risk modeling

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.

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.

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.

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.

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.

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.

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”.

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.

Acrisure Re, the reinsurance broking unit of the Acrisure group, has hired well-respected catastrophe modeling specialist and industry leader Dr. Ming Li as its new Global Head of Catastrophe Modeling.

The 1% aggregate exceedance probability insured loss (also the 100-year return period loss) from global catastrophe events has been estimated as around $320 billion by risk modeller AIR Worldwide, while the average annual is now over $100 billion.