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Aon embeds climate change considerations into flood risk models

Insurance and reinsurance broker Aon is embedding climate change considerations into its Impact Forecasting flood catastrophe risk models for Europe, thanks to a collaboration with the Karlsruhe Institute of Technology (KIT). Coming on the anniversary of last year's major flooding across Western and Central Europe, which accounted for $13 billion of read the full article →

Howden, Munich Re & Skyline create Jamaican parametric hurricane cover

Broking group Howden, global reinsurance firm Munich Re and UK insurtech Skyline Partners have teamed up to develop a parametric hurricane insurance product for Jamaican farmers. The parametric insurance is designed to stabilise Jamaica's financial system for its farming community, which it is said is coming under significant stress due to read the full article →

Parametric risk transfer interest drives innovation, but consolidation possible

Rising interest in parametric insurance and risk transfer has resulted in an influx of investor capital into the space, the development of new MGA's and capacity, as well as new technology platforms. While this is driving innovation in the parametric risk transfer space, the market is only so big for parametric read the full article →

RMS names Michael Steel GM as CEO White departs

Catastrophe risk modelling firm RMS, one of the leading insurance and reinsurance market analytics providers, has announced a change of leadership as its CEO departs and the company promotes from within to a new General Manager position. Michael Steel now takes what is the top leadership position of General Manager at read the full article →

RMS hires Serakos from BMS Re to lead Model Product Management

RMS, the catastrophe risk modelling specialist company, has announced the hiring of reinsurance focused catastrophe analytics specialist Julie Serakos as its new Senior Vice President, Head of Model Product Management. Serakos joins RMS from her most recent role at BMS Re, having spent more than 30 years' working at reinsurance brokers read the full article →

RMS expands climate change models to assess long-term impacts

Catastrophe risk modeller RMS has revealed some changes to its climate change models in the U.S. and Japan, designed to address the growing need for climate change analytics in operational underwriting and portfolio management activities. The need for risk models to account for the impacts of climate change is a hot read the full article →

Descartes & Reask partner to expand parametric cyclone covers

Descartes Underwriting, the insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, is partnering with Reask, a climate analytics and data company that uses machine learning techniques. The partnership is focusing on tropical cyclone risk transfer, with the pair hoping to "push the read the full article →

Redefinition of “secondary perils” may be needed: Gallagher Re’s Vickers

After another catastrophe loss year where the insurance and reinsurance industry has experienced a significant burden from so-called secondary perils, James Vickers, Chairman International, Reinsurance at Gallagher Re has called for a "redefinition" to be considered. In publishing a report on 2021 insured catastrophe losses, Gallagher Re's Regional Director of International Catastrophe read the full article →

Cat bond modeller AIR Worldwide to rebrand under parent Verisk

Well-known catastrophe risk modelling firm AIR Worldwide, which remains the most prolific when it comes to providing risk modelling services to the catastrophe bond market, is being rebranded to fall under the name of its parent Verisk, where it will be known for its "extreme event solutions". AIR Worldwide was perhaps read the full article →

TWIA opts for Aon for catastrophe modeling services

The Texas Windstorm Insurance Association (TWIA) is now set to finally appoint insurance and reinsurance broker Aon to provide catastrophe risk modeling services, after the company was recommended by its Actuarial & Underwriting Committee after a second round of RFP's. TWIA had issued a request for proposals (RFP) for catastrophe modeling read the full article →