loss estimate

PERILS AG has this morning given a clearer picture of where we should anticipate the industry loss to insurance and reinsurance markets to settle after the eastern Australia flooding this year, putting its initial figure at close to AU $4 billion (close to US $3bn).

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.

Reinsurance broker Guy Carpenter has launched a new satellite-based service, GC CAT-VIEWSM, which aims to provide initial loss estimates of catastrophe events using satellite imagery and other data sources.