catastrophe modeling News

Insured Losses in Caribbean from Hurricane Maria Estimated at $40B-$85B: AIR

Industry insured losses for Hurricane Maria in the Caribbean will be between US$40 billion and US$85 billion, according to catastrophe modeling firm AIR Worldwide. Puerto Rico alone accounts for more than 85 percent of the loss, said Boston-based AIR, which …

Lloyd’s Appoints SCOR’s Mitchell-Wallace as Head of Risk Aggregation

Lloyd’s, the specialist insurance and reinsurance market, announced Dr. Kirsten Mitchell-Wallace has been appointed as the head of Risk Aggregation. The role reports to Jon Hancock, the director of Performance Management, and is responsible for leading the strategy and day …

Here’s What a Category 5 Hurricane Could Do to Florida

Florida hasn’t suffered a category 5 storm since Hurricane Andrew hit the north Miami area on Aug. 24 1992, but the risk of such a storm has not gone away or even declined. In fact, the state’s risk of destruction …

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 …

25 Years Later…What If an Andrew-Type Storm Hit Florida Today?

Though Florida hasn’t suffered a category 5 storm since Hurricane Andrew hit the north Miami area on Aug. 24 1992, the risk of such a storm has not gone away or even declined. In fact, the state’s risk of destruction …

25 Years Later: How Florida’s Insurance Industry Has Changed Since Hurricane Andrew

Aug. 24, 1992 was anything but a typical Monday for Robert Reynolds as he drove through debris-filled roads and devastation on the way to his family-run agency then located just north of Homestead, Fla. Hurricane Andrew had just barreled through …

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 …

PERILS Releases European Windstorm Catalogue (1979-2015)

PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data, has released a storm catalogue containing the gust footprints of more than 200 of the largest European windstorms from the period 1979 to 2015. The windstorm catalogue was produced …

Sompo Develops Nat Cat Model for NW Australia Offshore Oil & Gas Installations

Sompo Japan Nipponkoa Insurance Inc. (SJNKI) and Sompo Canopius AG are launching a natural catastrophe risk model for north-west Australia offshore oil and gas installations. The model development was carried out by Sompo Risk Management & Health Care Inc., which …