risk model

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.

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.

Global reinsurance firm Swiss Re has estimated that natural catastrophes and man-made disasters will cost the insurance industry around $79 billion in 2018, the fourth highest annual industry loss on its sigma records.

Robert Reville, Chief Executive Officer (CEO) of Praedicat, an InsurTech risk modelling and analytics company for casualty re/insurers, has claimed that the company’s approach to disease litigation may create an opportunity for ILS to enter into the casualty space.

The 1% aggregate exceedance probability insured loss (also the 100-year return period loss) from catastrophe events around the globe is now estimated at almost $271 billion by risk modeller AIR Worldwide, the highest level the metric has ever been placed at.

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.

Integration of the latest findings in climate science into catastrophe risk modelling would increase its usefulness to society, while adopting a forward-looking approach involving climate change scenarios would also be beneficial, according to the Geneva Association.

American International Group (AIG) has expanded the role of Lixin Zeng, the CEO of its AlphaCat Managers third-party reinsurance capital and insurance-linked securities (ILS) unit, asking him to help the insurer to improve its risk modelling.

Catastrophe risk modelling specialist RMS has launched a high definition inland flood risk model for the United States, which it hopes will help insurance and reinsurance firms to establish and expand flood risk underwriting businesses.

Catastrophe data aggregator PERILS AG has upgraded its European windstorm industry loss forecasting software tool and expanded it to cover Australian tropical cyclones as well.