Risk modelling news

In a timely move, specialist flood risk intelligence and data firm Fathom has announced the launch of a state-of-the-art global flood catastrophe risk model, named Global Flood Cat.

Insurance and reinsurance broking group Aon has launched a new catastrophe model to analyse the impact of Severe Convective Storms (SCS) in the United States, allowing re/insurers to make better decisions on portfolio management for this expanding and increasingly costly peril.

Specialty insurance and reinsurance group Chaucer has said that it believes many of the catastrophe models are now “out of step” with wildfire risk and cannot accurately gauge the scope of potential damage from the peril.

Moody’s Corporation has taken a significant step to expand its risk analytics capabilities for the global insurance, reinsurance and insurance-linked securities (ILS) industry, acquiring Praedicat, a specialist in casualty and liability risk modelling.

Severe convective storm (SCS) losses in the United States drove insurance and reinsurance market losses of $50 billion to $60 billion in 2023, but while this was above-average, risk modeller Karen Clark & Company warns that annual losses from the peril could be much higher.

CatX, a digital catastrophe and parametric risk exchange start-up, is integrating risk analytics from CyberCube’s Portfolio Manager product into its offering, to bring cyber risk modelling capabilities to users of its platform.

Global data and analytics firm Verisk has announced a new milestone for its widely used catastrophe risk models, as it claims to have become the first company to put all of its model range onto a next-generation framework.

DeNexus, a specialist provider of cyber risk quantification tools and software, has announced the hiring of George Mawdsley as the firm’s first Head of Risk Solutions, joining from his most recent role at ILS manager Securis Investment Partners.

Global risk data technology and analytics firm Verisk has promoted long-standing executive Rob Newbold as the President of its Extreme Event Solutions risk modelling division, to succeed Bill Churney who retires at the end of this year.

Having spent time in Bermuda and attended the recent PwC Insurance Summit on the island, the equity analyst team at BMO Capital Markets has concluded that the insurance and reinsurance industry is suffering a lack of confidence in its risk models, which they say has been a key driver in capital flight and retrenching higher.