catastrophe modeling News

Colombia’s Regulator Approves RMS Earthquake Model for Use by Insurers

RMS, the the Newark, Calif.-based catastrophe risk management firm, has received approval from the Colombian insurance regulator, Superintendencia Financiera de Colombia (SFC), to offer catastrophe modeling services to national and global insurance companies writing earthquake risk in Colombia. Insurers writing …

Indonesia’s M6.5 Quake Kills Nearly 100 with Low Insurance Losses Expected: AIR

An M6.5 earthquake jolted the northernmost area of Sumatra, Indonesia, on Dec. 7 at 5:03 a.m. local time, with nearly 100 fatalities and more than 600 injuries reported. The epicenter was 19 kilometers (11.8 miles) southeast of Sigli and 92.3 …

RMS Peru Earthquake Model and Actuaries Climate Index Are Launched

RMS and a group of actuarial societies each rolled out new products designed to respectively help measure risks related to earthquake and weather events. In RMS’ case, the catastrophe modeling firm gained regulatory approval in Peru to start marketing its …

New Zealand Avoids Widespread Damage from Earthquake; AIR Comments

New Zealand was rocked by a powerful earthquake early Monday that killed two people and caused extensive damage to roads and businesses, but avoided the widespread destruction caused by a 2011 quake that killed 185 people. The local dollar fell. …

AIR Worldwide Comments on Central Italy’s 2 Powerful Earthquakes

The two powerful earthquakes that hit central Italy on Oct. 26 are considered aftershocks of the deadly Aug. 24, M6.2 earthquake that occurred near Teramo, which about 50 miles south-southeast of the latest temblors, according to Boston-based catastrophe modeling firm …

Typhoon Haima Hits China as Weaker Storm; AIR Worldwide Comments

Typhoon Haima made landfall in China after it brushed past Hong Kong, forcing the city’s stock exchange to cancel trading for the day and airlines to suspend flights. The Hong Kong Observatory said it will consider lowering Storm Signal No. …

More Insurers Disclosing Climate Change Risks, Report Shows

Insurers in the U.S. are increasingly willing to disclose their risk management practices related to climate change, and that in part may be attributable to last year’s global accord in Paris and shifting attitudes in the business world on the …

Typhoon Lionrock Makes Landfall in Japan, Bringing Landslides, Floods & Deaths

With strong winds, drenching rain, high surf, and coastal flooding, Typhoon Lionrock made landfall in the Tohoku region of Japan Tuesday evening local time, near the city of Ofunato in Iwate Prefecture, according to an advisory from catastrophe modeling firm …

RMS Releases Suite of Europe Inland Flood Risk Data to Open U/W Opportunities

RMS, the Newark, Calif.-based catastrophe risk management firm, has released a suite of Europe inland flood hazard data products. Describing the release as “the highest resolution view of the risk available on the market,” RMS said the data products include …

Ports in Japan, China and U.S. Face Highest Risk from Natural Catastrophes: RMS

Ports in Japan, China and the U.S. face the greatest financial risk from natural disasters because of their vulnerable locations and increasing cargo volumes, a risk-management firm said. Nagoya, Japan, leads all ports with a potential $2.3 billion cost to …