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RMS launches new Risk Intelligence platform & sunsets RMS(One)

Catastrophe risk modelling specialist RMS has announced the launch of a new strategic risk modelling and risk management platform named Risk Intelligence, as it also announced that it would be sunsetting its beleaguered RMS(One) product.RMS said that it recognises the industry is facing undergoing a critical evolution, which has been read the full article →

Above average Atlantic hurricane & west-Pacific typhoon seasons forecast by AbsoluteClimo

Hawaii based climate and weather modeling, forecasting and risk management firm AbsoluteClimo has forecast an above average number of Atlantic hurricanes and west-Pacific typhoons will form during the 2019 seasons.The forecast goes a little against the grain of other meteorological organisations, who currently predict a relatively average hurricane season in read the full article →

RMS updates U.S. hurricane, Asia quake models. Hires MD for Asia-Pac & Japan

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.RMS said that it is releasing updates to its view of hurricane risk across hurricane-impacted countries in read the full article →

Physical & financial effects of climate change are accelerating: WMO

The physical and financial impacts of climate change are accelerating, according to the World Meteorological Organization, who says that record greenhouse gas concentrations are pushing global temperatures towards increasingly dangerous levels.The impacts and effects of climate change on the frequency, intensity and overall occurrence of severe weather related catastrophes and read the full article →

Climate catastrophe risk models launched by AbsoluteClimo

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."Climo๏Cats (ClimoCats), as its climate catastrophe risk models are called, will enable insurance, reinsurance and insurance-linked securities (ILS) market participants read the full article →

RMS to enhance view of U.S. wildfire risk with new HD model

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.After the severe California wildfire losses of 2017 and 2018 the subject of wildfire risk, the market's ability to underwrite it read the full article →

Weather and climate disasters cost U.S. $91bn in 2018: NOAA

The United States was hit by 14 billion dollar weather and climate disasters in 2018, costing the country roughly $91 billion, according to the U.S. National Oceanic and Atmospheric Administration (NOAA).In its latest report on the state of the U.S. climate in 2018, NOAA reports that the number of weather read the full article →

Risk models may under-estimate real ILS market losses: Lane Financial

According to insurance-linked securities (ILS) focused consultancy Lane Financial LLC there is growing evidence that risk models used by ILS and collateralised reinsurance markets may underestimate the true levels of losses resulting from catastrophe events.Judging the how well risk models perform when compared to the reality of the impact of read the full article →

Insured natural catastrophe losses hit $90bn in 2018: Aon

42 billion-dollar severe weather and natural catastrophe events along with the impacts of a particularly costly global tropical cyclone year and higher than average wildfire losses, all aggregated to drive a $90 billion annual nat cat loss to insurance and reinsurance interests, according to Aon.The insurance and reinsurance broker said read the full article →

Munich Re pegs 2018 catastrophes at $80bn, hikes wildfires & Jebi estimates

Global reinsurance firm Munich Re said today that 2018 catastrophe events have driven an estimated $80 billion of industry losses and in the announcement has hiked some industry loss estimates for events including the California wildfires and typhoon Jebi.In 2018 it seems insurance covered roughly 50% of the total financial read the full article →