Risk modelling news

Significant insurance and reinsurance industry players are backing a new non-profit start-up that aims to drive forwards the development of an open standard for sharing climate data, with the goal of enabling better design and development of climate risk related financial products along with the use of artificial intelligence.

Hyperion X Analytics, a data, advisory and technology focused unit of the global Hyperion Insurance Group, has confirmed the hiring of Mark Shumway and announced two more senior leaders as it continues to build out its practice expertise in reinsurance analytics and capital advisory.

AbsoluteClimo, a climate and weather modeling, forecasting and risk management firm based in Hawaii, says its models suggest that in 2020 global total economic losses from climate-driven natural catastrophes are most likely to meet or exceed $110 billion.

Insurance-linked securities (ILS) investors are looking for greater certainty on cyber risk before diving into underwriting cyber reinsurance contracts in ILS form. While this market is still developing, CyberCube is working directly with the industry to try to drive greater understanding and comfort of the risks involved.

KatRisk, a catastrophe risk modelling company with a focus on flood and wind related risks and the third-party risk modelling agency for the NFIP flood catastrophe bonds, has updated its SpatialKat product suite to add treaty reinsurance capabilities.

Catastrophe risk modelling specialist has launched a new multi-peril crop insurance risk model for India, which it believes will help underwriters better understand and estimate potential losses due to yield shortfalls.

Typhoon Hagibis is estimated as likely to cause an insurance and reinsurance market loss somewhere in a range from $8 billion to as much as $16 billion, by AIR Worldwide.

Catastrophe risk modelling specialist RMS has announced the launch of a new suite of hurricane forecasting products for the North Atlantic powered by RMS HWind.

Catastrophe risk modelling specialist RMS has estimated that the insurance and reinsurance market faces an industry loss of between $5 billion and $9 billion from recent typhoon Faxai in Japan.

Hurricane Dorian is estimated to have caused a wind and storm surge related insurance industry loss of between $3.5 billion and $6.5 billion in the Caribbean and Bahamas by catastrophe risk modelling specialists RMS.