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Oasis gets industry backing for Loss Modelling Framework & open source standards

Oasis, the open source catastrophe risk modelling platform, has received significant backing from insurance and reinsurance sector leading firms for the continued development and expansion of its Oasis Oasis Loss Modelling Framework and open source standards. Among the backers are leading insurance and reinsurance brokers and underwriting companies: Aon, Allianz, AXA, read the full article →

Climate to drive massive demand for contingent risk capital: Douglas, ILS NYC 2021

The deepening of the world's understanding, measurement and valuation of climate risks is going to drive a massive demand for contingent risk capital, which parametric triggers and insurance-linked securities (ILS) will be well-suited to serve, Rowan Douglas of Willis Towers Watson explained during our ILS NYC event this week. Rowan Douglas, read the full article →

Climate change may increase hurricane damage & losses: AIR-led report

Climate change and the future state of our climate may mean increased damage and ultimately insurance and reinsurance market losses from hurricanes, as more frequent storms and sea-level rise ramp up storm surge impacts in particular. This is the conclusion of a study undertaken by risk modeller AIR Worldwide, insurance and read the full article →

“Time to act” as climate role in disaster losses increases: Jeworrek, Munich Re

It is time for the world to act on climate change as it will play an increasing role in disaster losses, Torsten Jeworrek of reinsurance company Munich Re warned today. Munich Re reported today that the global insurance and reinsurance industry faced some $82 billion of natural disaster losses in 2020, read the full article →

Climate risk protection gaps need capital market (ILS) solutions

The physical climate risk protection gap, so the gulf between climate related losses covered by insurance, reinsurance or risk transfer and those going uncovered, is widening, but instruments such as insurance-linked securities (ILS), catastrophe bonds and other blended financing solutions can help to narrow this gap. In real estate the climate read the full article →

Where possible, climate risk must be explicitly baked into models: Prospectus 2021

As vendor catastrophe models and elevated annual losses show that secondary perils have grown in prevalence for the re/insurance and insurance-linked securities (ILS) markets, climate risk needs to be explicitly baked in, according to Kelly Hereid, Director, Catastrophe Research & Development, Liberty Mutual Insurance. On day four of Prospectus 2021, the read the full article →

AIR updates U.S. hurricane & inland flood catastrophe models

Catastrophe risk modelling specialist AIR Worldwide announced this week some timely updates to its Hurricane and Inland Flood Models for the United States. With hurricane season now underway and all forecasts pointing to an active year for tropical storms near the U.S., AIR's risk model updates come at just the right read the full article →

Risk of large San Andreas quake up 3 to 5-fold since Ridgecrest: Temblor

The Ridgecrest, California sequence of earthquakes has increased the risk of a major San Andreas fault earthquake event occurring, according to newly published research. The paper published by Ross Stein of specialist seismic hazard catastrophe modelling company Temblor, Inc. and Shinji Toda of the International Research Institute of Disaster Science (IRIDeS) read the full article →

KatRisk adds treaty reinsurance capabilities to catastrophe risk model

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. KatRisk has been steadily updating its catastrophe risk modelling suite of underwriting related read the full article →

Reinsurance modelling capabilities added to Simplitium’s Oasis powered ModEx

Reinsurance contract modelling capabilities have been added to the Simplitium owned ModEx catastrophe risk modelling platform, which is an independent multi-vendor solution powered by open-source platform Oasis. It's the first time that an Oasis platform has included specific modelling functionality for reinsurance contracts, a step forwards for the use of the read the full article →