Risk modelling news

The insurance and reinsurance industry loss estimate for the combined market-wide impacts of European windstorms Dragi and Eberhard has now been reduced to EUR 772 million (US $850m) by PERILS AG, down from its last estimate of EUR 798 million.

The industries risk models “need to be recalibrated” in the wake of two years of catastrophe losses that have delivered significant loss creep, as well as to account for the changing climate, according to Robert Bentley, CEO, Global Strategic Advisory, Guy Carpenter.

A repeat of the 1923 Kanto earthquake in the Tokyo region of Japan could result in property losses of as high as $1.5 trillion, while a higher magnitude quake could cost the country as much as $3 trillion, catastrophe modellers Karen Clark & Company believes.

More granular and higher resolution satellite data from earth observations are set to improve weather and catastrophe event insights for the insurance, reinsurance and insurance-linked securities (ILS) industry, according to the CEO of Orbital Micro Systems.

The insurance and reinsurance market loss to property lines of business from the Townsville area flooding in the Queensland region of Australia has been raised by 16% to A$1.217 billion (US $822m) by PERILS.

The recent earthquakes that struck a sparsely populated region of California near the town of Ridgecrest are expected to drive around $200 million of economic losses, but only up to $40 million is expected to be covered by insurance.

The property loss from the December 2018 hail storm that struck the Sydney and surrounding area of Australia has been increased by 21% to a new estimated insurance and reinsurance market loss of A$766 million (US$530m) by PERILS AG.

A Category 5 hurricane striking the Miami area of Florida, as 2017’s Irma looked set to do, would result in over $200 billion of insured residential property losses alone, according to Karen Clark & Company (KCC), suggesting the full toll to insurance and reinsurance interests would be much higher.

PERILS AG, the Zurich headquartered provider of catastrophe loss data and indices, has announced that it has acquired Canadian loss and exposure data firm Catastrophe Indices & Quantification Inc. (CatIQ).

Catastrophe risk modelling specialist RMS has announced the launch of a new strategic risk modelling and risk management platform named Risk Intelligence, as it also announced that it would be sunsetting its beleaguered RMS(One) product.