catastrophe modeling News

AIR Worldwide Introduces Earthquake Model for India

Catastrophe risk modeler AIR Worldwide, a Verisk Analytics business, has released a new earthquake model for India that estimates losses to residential, commercial and small industrial buildings as well as automobiles. The model’s seismicity analysis covers areas with seismic activity …

RMS Updates Cat Models for Terrorism, Europe Windstorm & US Flood

Global catastrophe risk management firm RMS has released version 16.0 of its catastrophe modeling platform, which includes updates to both the Europe Windstorm Clustering Model and Terrorism Modeling suite. Also included are the new Marine Cargo & Specie Model and …

Global Disasters During May to Cost Insurers at Least $7B: Aon Report

Global disasters led to at least $7 billion in claims during May as insurers aid the recovery process following wildfires, floods, and storms, according to Impact Forecasting, Aon Benfield’s catastrophe model development team. An historic wildfire caused catastrophic damage in …

Insured Losses from French Floods May Total $682M: Industry Association AFA

Insurance executives meet with government officials in Paris Monday to assess the cost of flooding in the Centre and Ile-de-France regions as the Seine river recedes from its highest levels in more than three decades. The river flowing through the …

Update: Flash Floods Hit SE Germany, Killing at Least 8; AIR Worldwide Comments

Torrential rain, thunderstorms and flash floods that have inundated towns in southeastern Germany in recent days took the death toll to at least eight as forecasters warned of continuing severe weather spreading northward and westward into France. Five people drowned …

Sompo Launches Model to Evaluate Wind Farm Risks  

The Sompo group companies have launched a model for evaluating risks to onshore and offshore wind farms. The model, which provides key pricing and cat modeling data for insuring the construction and operation of wind turbines, was created by Sompo Japan …

Carpenter Forms Partnership with Symantec to Create Cyber Aggregation Model

Guy Carpenter & Co., the global risk and reinsurance specialist and wholly owned subsidiary of Marsh & McLennan Cos., has formed a strategic alliance with cyber security specialist Symantec Corp. to create a cyber aggregation model. Cyber attacks are estimated …

Lloyd’s Market Urged to Use Oasis Open-Source Cat Models for Wider Risk View

Lloyd’s managing agents should take full advantage of Oasis, the open source catastrophe modeling platform, in order to get wider views on catastrophe risks, urged Tom Bolt, Lloyd’s director of performance management. “Catastrophe models are valuable tools, but each model …

Japanese Earthquakes Could Cost Insurers $2.9 Billion: AIR Worldwide

An earthquake that struck southern Japan on April 16 will probably cost insurers as much as 320 billion yen ($2.9 billion), according to catastrophe modeler AIR Worldwide. The cost might be as low as 180 billion yen, the company said …

Ecuador Earthquake’s Death Toll Rises; AIR Worldwide Comments

World leaders from the Vatican to Washington offered support to Ecuador as casualties mounted following one of the strongest earthquakes to strike the South American country in decades. The number of dead has climbed to at least 350 from 272 …