management, the extensive effort behind the release directly reflects the evolving demands of the complex risk landscape the […]

Catastrophe models have been called out as failing to account for so-called “supershear” earthquake events, with specialist Lloyd’s re/insurer MS Amlin stating that models “are failing to factor in a little-known class of earthquake despite it being linked to two thirds of industry losses from seismic events in the last decade.”

Verisk, the data analytics and technology provider, has announced a major update to its Tropical Cyclone Model for the United States, delivered through its new cloud-native Synergy Studio platform, providing a more realistic assessment of individual risk and portfolio exposure across insurance, reinsurance, and capital markets.

The insurance and reinsurance industry is currently treating artificial intelligence (AI) as a potential “force-multiplier” for cyber losses, but the pace of development of AI and its roll-out is reshaping cyber risk in general and introduces portfolio aggregation and loss correlation risks, specialist modeller CyberCube has explained.

Catastrophe risk software provider KatRisk has acquired RED, a specialist provider of catastrophe models, including earthquake, flood, landslide, and wind risk models.

Aon, the global insurance and reinsurance broking group, has expanded its Automated Event Response (AER) service to include US severe convective storms (SCS), further assisting carriers to manage losses from what Aon describes as the costliest insured peril of the 21st century on a cumulative basis.

BirdsEyeView, the European Space Agency-backed insurtech specialising in natural catastrophe modelling and exposure management, has announced the launch of its enhanced Catastrophic Exposure and Risk Analytics platform, CERA®.

CyberCube, a specialist modelling firm for cyber risks and the third-party modelling agent for many of the cyber catastrophe bonds that have been issued so far, has announced a new CEO, with its Chief Growth Officer Chris Methven taking on the top role, as Pascal Millaire becomes a Senior Adviser to the company.

Verisk is the second of the catastrophe risk modelling specialists to release an estimate for insurance industry losses caused by recent winter storm Fern in the United States, saying the total could reach $4 billion.

Catastrophe risk modelling specialists at Karen Clark & Company (KCC) have pegged private insurance industry losses from winter storm Fern in the US at $6.7 billion, with estimated losses the highest in Texas and Tennessee.