AIR Worldwide News

Modeler: Insured Losses for California Wildfires Could Reach $10.5B

Loss estimates for the October California wildfire siege could reach up to $10.5 billion, according to catastrophe modeling firm AIR Worldwide. Boston, Mass.-based AIR on Thursday updated its loss estimates for the recent wildfires after analyzing findings from its damage …

Typhoon Damrey’s Vietnam Death Roll Rises; AIR Worldwide Comments

A powerful typhoon that rocked Vietnam has killed at least 44 people, left more than a dozen missing and caused extensive damage to the country’s south-central region ahead of a summit that will draw leaders from around the world, the …

Global Re/Insurers Seek Premium Hikes After Costly 3rd Quarter

Insurers and reinsurers around the globe are looking to raise rates after what looks set to be their most costly quarter on record. Hurricanes Irma and Maria alone caused as much as $135 billion in insured losses, according to modeling …

AIR Worldwide Introduces Inland Flood Model for Japan

Catastrophe modeling firm AIR Worldwide has introduced a new inland flood model for Japan along with enhancements to its Japan typhoon model. These models are part of Version 5.1 of AIR’s catastrophe modeling software platform, Touchstone. The AIR Inland Flood …

Losses from California Wildfires Could Reach up to $6 Billion, Experts Say

This story has been updated with the latest estimates on fire losses. The wildfires raging in California are shaping up to become an infamous if not historic event. The fires have destroyed 3,500 structures and counting, far exceeding the 2,820 …

Economic Costs of Mexico’s Earthquake Could Surpass $2B

President Enrique Pena Nieto said Wednesday [Sept. 27] that preliminary accounting of the damage caused by the two big earthquakes that hit Mexico this month could cost upward of $2 billion (38.1 billion pesos). Pena Nieto stressed that damage assessments …

RMS Estimates Hurricane Maria’s Insured Losses Will Range Between $15B and $30B

RMS, the Newark, Calif.-based risk modeling and analytics firm, estimated that the insured loss from Hurricane Maria will be between US$15 billion and US$30 billion. This estimate represents the insured losses associated with wind, storm surge and inland flood damage …

Beazley Estimates $150M Earnings Hit From Hurricanes, Earthquakes

Lloyd’s of London insurer Beazley said on Friday it reckoned that its losses from hurricanes Harvey, Irma and Maria in the Caribbean and southern United States and a series of earthquakes in Mexico would reduce its 2017 earnings by about …

Mexico Calculates Economic Cost of Quake; Insurance Covers Small Part of Losses

Mexican government officials are still tallying up the economic losses of the magnitude 7.1 earthquake that caused widespread damage in the capital, but for the manager of a downtown restaurant it is already all too clear. Sitting in the entrance …

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 …