Risk modelling news

The global insurance and reinsurance industry now faces an average annual natural catastrophe loss bill of around $133 billion, up 8% from the prior year and now, perhaps alarmingly, up 25% in just two years, according to the latest research from Verisk.

Parametric insurance solutions continue to be more broadly adopted, but the technology behind their triggers is also critical and solutions are developing fast, Callum Higgins from Moody’s RMS and Martin Hotz from Swiss Re Corporate Solutions explained in a recent video interview.

Reask, a tech company that provides catastrophe modelling, climate analytics and data using machine learning techniques and artificial intelligence, is set to expand to the United States and will use the now $6.55 million seed funding it has accumulated, as it looks to expand its extreme weather modelling services.

PERILS AG, the catastrophe loss data aggregator service, has named a new CEO to replace the outgoing Luzi Hitz, with Christoph Oehy of Swiss Re set to take on the role from November 1st.

Mitiga Solutions, the risk modeller and calculation agent behind the Danish Red Cross volcano catastrophe bond, has announced a €13.25 million Series A capital raise, to fund its continued development and expansion.

Catastrophe risk modeller Moody’s RMS is integrating Nasdaq’s Risk Modelling for Catastrophes (NRMC) service into its Intelligent Risk Platform, providing consolidated access to more than 300 risk models.

Insurance and reinsurance market losses from the severe convective storm (SCS) peril in Europe are starting to run a little ahead of losses from the more widely accepted European peak peril of extratropical windstorms, according to data from Aon’s Impact Forecasting.

The insurance and reinsurance industry loss estimate for the European windstorm series that struck in February of 2022 has been raised again by another 3% to now be finalised at EUR 3.851 billion by data aggregator PERILS AG.

Broking giant Aon is embracing the Open Exposure Data (OED) Standard for the risk modelling of property reinsurance placements, working alongside leading reinsurers to test the hypothesis that this can enhance the sector’s operational efficiency.

Fermat Capital Management, one of the largest specialist investment managers of catastrophe bonds and insurance-linked securities (ILS) assets, has licensed the Applied Research Associates, Inc. (ARA) HurLoss hurricane model, as it seeks to add new insights from additional views of risk.