risk model

A pioneering tool that offers a detailed view of global potential tsunami events was recently announced by leading catastrophe risk modelling firm, Risk Management Solutions (RMS).

Last week saw the launch of a new comprehensive, high-resolution flood mapping system for emerging global markets, which aims to enhance insurance and reinsurance catastrophe risk management, by SSBN Flood Risk Solutions and ImageCat.

Risk models are an important tool for evaluating risk and responding to impending events. Reinsurance, Insurance Linked Securities and catastrophe bonds are dependent on assessing risk in susceptible locations like Florida and the U. S. Gulf of Mexico coast.

A new web-based earthquake risk assessment platform called OpenQuake has been launched by the Global Earthquake Model (GEM) Foundation, enabling a greater understanding of these risks for the reinsurance, ILS and catastrophe bond market.

AIR Worldwide’s latest “2014 Global Exceedance Probability (EP) Curve” report estimates that a 1-in-100 year loss event equates to roughly $231.5 billion in global insured losses, up 6% from a year earlier.

Aon Benfield, the reinsurance and capital advisor arm of broker Aon plc, has launched ReMetrica for Life, Health & Pensions, bringing stochastic risk modelling to these lines of business, to assist with evaluating risks and reinsurance purchases.

Willis Re, the reinsurance broking arm of global broker Willis Group, has announced the launch of a new Japan tsunami risk model with both probabilistic and deterministic functions, as it seeks to advance the industry’s understanding of catastrophic tsunami losses.

Catastrophe risk modelling firm AIR Worldwide has announced the launch today of what it is calling the industry’s first detailed, physically based, probabilistic inland flood risk model for the United States.

In recent years, insurers and regulators have sought improved transparency of risk modeling practices. For example, recent changes to insurer capital requirements outlined by Solvency II explicitly promote goals of transparency and risk model assessment.

More than 90 insurance, reinsurance and insurance-linked securities (ILS) companies have implemented risk modelling firm AIR Worldwide’s new Touchstone platform, since its launch in January 2013, to help them manage their catastrophe risks.