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Annual convective storm losses near $20bn, new KCC risk model shows

Catastrophe risk modelling specialist Karen Clark & Company (KCC) has announced the launch of a new severe convective storm risk model which shows that average annual losses caused by this peril are nearing $20 billion, which is higher than both hurricanes and earthquakes combined.KCC said that Version 1.0 of its read the full article →

AIR launches severe thunderstorm, tornado, hail risk model for Australia

Risk modelling firm AIR Worldwide has released what it calls the first severe thunderstorm risk model for Australia that captures the three main sub-perils of tornado, hail and straight-line winds, a move that will help insurance, reinsurance and also ILS fund managers to better assess and manage risks in Australia.Australia read the full article →

Severe weather losses in the hundreds of millions: Impact Forecasting

Insurance and reinsurance industry losses from the severe convective weather and tornado outbreak in the U.S. southeast over the last few days are expected to reach well into the hundreds of millions of dollars, possibly higher, according to Impact Forecasting.Already an estimate from the Mississippi insurance commissioner suggests that insurance read the full article →

U.S. tornado forecasting tool shows promise

Meteorologists have long studied the unpredictability and devastation caused by tornado outbreaks in the U.S. in an effort to gain a greater understanding into the predictability, severity and potential location of events.And now, new research by Dr. Victor Gensini has shown some promising signs of predicting favourable tornado conditions up read the full article →

New Aon model to enhance ILS’ view of U.S. severe thunderstorm risks

A new, U.S. severe thunderstorm (STS) scenario model has been launched by Aon Benfield’s catastrophe model development team, Impact Forecasting, which will assist sponsors and investors in the catastrophe bond space to better understand U.S. thunderstorm risks.Insurers, reinsurers, and insurance-linked securities (ILS) players now have access to 7.5 million U.S. read the full article →

U.S. severe weather & thunderstorms to take losses above average: Aon

The recent outbreaks of severe weather in the U.S., which has featured severe thunderstorms, tornadoes, heavy snow, ice and flooding, will result in economic losses of over $1 billion and take the economic loss total from severe thunderstorms to above average for 2015.Aon Benfield's catastrophe risk modelling unit Impact Forecasting read the full article →

Mariah Re cat bond litigation appeal thrown out by 2nd circuit

The 2nd Circuit of the U.S. Court of Appeals has thrown out an appeal related to the contested payout of the Mariah Re Ltd. catastrophe bond, affirming that American Family Mutual Insurance does not have to pay any of the $100m back to reinsurance vehicle Mariah Re.This litigation had originally read the full article →

2015 U.S. convective storm & flood insured losses hit $4bn: Aon Benfield

The insurance industry loss toll from convective storms, so severe thunderstorms, tornadoes and hail, and the flooding they have caused in recent weeks has jumped again to reach $4 billion, according to Aon Benfield's Impact Forecasting unit.Another week of severe thunderstorm and convective weather across the United States has again read the full article →

Over $1bn insured loss from U.S. severe weather in May: Aon Benfield

Insurance industry losses from severe thunderstorms, tornadoes and flooding in the U.S. during May is expected to surpass $1 billion, according to Aon Benfield’s catastrophe modelling unit, Impact Forecasting.The reinsurance brokers cat modelling division’s latest Global Catastrophe Recap report from May highlights extensive damage from the wettest May on record read the full article →

U.S. severe thunderstorm losses reached $3.1bn by mid-May: Aon Benfield

Insurance industry losses from U.S. severe thunderstorms, so including hail and tornado events, are estimated to have reached $3.1 billion by mid-May and are expected to spike sharply higher, given the widespread impacts of extreme weather in recent days.Aon Benfield's catastrophe modelling centre of expertise Impact Forecasting discussed the severe read the full article →