Risk modelling news

Hurricane Florence could result in between $3 billion and $5 billion of insured wind and storm surge losses, according to analysis by risk analytics firm Corelogic.

Catastrophe risk modelling firm AIR Worldwide has released an updated version of its United States wildfire risk model, a timely update given the impactful start to the California wildfire season in 2018.

AIR Worldwide has announced the launch of its awaited next-generation catastrophe risk modelling software solution, Touchstone Re which is designed for estimating the loss potential of reinsurance contracts and portfolios, industry loss warranties, and insurance-linked securities.

The estimate for insurance and reinsurance industry losses caused by extratropical cyclone, or European windstorm, Friederike (David), has been increased by another 3% to EUR 1.675 billion, which suggests that roughly 77% of the economic impact from the windstorm was insured.

Catastrophe risk modelling specialists RMS have launched version 18 of their risk model suite, brining with it a raft of additions and expansions, particularly in the Asia Pacific region where new perils have been added including a focus on flood risks.

Risk models are challenged when it comes to estimating losses from complex hurricane events, according to a study by reinsurance broker JLT Re, which finds that overall there is a trend towards significant loss underestimation and that accuracy suffers when events have unforseen on un-modelled) consequences.

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 by another 6% to $840 million (EUR 724m), at the third update from PERILS AG.

Catastrophe risk modelling and analytics specialist RMS has announced the launch of a new and updated high-definition risk model for Japanese earthquake and tsunami risks, which incorporates the latest seismic map data as well as learnings from the Tohoku and Kumamoto quakes.

Tropical weather and risk analytics provider Climate Forecast Applications Network (CFAN) has boasted of more accurate hurricane track forecasts for 2017’s active wind season than were provided by the ECMWF weather model or the National Hurricane Center.

Exposures, as measured by insured property values included in the PERILS AG Industry Exposure Database, rose across European windstorm risks and the other territories the service provider covers in the latest version of its database.