AIR Worldwide News

Insurance Industry Tallies Irma’s Mounting Losses in Florida

With two Florida landfalls in the same day, Hurricane Irma‘s destructive wind and flood damage could cost up to $65 billion for both insured and uninsured losses, according to a recent estimate by CoreLogic. Residential property flood loss is estimated …

Global Reinsurers Face Exposures to Mexico City Earthquake: Morgan Stanley

Global reinsurers will likely face exposures from a massive magnitude 7.1 earthquake that struck Mexico City on Sept. 19, Morgan Stanley said in a new research note. This earthquake led to dozens of deaths and the toppling of a number …

AIR Worldwide Estimates $65B – $75B in Texas Property Damage from Harvey Flooding

Boston-based catastrophe modeling firm AIR Worldwide has estimated property losses from the flooding in Texas caused by Hurricane Harvey’s record-breaking rainfall will be between $65 billion and $75 billion. These figures include damage to all properties eligible for coverage regardless …

Insurers Will Easily Swallow Harvey’s Claims but Growing Climate Risk Predicted

Damages from Hurricane Harvey’s ravaging of Houston and the Texas Gulf Coast are estimated to be well below those from the major storms that hit New Orleans and New York in recent years, insurance executives have said. Though insurers should …

IIAV ‘Redoubling’ Hurricane Preparedness Efforts Since Following Harvey’s Texas Impact

The Independent Insurance Agents of Virginia (IIAV) is motivated to “redouble its efforts” around hurricane preparedness, particularly as it relates to flood damage, since following Hurricane Harvey’s impact in Texas, according to President and CEO Robert Bradshaw in an emailed …

AIR Worldwide Launches Severe Thunderstorm Model for Australia

Catastrophe risk modeling firm AIR Worldwide announced it has released a severe thunderstorm model for Australia, which captures all three sub-perils – hail, tornado and straight-line wind – to help companies assess and manage severe thunderstorm risk. The AIR Severe …

AIR Worldwide Launches Crop Hail Model for Canada

Catastrophe risk modeling firm AIR Worldwide announced it has released a Crop Hail Model for Canada to provide crop insurers with a probabilistic view of crop hail risk in Canada. Based on 10,000 simulations of potential annual hail activity, the …

Report: Climate Change to Increase Insured Losses from Windstorms in the U.K.

Climate change will drive up wind losses in the U.K. in coming years, according to a recent report from the Association of British Insurers, the Met Office, and Boston, Mass.-based catastrophe modeler AIR Worldwide. The report shows that temperature increases …

New Modeling Product From AIR Worldwide Analyzes Client Cyber Risk

Catastrophe modeling firm AIR Worldwide has released a new cyber risk modeling application for the insurance and reinsurance markets. ARC (Analytics of Risk from Cyber) is designed to evaluate any commercial policy (including those vulnerable to silent cyber), measure and …

Trump’s Proposed Cuts to NASA and NOAA Could Impact Forecasting, Modeling

Funding cuts proposed in a White House budget that has been on the table for months spook some experts who are concerned that the ability to do everything from model changes in the climate to forecast the day-to-day weather could …