Risk modelling news

Catastrophe risk modelling specialist RMS has announced a raft of risk model updates, including to its U.S. hurricane model and Asia earthquake models, while also announcing a new Managing Director for Asia-Pacific and Japan.

Research performed by global reinsurance broker and risk capital advisory TigerRisk Partners finds that the phenomena of hurricane stalling over land has not become more frequent, but the dollar value of damages caused are rising as exposures increase.

Catastrophe exposure, as measured by insured property values featured in the PERILS AG Industry Exposure Database, increased for European windstorm risks and other territories covered by the service provider in its latest exposure database update.

AbsoluteClimo, a climate and weather modeling, forecasting and risk management firm based in Hawaii, has launched what it calls the “World’s First Catastrophic Risk Models Linked To Skillful Climate Physics Prediction.”

Catastrophe risk modelling specialist RMS is hoping to enhance the insurance and reinsurance industries view of U.S. wildfire risks with a new high-definition risk model that was launched last week.

Descartes Underwriting has been launched as a start-up insurance technology (insurtech) managing general agency (MGA) with a focus on parametric and data-driven risk transfer products and an ambition to utilise the ILS market as a source of capacity.

Global Parametrics, the parametric and index-based risk transfer company that launched with the backing of the UK and German governments, will utilise one of the world’s fastest computers to enhance its climate and seismic risk models and help it develop products.

The property loss caused by the December hail storm in Sydney and the surrounding area of Australia is estimated to have caused an insurance and reinsurance market loss of A$635 million (US$462m) by PERILS AG.

The insurance and reinsurance industry loss estimate for extratropical cyclone, or European windstorm, Friederike (also known as David), has been finalised at roughly $1.9 billion (EUR 1.672bn).

The estimate of insurance and reinsurance industry losses caused by European windstorm Burglind, which was known as Eleanor in the United Kingdom and Ireland, has risen to EUR 756 million (US $860m), a 4.4% increase.