Risk modelling news

Oasis, the open source catastrophe risk modelling platform, has received significant backing from insurance and reinsurance sector leading firms for the continued development and expansion of its Oasis Oasis Loss Modelling Framework and open source standards.

Catastrophe risk modelling firm RMS is set to incorporate climate change more fully into its main suite of risk models, with climate change models expected for the RMS North Atlantic Hurricane, Europe Inland Flood and Europe Windstorm models by June.

Weather intelligence startup Skyfora, which is based in Helsinki, Finland, has developed an artificial intelligence powered tropical storm intensity forecasts tool, which it believes can give insurance, reinsurance and ILS market participants enhanced insights into potential hurricane landfall impacts.

PERILS AG has launched an industry exposure database for three Asian countries, Indonesia, the Philippines and Thailand, but instead of being reported exposure from insurers, the company has aggregated information from stakeholders, including reinsurers, brokers and modelers to create the database.

A research study from Oxford University has found that adopting at least four views of risk can make a significant difference to catastrophe insurance underwriting performance, which presumably also applies in the reinsurance and insurance-linked securities (ILS) worlds.

As vendor catastrophe models and elevated annual losses show that secondary perils have grown in prevalence for the re/insurance and insurance-linked securities (ILS) markets, climate risk needs to be explicitly baked in, according to Kelly Hereid, Director, Catastrophe Research & Development, Liberty Mutual Insurance.

AbsoluteClimo, a climate and weather modeling, forecasting and risk management firm based in Hawaii, has announced upgrades to its core service of climate catastrophe risk models and climate financial modelling tools.

The 1% aggregate exceedance probability insured loss (also the 100-year return period loss) from catastrophe events around the globe has risen to more than US $300 billion, according to risk modeller AIR Worldwide.

In light of its uncertain but apparent influence on both the frequency and severity of natural catastrophe events, it’s no surprise that climate change is at the forefront of the minds of catastrophe risk underwriters, investors and of course model vendors, but it’s important to remember that this is not the only uncertainty.

CoreLogic, the property risk modelling, data and analytics company, has hired experienced insurance-linked securities (ILS) and reinsurance executive Pierre Wiart in Australia, to become its regional Head of Consulting and Risk Management.